Global Legal Process Outsourcing Market Overview:
The latest report by IMARC Group, titled “Legal Process Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global Legal Process Outsourcing Market Size. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global legal process outsourcing market reached a value of US$ 11.61 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 61.71 Billion by 2027, exhibiting at a CAGR of 30.50% during 2022-2027.
Legal Process Outsourcing (LPO) represents a practice adopted by law firms to acquire legal support services from offshore service providers. Some widely offered LPO services include agency work, document review, legal research and writing, drafting of pleadings and briefs, etc. LPO is supported by numerous software tools and electronic discovery services. It enhances the efficiency and quality of legal procedures and enables organizations to focus on the in-house legal workforce. LPO also assists in managing extensive volumes of data and minimizing the time and cost of legal processes. As a result, it is used across numerous sectors, such as automotive, healthcare, BFSI, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Legal Process Outsourcing Market Trends:
The escalating need for drafting agreements, contracts, meeting minutes, letters, etc., for clients is one of the primary factors driving the legal process outsourcing market. In addition to this, the rising integration of AI and predictive analytical tools with legal outsourcing services to reduce turnover time is further catalyzing the market growth. Moreover, the increasing focus among corporate organizations on core competencies is acting as another significant growth-inducing factor by propelling the demand for outsourcing.
Apart from this, the growing consumer awareness towards the availability of virtual law assistants and law process automation systems is also augmenting the global market. Furthermore, various key market players are launching numerous favorable initiatives to build strong service level agreements (SLAs) and acquire non-disclosure agreements and certifications. This, in turn, is expected to fuel the legal process outsourcing market over the forecasted period.
Global Legal Process Outsourcing Market 2022-2027 Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being:
- Cobra Legal Solutions LLC
- Elevate Services Inc
- Ernst & Young Global Limited
- Infosys Limited
- Integreon Inc
- Lex Outsourcing
- Mindcrest Inc. (DWF Group)
- Morae Global Corporation
- QuisLex Inc.
- UnitedLex Corporation
Breakup by Location:
- Contract Drafting
- Review and Management
- Compliance Assistance
- Litigation Support
- Patent Support
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
By End-Use Industry:
- Healthcare and Life Sciences
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance 2016-2021
- Market Outlook 2022-2027
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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