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Legal Process Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A4847
Market Overview:
The global legal process outsourcing market size reached US$ 15.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 73.0 Billion by 2028, exhibiting a growth rate (CAGR) of 27.7% during 2023-2028.
Legal process outsourcing (LPO) is a practice adopted by a law firm or corporation to acquire legal support services from an offshore service provider. It increases the efficiency and quality of legal procedures and allows organizations to focus their in-house legal workforce on higher-value activities. It is supported using software tools and electronic discovery, which manages large data and reduces the time and cost incurred on legal work. Some of the widely offered services by LPO include agency work, document review, legal research and writing, drafting of pleadings and briefs, and patent services.
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Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Legal Process Outsourcing Market Trends:
The rising need for drafting agreements, contracts, meeting minutes, and letters for clients represent one of the key factors driving the market. Moreover, stringent cyber, tax, and intellectual property laws in several countries mandate companies to comply with industry standards. This, in turn, is propelling the growth of the market. In addition, there is an increase in the utilization of predictive analytic tools to reduce turnover time, integrate artificial intelligence (AI) tools with legal outsourcing services and improve business efficiencies of the financial firms. This, along with the growing focus of corporate organizations on core competencies, is positively influencing the market. Apart from this, there is an emergence of several outsourcing destinations for LPO with significant cost reductions. This, in confluence with the increasing awareness about the availability of virtual law assistants and law process automation, is contributing to the market growth. Furthermore, leading market players are currently undertaking several initiatives to acquire non-disclosure agreements and certifications. They are also focusing on building strong service level agreements (SLAs), which are projected to strengthen the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global legal process outsourcing market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on location, services, organization size and end use industry.
Breakup by Location:
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- Offshore
- Onshore
Breakup by Services:
- Contract Drafting
- Review and Management
- Compliance Assistance
- eDiscovery
- Litigation Support
- Patent Support
- Others
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by End Use Industry:
- BFSI
- Government
- Automotive
- Healthcare and Life Sciences
- Others
Breakup by Region:
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- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Location, Services, Organization Size, End Use Industry, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | 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 |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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