Global Market Insights, Inc: Legal Process Outsourcing to Go Beyond $40 Billion by 2024by Kaizer M. Social Media Marketing Strategist
The growing necessity for proficient legal departments to handle high volume, process-oriented legal work is expected to skyrocket the legal process outsourcing market, amassing over $40 billion by 2024. The cost of legal proceedings has increased drastically over the years, and this led companies to sub-contract these services overseas. Being cost-efficient and practical have been the major factors that immensely helped the LPO industry.
Legal proceedings and clerical services have now been influenced by modernization and technological advancement. These lead to significant growth in revenue. Artificial Intelligence (AI) is a vital tool for managing valuable and sensitive information allowing law firms to focus more on client work with the right mindset leading to a more efficient and accurate delivery of services. The growing demand for advanced technology to gather information from unstructured data sets together with the human-like understanding and interpretation is expected to boost the growth of AI in the legal process outsourcing landscape.
Security issues that may arise from the current LPO set up is anticipated to hinder the growth and development of the industry in the set timeframe. Major industry players are dealing with security and confidentiality concerns by employing globally standard certifications and processes, like ISO 27001 and Six Sigma.
E-discovery services are projected to have a significant CAGR growth of more than 40% from 2017 to 2024. This growth is because businesses are now utilizing digital systems in their processes, and electronic documents containing large amount of sensitive data are now being outsourced. Generating and indentifying the said data and information are found to be bothersome for internal legal department. Outsourcing these processes helps make their time management more efficient.
Legal process outsourcing market’s stipulation for patent support is also expected to have significant growth due to the increasing preference towards legal research and IP monitoring for better budget management. This is set in place to deliver the clients’ intellectual property portfolios and make them aware of any possible threats or infringements.
The size of onshore LPO market is expected to thrive over the set timeframe. This is because of the increasing demand from different law firms and European corporations preferring their services be provided locally, rather than outsourced. The rising operational cost in India and South Africa along with varying European Union (EU) laws on data protection is also hindering which types of services and processes that can be outsourced to further boost the demand for onshore services.
Philippines’ LPO market size is expected to grow for legal services in the country because of its being cost-efficient and has the ready infrastructure. Local outsourcing company Coefficients has started offering legal process outsourcing services, and is expected to immensely grow in the coming years.
The LPO market is described by the necessity to lessen the cost of legal services. The demand for e-discovery services is growing since businesses are now incorporating digital services in their processes. Industry players are focusing on getting certifications like ISO 9001 and ISO 27001. In addition, different LPO providers are employing a hands-on approach on training their employees on certain legal engagements. The training involves a corporate legal professional to directly focus and tackle such learning initiatives.
Created on Mar 15th 2018 07:07. Viewed 269 times.