Drive for Minimizing Costs Among Law Firms Continues to Drive the Legal Process Outsourcing (LPO) Market, According to New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Legal Process Outsourcing (LPO) markets. Legal Process Outsourcing (LPO), which gained momentum towards the end of the twentieth century, is at present, the fastest growing sub-sector under the Knowledge Process Outsourcing (KPO) category. The global LPO market revenues are projected to reach US$2.7 billion by 2018. Factors responsible for instigation and energization of LPO include the widespread availability of Internet, changes in global economy, legal process automation, data security developments, easier accessibility to skilled low-cost foreign resources, and advanced technology tools.

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Legal Process Outsourcing (LPO): A Global Strategic Business Report

San Jose, California (PRWEB) July 25, 2012

Follow us on LinkedIn – In the recent past, growth of novel technologies, in combination with cost cutting drive due to global economic downturn, compelled corporate legal departments and law firms to re-evaluate their operational strategies as well as to consider outsourcing as a common practice within the legal profession. Consequently, the present day legal off shoring market is witnessing a flurry of activity including a downward pull in terms of fees, consequently stepping up margins, which are not expected to drop anytime soon. Inclusion of corporate style functioning into law firms is the new industry trend. Consolidation and globalization are underway, while legal service companies in major countries are witnessing deregulation and reforms. A wave of consolidations began in the LPO industry in the latter part of 2010 and progressed into 2011, imparting dynamism to the competition amid LPO providers.

Many law firms outsource a part of their day-to-day activities to overseas low-cost markets for minimizing costs. Development in the LPO industry is the result of efforts towards improvement of efficiencies and profitability. Additionally, the huge availability of competent vendors in low-cost overseas markets has also bolstered outsourcing of legal functions. Companies offering LPO services could act either as direct legal research operators or back-office administrators. Secretarial works such as remote secretarial services, site-checking, legal transcription, proofreading, and data entry, are gaining traction as a result of the rise in customer service, call centers and data processing units across the globe. Higher requirement for operational and cost related effectiveness in contract and litigation procedures is the key driving factor for packaged legal services, providing end-to-end integrated solutions. Further, client demand for multi-shore services is creating an international platform for the provision of multi-shore solutions.

India represents the largest regional market for legal process outsourcing worldwide, as stated by the new market research report on Legal Process Outsourcing. Cost benefits, superior quality productivity, and policies of the Indian Government function as growth drivers for the LPO industry in India. Moving away from low skill call-centre based back-office processes, legal processes requiring high levels of expertise including research, litigation support, patent writing, document discovery & review and contract drafting, are increasingly being outsourced to India-based LPOs. After gaining substantial volume business from the US legal industry, Indian LPO companies are exploring opportunities from East Asian countries, especially Japan and South Korea. Apart from India, other key LPO destinations include the Philippines, Israel, Sri Lanka, New Zealand, Australia, South Korea and China. Mauritius is an emerging LPO destination. In particular, the Philippines has become an attractive destination for British and US firms as the country, similar to India, is known for possessing a large, English-speaking, educated talent pool.

Despite the industry’s rampant growth, legal process outsourcing continues to face criticism and challenges regarding shrinking job profile, risking quality of service, and losing control over the process, which prevent foreign law firms and attorneys from outsourcing major portion of legal work to LPO destinations. Nevertheless, the LPO industry is set to emerge amid the challenges and witness considerable growth as corporations consider cost-effective services provided by LPOs. In order to avail services at comparatively lower cost, various large scale organizations are entering into outsourcing agreement for their support staff and back-office operations. Given the potential growth in the industry, various financial companies including private-equity firms, corporations and venture capital firms continue to invest in the sector. Furthermore, several large companies engaged in providing IT outsourcing services are also considering foraying into the vertical in the near future.

Key players profiled in the report include Accentia Technologies Ltd., American Discovery, Inc., Amstar Litigation Support, Bodhi Global Services (P) Ltd., Clutch Group, Cobra Legal Solutions, LLC, CPA Global Limited, Evalueserve, Ltd., Infosys Technologies Ltd., Integreon, Mindcrest, Inc., Pangea3, LLC, QuisLex, SDD Global Solutions Pvt. Ltd., UnitedLex Corporation, and Wipro IT.

The research report titled “Legal Process Outsourcing (LPO): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the legal process outsourcing markets, current market trends, key growth drivers, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for legal process outsourcing market for the years 2009 through 2018 for the following geographic markets – India, Philippines, and Rest of World.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Legal_Process_Outsourcing_LPO_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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