San Francisco, United States, 2019-July-29 —
The global legal process outsourcing market size is projected to reach USD 35.9 billion by 2025, expanding at a CAGR of 31.8% from 2019 to 2025, according to a new report by Grand View Research, Inc. The growth can be chiefly attributed to the emergence of alternative legal service delivery models and virtual law firms.
Technological advancements and innovations in the legal industry are expected to offer new growth avenues in the sector, helping law firms inculcate a transparent relationship with clients. Law firms are deploying Natural Language Processing (NLP) and document automation capabilities to fall in line with the reinvention of the legal industry.
Artificial Intelligence (AI) is another factor that has taken the LPO industry to a new level. Software equipped with AI capabilities is garnering utmost importance among lawyers and firms to save their time. Document production and proofreading of documents are efficiently done with the help of automation software. Use of team collaboration software is further streamlining the execution of all documentation processes. All such technological developments have greatly aided lawyers by decreasing costs and increasing convenience.
Electronic discovery (e-discovery) services have grown in prominence, which can be attributed to amendments by the Federal Rules of Civil Procedure, making Electronically Stored Information (ESI) such as e-mails, e-calendars, and voicemails discoverable on handheld devices in litigation. The development of ESI will reduce the complexity and cost of e-discovery processes and is expected to simplify large-scale complex litigation processes.
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https://www.grandviewresearch.com/industry-analysis/legal-process-outsourcing-lpo-market
Further key findings from the study suggest:
On-shore outsourcing is expected to grow at a significant rate over the forecast period, owing to benefits such as enhanced data security and sophisticated service delivery models
The litigation support segment is expected to register a CAGR of more than 34.0% over the forecast period
Majority of the LPO providers are emphasizing on maintaining their locally-registered office in U.S. and setting up back offices in Asia Pacific in order to strengthen their foothold in the global market
Key players in the legal process outsourcing (LPO) market include Clairvolex; Clutch Group; Mindcrest Inc.; and Pangea3.
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Grand View Research has segmented the global legal process outsourcing market on the basis of location, services, and region:
LPO Location Outlook (Revenue, USD Million, 2015 – 2025)
Offshore
On-shore
LPO Services Outlook (Revenue, USD Million, 2015 – 2025)
Contract drafting
Review and management
Compliance assistance
E-discovery
Litigation support
Patent support
Others
LPO Regional Outlook (Revenue, USD Million, 2015 – 2025)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
Asia Pacific
China
India
Philippines
Latin America
Brazil
MEA
Access Press Release of This Research Report by Grand View Research:
https://www.grandviewresearch.com/press-release/global-legal-process-outsourcing-lpo-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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