The increase in the demand for patent and litigation support is providing new opportunities to law firms to expand the legal process outsourcing market
The global Legal Process Outsourcing (LPO) market is expected to develop USD 117.89 billion by 2030, at a compound annual increase in price (CAGR) of 30.9% throughout the forecast period.
Covid-19 Impact & Market Status
COVID-19 had a severe impact on all the sectors including the global legal process outsourcing market. All the legal firms and associated workers had to take cases from their homes that resulted in delays in communication. Due to lockdown, lawyers had to attend to their clients over phones or other distance communication channels because physical meetups were not possible, hence, there were miscommunications sometimes that resulted in delay and wrong output generation. This required revision of all the procedures that was costly and time-consuming. Also, this was tiring for the client and the lawyer as they has to repeatedly work on the same project. This problem was solved by artificial intelligence and machine learning software that enables its users to work on an automated platform that saved time and other resources.
After the lockdown was over, the legal process outsourcing market started taking its pace to increase its market value
Among all the developed and developing nations, the global legal process outsourcing market of North America and Europe is progressing at a high speed.
The intermediate parties of the legal process outsourcing market have helped various nations to maintain and enforce laws and regulations by documenting all the work and procedures followed by different organizations. This helps the involved companies and common citizens to understand the services that are offered to them and all the related charges and other resources properly. Hence, this serves as legal proof for the progress of the company that helps it to track its records. North America is trying to involve this authority in all the fields as it is cheap and serves as a major requirement to the ruling party in maintaining and monitoring the overall growth rate of the nation. Europe is also doing the same to ensure that it doesn’t lag in the market competition.
The rapid growth of small-scale, medium-scale, and large-scale enterprises are driving the global legal process outsourcing market
There is an urgent requirement for a body that would act as an intermediate between the law firm and the service providers ensuring that quality service and goods are transported according to the demand and supply rates. This is done by the legal process outsourcing bodies that ensure the service provided to the end customers passes all the required criteria.
The Compound Annual Growth Rate (CAGR) of the global legal process outsourcing market is expected to be 26.36% with increased market size of USD 35.45 Billion.
In various developed countries, every action requires legal processes to ensure its safety and quality delivery. This also helps the laborers to secure their rights and all other facilities that the company or related authority should provide them. Hence, there is an increasing need for educated lawyers and other members of the law process outsourcing department who can handle these cases properly. India has the highest quality workforce that can deliver these law services at a cheap service price. They are good at communication and delivery of required knowledge, hence, many foreign countries employ Indians capable of serving the required post.
The increase in urbanization and development is leading to an increase in the development of enterprises. Many people are willing to become an entrepreneur, hence, they are starting their enterprises. This start requires proper regulation and maintenance of law and other regulations. For this, the potential entrepreneurs require the support of a legal process outsourcing market that would provide them with the rules and regulations that they need to follow at each step. In this way, labor rights and company security can be maintained and established from the start. This is an essential step for the upbringing of urbanization and development in society. Following rules and regulations are complemented with proper documentation that will serve as proof for the future. Hence, this is also a crucial step while starting a new business as it ensures that all the work done has a record of its initiation and ending.
There is an increase in the requirement for a platform that will help in proper documentation, processing, and monitoring of the legal process outsourcing market. For this, the lawyers and other law firm members have started using the upcoming advanced technologies like Natural Language Processing (NLP). Artificial Intelligence and Machine Learning components help these organizations to process various records and draw proper insights from them that will have high precision. This helps them to draw accurate conclusions in a particular case or help them to make the best decision.
Artificial Intelligence is one of the essential driving factors of the global legal process outsourcing market as it helps the lawyers and other committee members by saving their time and resources while documenting and processing various cases. The automated software platforms enable the law committees to speed up their work and use the required resources efficiently. These resources can be used parallelly and concurrently by the members to do their work. Hence, the advancement and growth of technology have led to an increase in the future scope of the global legal process outsourcing market.
Apart from this, the rise in patent and litigation support is providing new growth opportunities to the legal process outsourcing market by increasing the demand for legal authorities that can process their request and follow up with the required procedures. This helps people to maintain proper records and check over their files and required documentation timely.
Instead of all these benefits, there are some issues with the proper implementation and growth of the legal process outsourcing market and this includes the location factor, i.e., onshore and offshore.
The major players of the global legal process outsourcing market are Cogneesol, Pangea3, Amstar Litigation Support, Clutch Group, Evalueserve, Integreon Managed Solutions Inc., Infosys Ltd., CPA Global, Elevate Services, Capgemini SE, HCL Technologies Ltd., Capita, Mindcrest, UnitedLex Corporation, WNS Holdings, QuisLex Inc., and Cobra Legal Solutions.
Latest Innovations in the Global Legal Process Outsourcing (LPO) Market: a Snapshot
- Integration of AI in legal process outsourcing to create new opportunities.
Legal Process Outsourcing (LPO) Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 35.45 Billion|
|Growth Rate||CAGR of 26.36% during 2021-2028|
|Segment Covered||Type, Application, Component, Service, Organization Size, Service Location, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||Cogneesol, Pangea3, Amstar Litigation Support, Clutch Group, Evalueserve, Integreon Managed Solutions Inc., Infosys Ltd., CPA Global, Elevate Services, Capgemini SE, HCL Technologies Ltd., Capita, Mindcrest, UnitedLex Corporation, WNS Holdings, QuisLex Inc., and Cobra Legal Solutions.|
Key Segments of the Global Legal Process Outsourcing (LPO) Market
Type Overview, 2018-2028 (USD Billion)
- File Management
- Intellectual Property Services
- Legal Research Service
Application Overview, 2018-2028 (USD Billion)
- Law Firm
Component Overview, 2018-2028 (USD Billion)
Service Overview, 2018-2028 (USD Billion)
- Contract Drafting
- Compliance Assitance
- Review & Management
- Patent Support
- Litigation SUpport
Organization SIze Overview, 2018-2028 (USD Billion)
- Small-sized Enterprises
- Medium-sized Enterprises
- Large-sized Enterprises
Service Location Overview, 2018-2028 (USD Billion)
- On-shore Outsourcing
- Off-shore Outsourcing
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa