DUBLIN, May 19, 2022 /PRNewswire/ — The “Legal Process Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027” report has been added to from ResearchAndMarkets.com offer.
The global legal process outsourcing market has reached a value of US$11.61 billion in 2021. Looking ahead, the publisher expects the market to reach US$61.71 billion by 2027, posting a CAGR of 30.50% over the period 2022-2027. Keeping in mind the uncertainties of COVID-19, they continuously monitor and assess the direct and indirect influence of the pandemic on the various end-use industries. This information is included in the report as a major market contributor
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 internal legal staff on higher value-added activities. It is supported using software tools and eDiscovery, which handles large data and reduces the time and cost incurred for legal work. Some of the services widely offered by LPO include agency work, document review, legal research and writing, drafting of pleadings and briefs, and patent services.
Legal Process Outsourcing Market Trends:
One of the major market drivers is the growing need for drafting agreements, contracts, meeting minutes, and letters for clients. Additionally, strict cyber, tax, and intellectual property laws in several countries require companies to comply with industry standards. This, in turn, propels the growth of the market. Additionally, there is an increase in the use of predictive analytics tools to reduce turnover time, integrate artificial intelligence (AI) tools with legal outsourcing services, and improve the business efficiency of financial companies. This, together with the growing focus of companies on core competencies, is positively influencing the market.
Apart from this, we are witnessing the emergence of several outsourcing destinations for LPO with significant cost reductions. This, in conjunction with the growing awareness of the availability of virtual legal assistants and automation of legal processes, is contributing to the growth of the market. Moreover, the major players in the market are currently undertaking several initiatives to acquire non-disclosure agreements and certifications. They also focus on creating strong Service Level Agreements (SLAs), which are expected to enhance market growth.
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the major 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
Answers to key questions in this report:
- How has the global legal process outsourcing market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global legal process outsourcing market?
- What are the main regional markets?
- What is the market breakdown by location?
- What is the breakdown of the service-based market?
- What is the market breakdown by organization size?
- What is the market breakdown by end-use industry?
- What are the different stages of the industry value chain?
- What are the key drivers and challenges in the industry?
- What is the structure of the global legal process outsourcing market and who are the key players?
- How competitive is the industry?
Main topics covered:
1 Preface
2 Scope and methodology
3 Executive Summary
4 Presentation
4.1 Overview
4.2 Key Industry Trends
5 Global Legal Process Outsourcing Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakdown by Location
6.1 At sea
6.1.1 Market trends
6.1.2 Market Forecast
6.2 Ashore
6.2.1 Market trends
6.2.2 Market Forecast
7 Market Breakdown by Services
7.1 Drafting of the contract
7.1.1 Market trends
7.1.2 Market Forecast
7.2 Review and management
7.2.1 Market trends
7.2.2 Market Forecast
7.3 Compliance Assistance
7.3.1 Market trends
7.3.2 Market Forecast
7.4 Electronic Discovery
7.4.1 Market trends
7.4.2 Market Forecast
7.5 Litigation support
7.5.1 Market trends
7.5.2 Market Forecast
7.6 Patent support
7.6.1 Market trends
7.6.2 Market Forecast
7.7 Others
7.7.1 Market trends
7.7.2 Market Forecast
8 Market Breakdown by Organization Size
8.1 Small and medium enterprises
8.1.1 Market trends
8.1.2 Market Forecast
8.2 Large companies
8.2.1 Market trends
8.2.2 Market Forecast
9 Market Breakdown by End-Use Industry
9.1 BFSI
9.1.1 Market trends
9.1.2 Market Forecast
9.2 Government
9.2.1 Market trends
9.2.2 Market Forecast
9.3 Automotive
9.3.1 Market trends
9.3.2 Market Forecast
9.4 Health and Life Sciences
9.4.1 Market trends
9.4.2 Market Forecast
9.5 Others
9.5.1 Market trends
9.5.2 Market Forecast
10 Market Breakdown by Region
11 SWOT Analysis
12 Value chain analysis
13 Analysis of the five forces of carriers
14 Price Analysis
15 Competitive Landscape
15.1 Market structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 Clairvolex
15.3.1.1 Company overview
15.3.1.2 Product Portfolio
15.3.2 Clarify
15.3.2.1 Presentation of the company
15.3.2.2 Product portfolio
15.3.2.3 Finance
15.3.3 Cobra Legal Solutions LLC
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.4 Elevation Services Inc.
15.3.4.1 Company overview
15.3.4.2 Product Portfolio
15.3.5 Ernst & Young Global Limited
15.3.5.1 Company Overview
15.3.5.2 Product portfolio
15.3.6 Infosys Limited
15.3.6.1 Company Overview
15.3.6.2 Product portfolio
15.3.6.3 Finance
15.3.6.4 SWOT Analysis
15.3.7 Integreron Inc.
15.3.7.1 Company Overview
15.3.7.2 Product portfolio
15.3.8 Subcontracting Lex
15.3.8.1 Company Overview
15.3.8.2 Product portfolio
15.3.9 Mindcrest Inc. (DWF Group)
15.3.9.1 Company Overview
15.3.9.2 Product portfolio
15.3.10 Morae Global Corporation
15.3.10.1 Company Overview
15.3.10.2 Product portfolio
15.3.11 QuisLex Inc.
15.3.11.1 Company Overview
15.3.11.2 Product portfolio
15.3.12 UnitedLex Corporation
15.3.12.1 Company Overview
15.3.12.2 Product portfolio
For more information on this report, visit https://www.researchandmarkets.com/r/9zypw0
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