According to a research report made available by Radiant Insights, Inc., the global legal outsourcing market is expected to witness steady growth over the forecast period (2017 to 2022). Legal process outsourcing (LPO) or legal outsourcing is the practice in which a law firm obtains legal support services from an external law firm or LPO provider. Generally, an LPO model includes an arrangement between an LPO company established in a developing country and a law company based out of another country. Rising need for effective use of resources is projected to have a positive impact on the LPO market growth. Rapid increase in the costs of legal proceedings has led companies to outsource these services and this has positively affected market growth.
The report “Global Legal Outsourcing Market Size, Status and Forecast 2022” is available now at https://www.radiantinsights.com/research/global-legal-outsourcing-market-size-status-and-forecast-2022
Due to rising concerns related to expenses in various countries such as U.K. and U.S., many corporate firms generally outsource certain legal proceedings through their legal representatives to cut costs. This is also anticipated to augment the market over the next few years. On the down side, breach of ethical codes and security issues may hamper market development. However, ongoing technological developments, such as extensive use of intelligent or smart technologies to access data from unstructured data, are likely to fuel the LPO demand.
The global legal outsourcing market is categorized based on type, application, and region. By way of type, the market is categorized into onshore and offshore. Based on application, the market is categorized into government and business. On the basis of geography, the legal outsourcing market is divided into China, United States, Europe, India, Japan, and Southeast Asia.
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The APAC region accounted for a major chunk in the global market in the past. Several developing countries in the region such as China and India are expected to be the largest LPO markets. This growth can be attributed to the presence of a large number of English speaking lawyers who charge a lot lesser than their US-based counterparts. Thus, many Western companies outsource their legal work to these regions on account of to the availability of skilled personnel, affordability, and efficiency.
In addition, many favorable initiatives related to LPO by different government bodies in these region allowforeign organizations to establish their subsidiaries as private limited firms with least liability over shared investment. This is also estimated to contribute toward the growth of the global market during the forecast years.
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Some of the key firms operating in the worldwide legal outsourcing market are Cobra Legal Solutions LLC; Elevate Services, Inc.; AmStar Litigation Support; Infosys Ltd.; CPA Global Ltd.; and QuisLex, Inc. Some of these companies are mainly focusing on acquiring certifications such as ISO 9001 and ISO 27001. The legal outsourcing market is characterized by the need to reduce the costs of legal service. Thus, many LPO providers are also adopting a practical approach on training their employees on particular legal engagements.
Perry4Law’s Techno Legal Base (PTLB) launched the first-ever disruptive LPO model globally called PTLB LPO. It makes use of ICT4D for legal services aiming at avoiding wastage of effort and time while decreasing overall costs. According to the company, the level of ease in creating a support ticket at a PTLB LPO platform is unmatchable and foreign law companies will not have any trouble adopting the same.
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