Global Legal Process Outsourcing (LPO) Market Growth (Status and Outlook) 2019-2024
Legal outsourcing, also known as legal process outsourcing (LPO), refers to the practice of a law firm or corporation obtaining legal support services from an outside law firm or legal support services company (LPO provider). When the LPO provider is based in another country, the practice is called offshoring and involves the practice of outsourcing any activity except those where personal presence or contact is required, e.g. appearances in court and face-to-face negotiations. When the LPO provider is based in the same country, the practice of outsourcing includes agency work and other services requiring a physical presence, such as court appearances. This process is one of the incidents of the larger movement towards outsourcing. The most commonly offered services have been agency work, document review, legal research and writing, drafting of pleadings and briefs, and patent services.
The onshore legal process outsourcing market is anticipated to witness high growth over the future, as it is considered a comparatively safer alternative in comparison to outsourcing offshore. It offers benefits such as shared regulatory framework, which streamlines the business processes. It is a profitable option for organizations that desire working together with companies within the same country. Furthermore, subcontracting in the same country also delivers advantages such as shared regulatory framework.
India legal process outsourcing market size will grow significantly from 2016 to 2024 due to the presence of numerous English speaking lawyers whose incomes are lesser than those of their U.S. based counterparts. Indian service providers have also worked to address the necessary requirements to target UK and U.S. based clients. Favorable government initiatives associated with the LPO market such as Foreign Direct Investment in 100% equity of the firm in LPO / BPO enables foreign companies to establish their subsidiaries as private limited companies with minimum liability over shared investment.
According to this study, over the next five years the Legal Process Outsourcing (LPO) market will register a 32.0% CAGR in terms of revenue, the global market size will reach US$ 24100 million by 2024, from US$ 4550 million in 2019. In particular, this report presents the global revenue market share of key companies in Legal Process Outsourcing (LPO) business, shared in Chapter 3.
This report presents a comprehensive overview, market shares and growth opportunities of Legal Process Outsourcing (LPO) market by product type, application, key companies and key regions.
This study considers the Legal Process Outsourcing (LPO) value generated from the sales of the following segments:
Segmentation by product type: breakdown data from 2014 to 2019 in Section 2.3; and forecast to 2024 in section 10.7.
Segmentation by application: breakdown data from 2014 to 2019, in Section 2.4; and forecast to 2024 in section 10.8.
This report also splits the market by region: Breakdown data in Chapter 4, 5, 6, 7 and 8.
Middle East & Africa
The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report: Breakdown data in in Chapter 3.
Cobra Legal Solutions
Amstar Litigation Support
In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key players and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.
To study and analyze the global Legal Process Outsourcing (LPO) market size by key regions/countries, product type and application, history data from 2014 to 2018, and forecast to 2024.
To understand the structure of Legal Process Outsourcing (LPO) market by identifying its various subsegments.
Focuses on the key global Legal Process Outsourcing (LPO) players, to define, describe and analyze the value, market share, market competition landscape, SWOT analysis and development plans in next few years.
To analyze the Legal Process Outsourcing (LPO) with respect to individual growth trends, future prospects, and their contribution to the total market.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
To project the size of Legal Process Outsourcing (LPO) submarkets, with respect to key regions (along with their respective key countries).
To analyze competitive developments such as expansions, agreements, new product launches and acquisitions in the market.
To strategically profile the key players and comprehensively analyze their growth strategies.