The global legal process outsourcing market size is projected to reach USD 35.9 billion by 2025, expanding at a CAGR of 31.8% from 2019 to 2025, according to a new report by Grand View Research, Inc. The growth can be chiefly attributed to the emergence of alternative legal service delivery models and virtual law firms.
Technological advancements and innovations in the legal industry are expected to offer new growth avenues in the sector, helping law firms inculcate a transparent relationship with clients. Law firms are deploying Natural Language Processing (NLP) and document automation capabilities to fall in line with the reinvention of the legal industry.
Artificial Intelligence (AI) is another factor that has taken the LPO industry to a new level. Software equipped with AI capabilities is garnering utmost importance among lawyers and firms to save their time. Document production and proofreading of documents are efficiently done with the help of automation software. Use of team collaboration software is further streamlining the execution of all documentation processes. All such technological developments have greatly aided lawyers by decreasing costs and increasing convenience.
Browse Details of Report, Please Visit @ https://www.grandviewresearch.com/industry-analysis/legal-process-outsourcing-lpo-market
Electronic discovery (e-discovery) services have grown in prominence, which can be attributed to amendments by the Federal Rules of Civil Procedure, making Electronically Stored Information (ESI) such as e-mails, e-calendars, and voicemails discoverable on handheld devices in litigation. The development of ESI will reduce the complexity and cost of e-discovery processes and is expected to simplify large-scale complex litigation processes.
Further key findings from the study suggest:
- On-shore outsourcing is expected to grow at a significant rate over the forecast period, owing to benefits such as enhanced data security and sophisticated service delivery models
- The litigation support segment is expected to register a CAGR of more than 34.0% over the forecast period
- Majority of the LPO providers are emphasizing on maintaining their locally-registered office in U.S. and setting up back offices in Asia Pacific in order to strengthen their foothold in the global market
- Key players in the legal process outsourcing (LPO) market include Clairvolex; Clutch Group; Mindcrest Inc.; and Pangea3.
Have Any Query? Ask Our Experts @ https://www.grandviewresearch.com/inquiry/340/ibb
Key Topics Covered
Chapter 1 Methodology and Scope
1.1 Information Procurement
1.1.1 Purchased database
1.1.2 GVR’s internal database
1.1.3 Secondary sources
1.1.4 Third Party perspective
1.1.5 Primary research
1.2 Information Analysis & Data Analysis Models
1.3 List of Data Sources
1.4 Research Scope & Assumptions
Chapter 2 Executive Summary
Chapter 3 Market Snapshot
3.1 LPO-Market Snapshot & Key Buying Criteria, 2015 – 2025
Chapter 4 Legal Process Outsourcing Industry Outlook
4.1 Market Segmentation & Scope
4.2 LPO-Market Size and Growth Prospects
4.3 LPO-Value Chain Analysis
4.4 LPO Market dynamics
4.4.1 Market driver dnalysis
4.4.1.1 Cost efficiency
4.4.1.2 Effective utilization of resources
4.4.2 Market restraint analysis
4.4.2.1 Confidentiality risk
4.5 LPO Company Market Share, 2018
4.6 Penetration & Growth Prospect Mapping
4.7 Technology & Legal Services
4.8 Business Environmental Analysis Tools
4.8.1 PEST analysis
4.8.1.1 Political landscape
4.8.1.2 Economic landscape
4.8.1.3 Social landscape
4.8.1.4 Technology landscape
4.8.2 Porter’s five force analysis
4.8.2.1 Threat of new entrants
4.8.2.2 Bargaining power of suppliers
4.8.2.3 Bargaining power of buyers
4.8.2.4 Threat of substitutes
4.8.2.5 Competitive rivalry…….continue..
Browse Related Reports:
Business Process Outsourcing (BPO) Market By Service (Customer Services, Finance & Accounting, Human Resources), By Region, By End Use, And Segment Forecasts, 2018 – 2025:
https://www.grandviewresearch.com/industry-analysis/business-process-outsourcing-bpo-market
Video Conferencing Market By Deployment, By Component (Hardware, Software, Service), By End Use (Corporate, Healthcare), By Region, And Segment Forecasts, 2019 – 2025:
https://www.grandviewresearch.com/industry-analysis/video-conferencing-market
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States
Website: www.grandviewresearch.com/industry-analysis/legal-process-outsourcing-lpo-market