Legal Process Outsourcing Market growth is driven by rising inclination towards IP monitoring and legal research for better cost efficiency. This is done to deliver intellectual property portfolios of the clients to guide them on any possible infringements or threats. The swift expansion of Legal process outsourcing market can be majorly attributed to its wide end service spectrum which includes E-discovery, patent support, contract drafting, review & management, compliance assistance, and litigation support.
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The Legal Process Outsourcing Market has gained importance in large scale enterprises which have developed their own in-house legal departments. These enterprises are looking to secure their back-end services for their internal operations. Outsourcing helps these organizations in reducing their efforts, decreasing time consumption and cost saving.
However, breach of ethical codes, security concerns and hazards associated with malpractice of law are some of the key factors which may hamper the market growth. However, the market players are concentrating on non-disclosure agreements, acquiring software, maintaining confidentiality and building robust service-level agreements.
Legal process outsourcing market in E-discovery services demand is projected to grow substantially at 40% CAGR owing to increasing use of digital systems by enterprises and outsourcing of e-documents containing crucial data. Companies are focusing on acquiring crucial certificates such as ISO 9001 and 27001 and LPO market service providers expedite these processes which helps enterprises to get their work done in lesser cost and time. Patent support service is expected to foresee a significant growth in forecast timeframe, this growth is attributed to increasing inclination towards IP monitoring and cost efficiency.
Offshore legal process outsourcing services include outsourcing of legal services to LPO organizations in other jurisdictions. Offshore outsourcing is dominating the market currently. However, onshore LPO market is projected to flourish during the forecast timeline owing to growing demand from law firms and safety benefit that it offers over offshore legal process.
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Europe is one region which holds a prominent position in the global legal process outsourcing market particularly from onshore services. Increasing European Corporations’ preference for onshore services along with strict protective laws imposed by EU is catering the onshore LPO market in Europe. On the other hand, this region has comparatively lesser contribution toward the offshore legal process outsourcing market. With the growing concerns related to the legal expenses, corporate firms of European countries are proactively outsourcing their legal proceeding through professionals via LPO.
Countries like India, Philippines, and South Africa are witnessing an expanding offshore legal process outsourcing market. India market will prominently grow in the coming seven years. Favorable government initiatives such as FDI (foreign direct investment) is encouraging huge investments in these regions. Philippines legal process outsourcing industry share will witness considerable gains over the coming years. The growth can be attributed to this region being regarded as one of the most favorable offshore LPO destinations, owing to the low legal costs and strong infrastructure in this region.
The players competing in the legal process outsourcing market include Axiom Law, UnitedLex Corp., Pangea3 LLC, Elevate Services, QuisLex Inc, Integreon, and Mindcrest Inc. These industry participants are engaged in mergers & acquisitions in order to expand their service portfolio. Customized services along with value additions and pricing strategies are some of the key differentiators that service providers are adopting to capture larger market share.
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