Legal Process Outsourcing Market is projected to grow at a CAGR of 21.6% during the forecast period: MRFR

Market Research Future (MRFR) has published on the “Global Legal Process Outsourcing Market”.

The Legal Process Outsourcing Market is predicted to reach USD 80.6 million by 2032, registering a 21.6% CAGR during the forecast period, 2023–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. The global Legal Process Outsourcing market is expected to witness substantial growth during the forecast period, primarily due to the need for cost efficient handling of digital legal resources and effective utilization of e-Discovery resources is driving the growth of the market.

Globalization has paved the way for the outsourcing industry, since it aids in the development and operation of businesses on a worldwide scale. By growing economic integration, it has also enabled the economic interconnectedness of other states' economies around the world. Because all legal papers are accessible and processed over the internet, the fast rise of the internet and its usage has also aided the legal outsourcing business in its expansion. Legal outsourcing has expanded dramatically in recent years. Law firms have begun to outsource work in order to reduce expenses and enhance their in-house skills. The way legal services are delivered has changed dramatically. LPO is a process through which in-house legal departments, law firms, and other businesses outsource legal work from countries where it is expensive to conduct, such as the United States or Europe, to areas where it can be handled at a substantially lower cost, principally India. Cost reductions, ease, and efficiency have been the primary justifications for outsourcing legal work. In terms of India, there are numerous economic, geographic, historical, legal, linguistic, and political benefits to be gained, including generous tax breaks, time differences, a well-educated and trained English-speaking workforce, and a common law system similar to that used in the United States and the United Kingdom.

Recruiting a skilled attorney or legal practitioner and providing training can also be costly. Outsourcing legal services to an outsourcing firm minimizes the service receiver's burden and allows them to concentrate on their primary business operations. With in-house and external talent, it enables law firms and organizations to tailor their skills to the workload and client expectations. Firms may swiftly scale up for projects by outsourcing legal services, levelling the playing field with bigger firms. Firm overhead is also minimized with flexible staffing. LPOs give an excellent opportunity for attorneys to get experience. Many LPOs work for well-known legal firms in the United Kingdom and the United States. As a result, they recruit foreign teachers to educate their personnel.

Major companies are focused on product launches, in order to expand the product portfolio. For instance, Exigent released the latest update to its Contract Management Software to include AI-based auto-extraction and contextual search for increased speed to data, accuracy, and business impact. Exigent’s AI auto-extraction tool, Scarlett, is powered by a machine learning engine set up and trained by legal professionals, financial experts, and data scientists, creating faster and more accurate outcomes.

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Segmental Analysis

The global Legal Process Outsourcing market has been segmented based on component, Organization Size, Ownership, Service Location, Operations, End Users, and region.

Based on components, the global Legal Process Outsourcing market segmentation includes Software and Services. The Services held the majority share in 2022, contributing around ~75.08% to the market revenue. Services are an essential component of the legal process outsourcing market as the various services are provided by multiple service providers. The global legal process outsourcing market, based on services has been further segmented bookkeeping & billing, e-discovery, ip technical support outsourcing, legal research outsourcing, litigation support outsourcing, contract drafting, compliance assistance, patent support, data analysis & management and review & management. Document review, witness interviews, case preparation, case summarization, and other services are included in litigation support services. In the legal world, outsourcing litigation support services has become a common practice.

The global legal process outsourcing market segmentation, based on organization size, includes Large Enterprises and Small & Medium Enterprises (SMEs). Large Enterprises dominated the market in 2022 and is expected to continue dominating the market during the forecast period 2022-2032

The global legal process outsourcing market segmentation, based on service location, includes On-Shore Outsourcing and Offshore Outsourcing. Offshore Outsourcing dominated the market in 2022 and is expected to continue dominating the market during the forecast period 2022-2032

The global legal process outsourcing market segmentation, based on ownership, includes LLC, LLP, and Proprietors. LLP dominated the market in 2022 and is expected to continue dominating the market during the forecast period 2022-2032

The global legal process outsourcing market segmentation, based on operations, includes Captive Units and Independent. Independent dominated the market in 2022 and is expected to continue dominating the market during the forecast period 2022-2032

Regional Analysis

Geographically, the global Legal Process Outsourcing market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

The Asia-Pacific Legal Process Outsourcing market accounted for ~54.48% market share in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is due to a significant number of key players in Asia-Pacific, making it the primary contributor to the market share. Asia-Pacific dominates the Legal Process Outsourcing market due to an increase in Legal Process activity in this area. It is one of the most lucrative regions for the market owing to the significant low-cost services. The contribution of major countries such as China, India, and Japan drive the LPO market in Asia-Pacific.

The North America market share can be attributed to the growing demand of legal corporations to achieve services at lower cost.. The market in North America is expected to retain the leading position growing at a significant CAGR from 2022 to 2030. Increased workloads in legal departments are hastening the widespread adoption of LPO services in the US. Law firms are up against significant challenges in terms of running their departments more efficiently and cost-effectively.

Europe is expected to witness remarkable growth during the forecast period. The UK, however, has a long legal tradition, and the country's law firms are among the leading worldwide sectors. Due to its highly diversified industrial market, the UK is dominating the Europe region's economy. Industries in this region have greater flexibility in terms of expansion and innovation compared to those in Asia-Pacific and some parts of North America. The growing digitization in Europe is expected to drive the LPO market in this region.

The major countries in the Middle East & Africa (MEA) are Oman, Qatar, Saudi Arabia, United Arab Emirates, Kuwait, Jordan, and South Africa. The region has experienced increasing urbanization and industrialization, boosting the expansion of various sectors. The IT sector in the MEA region is anticipated to grow significantly during the forecast period.

Key Players

Some of the prominent players operating in the global Legal Process Outsourcing market include UnitedLex, Clarivate, Integreon, Inc., Axiom Law, Elevate Services, Inc., Litigation Services, Infosys Limited, Lexplosion Solutions Private Limited, Mindcrest, COBRA LEGAL SOLUTIONS, QuisLex, Exigent, WNS (Holdings) Ltd., Vee Technologies, and SunLexis.