Legal Process Outsourcing Market: Global Industry Outlook, Industry share, Market size, Strategies and Forecast

The report covers outlook and research for the Legal Process Outsourcing market on a worldwide and regional level. The research gives noteworthy data of 2015-2017 alongside an outlook from 2018 to 2026 in view of revenue (USD Billion). The examination includes drivers and limitations for the Legal Process Outsourcing market beside the effect they have on the request over the figure time frame. Furthermore, the report combines the study of possibilities available in the Legal Process Outsourcing market on a worldwide level.

Browse here for full Report with TOC: https://www.credenceresearch.com/report/legal-process-outsourcing-lpo-market

Get Sample Copy (PDF/DOC): https://www.credenceresearch.com/sample-request/59084

Market Overview:

The third-party services industry is growing rapidly with organizations recognizing the perks of outsourcing set of activities which are not part of their core business. Legal process outsourcing (LPO) is a practice wherein a company, organization or law firm procures legal services from an external service provider. LPO involves outsourcing numerous legal services such as bookkeeping & billing, contract management, general litigation support services, legal researches and legal transcription among others legal services. Adoption of LPO services enable completion of time-consuming legal work with high efficiency and reduced costs. Outsourcing legal processes can help companies save more than 50% of the total costs required for in-house legal processes. As a result, LPO market is set to demonstrate robust growth over the forecast period.

With constant rise in service industry, the outsourcing services has demonstrated immense growth over the period of time. Rising legal expenses has made corporate firms more inclined towards outsourcing certain legal practices in order to minimize overall cost. For instance, in 2009, Rio Tinto plc., a global mining firm, awarded a contract to India-based LPO provider CPA Global for conducting its legal processes. With effect of this contract, Rio Tinto plc. managed to save US$ 8 Mn per year which accounts for nearly 1/5th of the company’s legal costs. With growing offshore LPO services sector, the demand for legal process outsourcing is bound to remain strong over the forecast period. Offshore outsourcing accounted for the largest share in the overall LPO market. Advancing communication technology has enabled higher value legal work as well as legal support services to be outsourced offshore, making it  most prominent segment. On the other hand, significant number of companies employing onshore resources to ensure more accurate solution facilitating deep customer understanding.

India is leading the LPO market as it is the most common location for LPO service providers. Most LPO providers reduce the cost for their clients by locating their human resources in countries such as India, Philippines and China among others having cheaper resources. Significant revenue share of offshore LPO in India, Philippines and China is generated from the companies based out of North America and Europe. Increasing preeminence on the provision of law services is expected to escalate the demand LPO services in Asia Pacific region over the following years. On the other hand, the U.S. and the U.K.-based clients also demand onshore outsourcing for deep understanding of process, thereby driving the demand for onshore LPO market.

This report offers extensive research on the worldwide Legal Process Outsourcing showcase alongside, market trends, market size, drivers, and restraints of the Legal Process Outsourcing market. This report includes an itemized focused scenario and item pattern of key merchants. To understand the competitive scene in the market, a research of Porter’s five forces model for the market has additionally been incorporated. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness. This report is prepared using data sourced from in-house databases, secondary and primary research team of industry experts.

Key players identified in global legal process outsourcing (LPO) market include but are not limited to:

Integreon, Inc., UnitedLex Corporation, Elevate Services, Inc., Pangea3 LLC, Axiom Global, Bodhi Global Solutions, Morae Global Corporation, Cobra Legal Solutions LLC, CPA Global, Mindcrest, Inc., QuisLex, Inc. and others.

Key aspects of the study include:

    Legal Process Outsourcing Market Snapshot

    Classification of Legal Process Outsourcing Market

    Market Overview: Market drivers, restraints and key trends analysis

    Competitive analysis of the key players operating in the market

    Market size split on the basis of geographies and sub-geographies

    Cross-sectional market size for all segments per sub-geography

    Historical market size for year 2016 with 2017 as the base year

    Forecast period: 2018 to 2026

Key questions answered in the Report

    What is the Current Market Size and Forecast for Legal Process Outsourcing Market?

    Who are major players in the industry and what are their strategies and developments in the recent years?

    What are the key segments expected to emerge as the most attractive during the forecast period?

    Which is the most lucrative geographic region for Legal Process Outsourcing market?

Methodology

At Credence Research, our researchers and domain experts use a unique blend of primary and secondary research, with validation and iterations at every stage, in order to minimize deviation and present the most detailed analysis of the industry. The research process begins with extensive data mining, using authoritative sources such as trade magazines, technical publications, independent studies along with paid avenues.

Browse here for full Report with TOC: https://www.credenceresearch.com/report/legal-process-outsourcing-lpo-market

About Us

Credence Research is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives. Over almost a century, we’ve manufactured a firm extraordinarily prepared to this task.

Contact Us:

Credence Research Inc.
105 N 1st ST #429
SAN JOSE
CA 95103
United States

Toll Free (US/Canada): +1-800-361-8290

Web: https://www.credenceresearch.com

Facebook Comments

Share this post