10 April 2019, The global Legal Process Outsourcing Market
is anticipated to witness significant growth owing to increasing number of
corporate law departments and law firms adopting cost cuttings. Most legal work
call for lots of documentation and paperwork from corporates. Such complex and
time consuming tasks can affect the work efficiency and revenue. Hence,
corporates are likely to outsource these legal activities through their
representatives to reduce costing. Outsourcing back-end services can help these
corporates in managing their internal operations efficiently and reducing
operational costs.
Increasing number of legal firms and companies
outsourcing their work to LPO’s can augment market growth. Growing need for law
advisory firms that can offer process-oriented services using advanced digital
technologies can impel market expansion. Advent of innovative digital
technologies for easy and fast processing of legal documents can stimulate
growth of the market. Increasing use of highly secure software tools and
e-discovery to process data is expected to contribute significantly to market
growth. In addition, supportive government initiatives to spread awareness
among general counsels and public regarding benefits of LPO can drive the
market in the coming years. Moreover, growing awareness regarding availability
of virtual law assistants and law process automation can spur market growth in
the coming years. Virtual law assistants can deliver services using built-in
client portals. Such virtual law firms can manage mundane and complex work with
professionalism similar to in-house employees.
Variation in regulatory policies on a regional level can
restrict organizations from adopting outsource of legal services. Such
restrictions among companies can hamper growth of market in the coming years.
In addition, security and confidentiality concerns, coupled with ethical
implications, can obstruct market growth. Strong initiatives by LOP firms to
acquire non-disclosure agreements and certifications, and to build strong
service level agreements (SLAs) can create lucrative opportunities for the
market. In addition, growing concerns regarding data security and
confidentiality among service providers can impel market growth.
The market can be segmented on the basis of services and
location. Based on services, the market can be categorized into review and
management, compliance assistance, litigation support, e-discovery, contract
drafting, and patent support.
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Asia Pacific is anticipated to witness
significant growth in the coming years owing to easy availability of
well-experienced lawyers. These lawyers have excellent communication skills and
lower pay rates than their counterparts in the United States. High-level
competency and experience of these lawyers can gain traction among clients and
increase their business prospects, thereby boosting regional market growth in
the coming years. In addition, increasing number of LPO players in developing
countries, such as Singapore, Malaysia, and India, can stimulate market
expansion in the region.
The market in North America is expected to
expand in the coming years owing to rising demand for affordable yet efficient
lawyers. Hiring local service providers can be quite expensive for corporates
in the United States, which can impact their business. Hence, these corporates
are likely to outsource their legal proceedings to countries where they can
find efficient and affordable skilled personnel. Such business strategies can
reduce expenses for corporates and allow them to focus on their core
operations. For instance, ElevateNext announced its collaboration with Elevate
to help companies cut their legal expenses.
Europe is predicted to bode well in the
coming years due to rising demand for corporate legal advisors. Increasing
number of mergers and acquisitions, and collaborations between multinational
companies and large enterprises in various sectors can augment demand for lots
of paperwork. Legal paperwork is anticipated to propel the demand for
experienced and reliable advisors in the region, which can further stimulate
regional market growth in the coming years. Local corporates are expected to
prefer onshore service providers owing to data privacy issues. Most companies
are adopting business strategies, such as mergers and acquisitions, to expand
their business across the globe. For instance, CVC Capital Partners acquired
the U.S. based LPO firm named UnitedLex, which offers services to leading
corporations, universities, and law firms across the globe.
Some of the leading companies operating in
the legal process outsourcing market are Cobra Legal Solutions, LLC, Infosys
Limited, Mindcrest, Wipro Limited, and Evalueserve SEZ.
