The strengthening of the economy, as well as increased outsourcing of legal services, will help the industry outpace the economy in coming years.
Los Angeles, CA (PRWEB) January 17, 2012
As the amount of electronically stored information (ESI) continues to grow, e-discovery will become an increasingly important part of the legal process, according to IBISWorld industry analyst Nikoleta Panteva. Consulting services are also a vital part of the move to e-discovery. "As the economy improves, law firms will be more willing to spend money on outsourced consulting services. IBISWorld forecasts that the law firms industry – worth $281 billion in 2012 – will grow by an average 2.8% per year to 2016. Demand for outsourced services is particularly important as staffing cutbacks during the recession will have a negative short-term effect on productivity as the economy improves." With economic recovery, corporate profit is slated to grow at a robust average annual rate of 7.3% over the five years to 2016. As increasing litigation rates and demand for corporate law looms around the corner, firms that laid off too many employees will find it hard to compete against those who have strategically positioned themselves for tomorrow's market.
Coupled with the ever-increasing amount of ESI and growing demand from the legal market, IBISWorld anticipates that e-Discovery Consulting Services industry revenue at expand at more than double the rate of overall economic growth. The type of data scoured and the expanding sources through which it is retrieved will help strengthen product development. Corporations already cite social networks as a significant source of information, and the growing influence of social websites within the work environment will spur demand for new and advanced e-discovery products like processing and analysis software, collection software, review software, legal hold software, and consulting services.
Major players in the e-Discovery Consulting Services industry include Kroll Ontrack, Scarab Consulting and Fios Inc. Consultants are involved in all aspect of e-discovery data collection, retrieval, coding and analysis used for litigation, regulation and investigation. Consultants will face competition from software developers, such as Autonomy Corporation and Symantec Corporation as demand for industry services grows. Software developers will consult and train during and after the software installation process and troubleshoot after installation if problems arise. These services require little additional investment on the part of the software company since its employees will already be well versed in the software for consulting and training purposes. Moreover, as these services can command a hefty price tag, and can lead to on-going engagements, they are a valuable revenue source of income relative to actual software development.
For more information visit IBISWorld’s e-Discovery Consulting Services industry
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This industry provides e-discovery services, in which electronic data are searched, located and secured for use as evidence in a court of law. Industry firms provide e-discovery consulting services, including collecting, processing and reviewing data, to end users like law firms, corporations, hospitals and government agencies.
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