In the recent years, consumers have been pushing the downward trend in pricing and this has made corporations struggle for their survival. A growing concern of corporations in this era is increasing legal costs and the efforts to contain this cost have brought about the concept of legal process outsourcing (LPO). Favorable government policies are one of the key factors driving the growth of LPO. Further, the rising awareness among general counsels and general public is aiding in the growth of this market. Moreover, increasing technology applications such as offering highly secure enterprise class software including features such as portal website, collaboration, and document management market presents an opportunity for vendors. E-discovery was the most popular platform being deployed in LPO industry while litigation support, intellectual property (IP) support, contract drafting and review are among other major services being offered. Electronic documents contain a large amount of data and metadata and identifying and producing this information may often prove burdensome for in-house legal department. Outsourcing of this function helps by reducing efforts, reduces time consumption and proves to be cost-saving. LPO firms process electronic information using e-discovery and other software tools. These firms provide data experts with expertise in data formats, ESI processing, and the review platforms, thus improving efficiency of the process.
The challenges to the growth of this market are concerns regarding security and confidentiality, quality and ethical implications. However, the marketplace has matured and many such concerns are being put to rest. Corporations are gaining from renewed incentives in assessing the value of a balanced outsourced and in sourced legal support model. Corporations today are taking a thoughtful approach toward LPO in order to achieve potential cost savings, focus their in-house legal workforce on higher workloads, improve service levels, and creating supplementary capacity for unexpected legal needs. Players in this market are trying to acquire certifications, non-disclosure agreements, building strong service-level agreements (SLAs) and maintain high physical security by using effective access control to enable data security and maintaining high confidentiality.
Offshore LPO services involve outsourcing of legal support services to LPO firms in other jurisdictions. Until now offshore outsourcing held a majority of share of the total LPO market, however, onshore LPO has gained significant demand in recent years and is expected to grow at a rate higher than the global average. Onshore outsourcing is proving to be an attractive solution for corporations that prefer collaboration with organizations in the same jurisdiction and also helps enhance data confidentiality and improves the process efficiency owing to benefits of shared regulatory frameworks under the same jurisdiction. An emerging opportunity in this market exists in terms of offering hybrid service delivery model, i.e. combined onshore and offshore legal process outsourcing. The major legal areas which law firms cover are commercial laws, bankruptcy, banking laws, general corporate laws, civil rights and liberties, intellectual property laws, international business laws, criminal defense, financing/securities laws and tax laws. Basis of the services offered; the LPO firms may be categorized into full spectrum LPO providers, KPO providers, and legal support service providers.
Grab an exclusive PDF Brochure of this report:
https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=2213
A majority of legal process outsourcing is done by countries such as the U.S., Canada and UK from countries including India, China, Israel, Philippines, South Africa and Latin America. India is most popular for LPO among North American corporations. The country offers competitive legal experts at a lower cost compared to North America. A major trend in the industry, key LPO players have physical presence in the U.S. and delivery centers in locations such as India and China. Key players in this market include Evalueserve SEZ, Mindcrest, Integreon Managed SolutionPangea 3, Wipro Ltd., Infosys Ltd., Cobra Legal Solutions, LLC, LawScribe, Inc., CPA Global Ltd., Lexadigm Solutions LLC, Legal Advantage, Lexplosion, LexSphere, LEX Outsourcing, Bodhi Global Services, Exigent Clutch Group, Quislex, UnitedLex, Acumen Legal Services Pvt. Ltd. and Clairvolex Knowledge Processes Pvt. Ltd.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a technological growth map over time to understand the industry growth rate
- It provides a seven-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
- It provides distinctive graphics and exemplified SWOT analysis of major market segments
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
Read Our Latest Press Release:
https://www.prnewswire.com/news-releases/incidents-of-irreparable-damage-in-world-scale-sporting-events-underscores-growth-in-sports-protective-equipment-market-tmr-301264205.html
https://www.prnewswire.com/news-releases/smart-toys-market-to-observe-stellar-growth-in-future-with-growth-projected-at-whopping-36-4-cagr-for-2018—2026–integration-of-futuristic-internet-of-toys-technology-to-open-large-growth-vistas—tmr-301266764.html
About Us
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad-hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
Contact
Transparency Market Research State Tower,
90 State Street,
Suite 700,
Albany NY – 12207
United States
USA – Canada Toll Free: 866-552-3453
Email: [email protected]
Website: https://www.transparencymarketresearch.com
