Mitigating issues such as security and confidentiality risks expected to drive LPO adoption over the next six years
San Francisco, California (PRWEB) April 22, 2014
The global legal process outsourcing (LPO) market is expected to reach USD 8,568.5 million by 2020, according to a new study by Grand View Research, Inc. Cost effectiveness through outsourcing non-core legal activities is expected to be the key driving force for the market over the next six years. Additionally, LPO facilitates higher resource utilization, which is also expected to fuel industry growth over the forecast period.
Legal process outsourcing allows in-house legal counsel to work on tasks which are high-value in nature, thus driving profitability. Additionally, unanticipated legal activities can be effectively handled; LPO also helps reduce overall external spending. Security and confidentiality concerns were the major barriers to LPO adoption; however, these can be resolved with the help of strong service level agreements (SLA) among other techniques.
The report “Legal Process Outsourcing (LPO) Market Analysis By Location (On-shore, Offshore), By Service (Contract Drafting, Review & Management, Compliance Assistance, E-Discovery, Litigation Support, Patent Support) And Segment Forecasts To 2020,” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/legal-process-outsourcing-lpo-market
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Further key findings from the study suggest:
- Offshore LPO refers to outsourcing to service providers in other jurisdictions. Major offshore locations include India, the Philippines and South Africa. On-shore outsourcing is expected to pick up speed over the forecast period, since it is considered a relatively safer option as opposed to outsourcing offshore. It also provides benefits including a shared regulatory framework, which simplifies business processes.
- e-discovery accounted for the largest market share of over 25% in 2013. Law firms aim to outsource activities which are low-value in nature, so as to target tasks such as giving strategic legal advice. Organizations prefer to handle core tasks, and outsource transactional activities that do not require high degree of specialized knowledge. Intellectual property (IP) support, litigation support, contract drafting and review are among other service activities.
- Law firms in the U.S. and UK outsource business to domestic markets or emerging markets of Asia Pacific and RoW. Offshore outsourcing to countries such as India provides advantages in terms of cost saving, and tasks such as IP processes, document analysis and legal research are commonly outsourced there.
- Industry participants include Bodhi Global Services, CPA Global Ltd., Pangea3, Cobra Legal Solutions, LLC, Clutch Group, LawScribe, Inc., etc. LPO providers offer a variety of services, and can be divided into core LPO, KPO, or legal support service companies.
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For the purpose of this study, Grand View Research has segmented the global LPO market on the basis of product and region:
- LPO Location Outlook (Revenue, USD Million, 2012 – 2020)
• On-shore outsourcing
• Offshore outsourcing
- LPO Services Outlook (Revenue, USD Million, 2012 – 2020)
• Contract drafting
• Review and management
• Compliance assistance
• Litigation support
• Patent support
- LPO Regional Outlook (Revenue, USD Million, 2012 – 2020)
• North America
• Asia Pacific
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