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Legal Process Outsourcing Global Market Report 2022
Major players in the legal process outsourcing market are Cobra Legal Solutions LLC, CPA Global Limited, Elevate Services Inc, Infosys BPM Ltd, Integreon Managed Solutions Inc, Lex Outsourcing, QuisLex Inc, UnitedLex Corporation, Wipro Limited, Mindcrest Inc, Clutch Group, Pangea3 LLC, Clairvolex, American Discovery, Amstar Litigation Support, SmithDehn India, Acumen Legal Services Pvt Ltd, ADEC Innovations, BODHI Global Solutions, Datascribe Technologies Inc, Evalueserve SEZ, Kensium BPO, LawScribe Inc, Axiom Law, Exigent, Legal Advantage LLC, Capgemini SE, Capita, Ernst & Young Global Limited, Clarivate, and Cogneesol.
New York, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Legal Process Outsourcing Global Market Report 2022" - https://www.reportlinker.com/p06319481/?utm_source=GNW
The global legal process outsourcing market is expected to grow from $9.42 billion in 2021 to $11.78 billion in 2022 at a compound annual growth rate (CAGR) of 25.10%. The legal process outsourcing market is expected to reach $30.26 billion in 2026 at a CAGR of 26.59%.
The legal process outsourcing market consists of sales of legal process outsourcing by entities (organizations, sole traders, and partnerships) that refer to outsourcing legal functions or processes to an external, third-party service provider to save costs and for knowledge sharing where discrete legal services are transferred from internal departments to external firms, paraprofessionals or local lawyers.Outsourcing legal work allows firms to quickly scale up for a case or project, putting them on equal footing with larger firms.
Flexible staffing also lowers the firm’s overhead.
The main types of legal process outsourcing services include contract drafting, review and management, compliance assistance, e-discovery, litigation support, patent support, and other LPO services.The contract drafting service involves processes for writing down the terms and conditions of an agreement related to legal matters.
The parties involved go through several drafts and negotiation sessions before the official legal contract is finalized. The legal process outsourcing service providers to both on-shore and offshore customers from law firms, enterprises, and government.
Asia-Pacific was the largest region in the legal process outsourcing market in 2021.Western Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in the legal process outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The legal process outsourcing market research report is one of a series of new reports that provides legal process outsourcing market statistics, including legal process outsourcing industry global market size, regional shares, competitors with a legal process outsourcing market share, detailed legal process outsourcing market segments, market trends and opportunities, and any further data you may need to thrive in the legal process outsourcing industry. This legal process outsourcing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The high demand for legal assistance is expected to drive the legal process outsourcing market.Legal assistance is witnessing high demand due to various reasons such as workplace problems, rising financial hardship, domestic violence protective orders, various debt matters, strict laws, and others.
This rising need for legal assistance will lead to high demand for legal services including legal process outsourcing as even standalone firms cannot handle the rising demand for legal services, making them outsource the legal services.The legal process outsourcing enables knowledge sharing and reduces costs for firms in addition to providing legal assistance.
For instance, according to the 2020 legal department strategy survey involving chief and senior legal officers by Deloitte, 78% of respondents indicated that the legal workload has increased due to COVID-19.Over 50% of all respondents expect to increase engagement with alternate legal service providers (ALSPs), whether these were part of their model before COVID-19 or not.
In addition, according to the US Bureau of Labor Statistics, the employment requirement of legal assistants and paralegals is expected to grow by 12% from 2020 to 2030, which is faster than the average for all occupations. Both instances signify that the need for legal assistance is increasing significantly. Thus, the high demand for legal assistance will propel the growth of the legal process outsourcing market.
Technology advancement is a key trend gaining popularity in the legal process outsourcing market.The market witnessing the integration of technological advancements in legal process outsourcing services such as the integration of cloud technology for better e-discovery services.
These solutions enable firms to streamline their legal functions and improve customer experience.Many companies operating in the legal process outsourcing market are focusing on adopting advanced solutions to impirve their business activities and strengthen their market position.
For instance, in July 2021, Cobra Legal Solutions, a US-based legal support services provider announced the expansion of its eDiscovery offering with the addition of Relativity’s cloud-based eDiscovery solution, RelativityOne. Through this technology, firms can streamline their discovery process in a single, secure SaaS (software as a service) platform that covers the full range of eDiscovery from legal hold to production.
In January 2019, Elevate Services Inc, a US-based law company that offers consulting, technology, and services to law departments and law firms acquired Halebury for an undisclosed amount.With this acquisition, Elevate Services expands its business as the customers now have access to an even deeper pool of senior in-house resources and a combined team capable of leading and managing complex legal projects from start to finish.
Halebury is a UK-based legal services company that provides commercial legal advisory and resourcing services.
The countries covered in the legal process outsourcing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06319481/?utm_source=GNW
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