According to the latest report by IMARC Group, titled "Legal Process Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global legal process outsourcing market reached a value of US$
15.6 Billion in 2022. Legal process outsourcing (LPO) refers to a practice that involves outsourcing legal assistance or functions from third-party service providers. It is an essential measure adopted by multiple businesses, wherein discrete legal services are transferred to paraprofessionals or external law firms to assist organizations with increased quality and efficiency of legal procedures. Some of the common legal process outsourcing services include legal publishing support, secretarial services, review and research, conveyance work and administrative services, such as billing and accounting. Due to rapid digitization across the corporate sector, there has been a considerable rise in the adoption of LPO services.
Global Legal Process Outsourcing Market Trends:
The global market is primarily driven by the increasing need for businesses to comply with stringent industry standards. Since legal process outsourcing services can be adopted at significantly lower pay rates with improved access to law-trained professionals who offer increased flexibility and allow companies to focus on core business processes, this is providing a boost to the market growth. Furthermore, leading players are heavily investing in the deployment of advanced technologies, such as document automation and natural language processing (NLP) software, which are positively influencing the market. Also, the rising utilization of predictive analytic tools and the integration of artificial intelligence (AI) with LPO software for minimizing the turnover time are creating a positive outlook for the market. Other factors, including the increasing need for reducing overhead expenses, intensive business competition, the growing popularity of virtual assistance across the corporate segment and the rising initiatives undertaken by multiple key players for acquiring non-disclosure certifications and agreements, are further projected to drive the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$
73.0 Billion by 2028, growing at a CAGR of
27.7% during 2023-2028.
- On the basis of location, the market has been bifurcated into offshore and onshore.
- Based on the services, the market has been segmented into contract drafting, review and management, compliance assistance, e-discovery, litigation support, patent support and others.
- On the basis of the organization size, the market has been segregated into small and medium-sized and large enterprises.
- Based on the end-use industry, the market has been classified into BFSI, government, automotive, healthcare and life sciences and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Clairvolex, Clarivate, Cobra Legal Solutions LLC, Elevate Services Inc., Ernst & Young Global Limited, Infosys Limited, Integreon Inc., Lex Outsourcing, Mindcrest Inc. (DWF Group), Morae Global Corporation, QuisLex Inc. and UnitedLex Corporation.
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