Global Legal Process Outsourcing Market Report 2023: High Demand for Legal Assistance Drives Growth

DUBLIN, April 24, 2023 /PRNewswire/ -- The "Legal Process Outsourcing Global Market Report 2023" report has been added to  ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global legal process outsourcing market grew from $11.76 billion in 2022 to $14.81 billion in 2023 at a compound annual growth rate (CAGR) of 26.0%. The legal process outsourcing market is expected to grow to $38.13 billion in 2027 at a CAGR of 26.7%.

Major players in the legal process outsourcing market are Cobra Legal Solutions LLC, CPA Global Limited, Elevate Services Inc., Infosys BPM Ltd., Integreon Managed Solutions Inc., Lex Outsourcing, QuisLex Inc., UnitedLex Corporation, Wipro Limited, Mindcrest Inc., Clutch Group, Pangea3 LLC, Clairvolex, American Discovery, Amstar Litigation Support, SmithDehn India, Acumen Legal Services Pvt Ltd., ADEC Innovations, BODHI Global Solutions, Datascribe Technologies Inc., Evalueserve SEZ, Kensium BPO, LawScribe Inc., Axiom Law, Exigent, Legal Advantage LLC, Capgemini SE, Capita, Ernst & Young Global Limited, Clarivate, and Cogneesol.

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Legal process outsourcing refers to outsourcing legal functions or processes to an external, third-party service provider to save costs and for knowledge sharing where discrete legal services are transferred from internal departments to external firms, paraprofessionals or local lawyers. Outsourcing legal work allows firms to quickly scale up for a case or project, putting them on equal footing with larger firms. Flexible staffing also lowers the firm's overhead.

The main types of legal process outsourcing services include contract drafting, review and management, compliance assistance, e-discovery, litigation support, patent support, and other LPO services. The contract drafting service involves processes for writing down the terms and conditions of an agreement related to legal matters.

The parties involved go through several drafts and negotiation sessions before the official legal contract is finalized. The legal process outsourcing service providers to both on-shore and offshore customers from law firms, enterprises, and government.

The legal process outsourcing market research report is one of a series of new reports that provides legal process outsourcing market statistics, including legal process outsourcing industry global market size, regional shares, competitors with a legal process outsourcing market share, detailed legal process outsourcing market segments, market trends and opportunities, and any further data you may need to thrive in the legal process outsourcing industry. This legal process outsourcing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Technology advancement is a key trend gaining popularity in the legal process outsourcing market. The market witnessing the integration of technological advancements in legal process outsourcing services such as the integration of cloud technology for better e-discovery services. These solutions enable firms to streamline their legal functions and improve customer experience. Many companies operating in the legal process outsourcing market are focusing on adopting advanced solutions to impirve their business activities and strengthen their market position.

In October 2022, Odyssey Investment Partners LLC, a US-based middle-market private equity firm acquired Magna Legal Services for an undisclosed amount. With this acquisition, Odyssey Investment Partners LLC would support Magna Legal Services which further drive growth and expand their businesses. Magna Legal Services is a UK-based legal services company that provides litigation support services, such as court reporting, graphic design, jury consulting, record retrieval, and translation services .

Asia-Pacific was the largest region in the legal process outsourcing market in 2022. Western Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the legal process outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the legal process outsourcing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The high demand for legal assistance is expected to drive the legal process outsourcing market. Legal assistance is witnessing high demand due to various reasons such as workplace problems, rising financial hardship, domestic violence protective orders, various debt matters, strict laws, and others. This rising need for legal assistance will lead to high demand for legal services including legal process outsourcing as even standalone firms cannot handle the rising demand for legal services, making them outsource the legal services.

The legal process outsourcing enables knowledge sharing and reduces costs for firms in addition to providing legal assistance. For instance, according to the 2020 legal department strategy survey involving chief and senior legal officers by Deloitte, 78% of respondents indicated that the legal workload has increased due to COVID-19. Over 50% of all respondents expect to increase engagement with alternate legal service providers (ALSPs), whether these were part of their model before COVID-19 or not.

In addition, according to the US Bureau of Labor Statistics, the employment requirement of legal assistants and paralegals is expected to grow by 12% from 2020 to 2030, which is faster than the average for all occupations. Both instances signify that the need for legal assistance is increasing significantly. Thus, the high demand for legal assistance will propel the growth of the legal process outsourcing market.

The legal process outsourcing market includes revenues earned by entities by providing services such as professional outsourcing, IT outsourcing, manufacturing outsourcing, project outsourcing, process outsourcing, and operational outsourcing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Key Topics Covered:

1. Executive Summary

2. Legal Process Outsourcing Market Characteristics

3. Legal Process Outsourcing Market Trends And Strategies

4. Legal Process Outsourcing - Macro Economic Scenario
4.1 COVID-19 Impact On Legal Process Outsourcing Market
4.2 Ukraine-Russia War Impact On Legal Process Outsourcing Market
4.3 Impact Of High Inflation On Legal Process Outsourcing Market

5. Legal Process Outsourcing Market Size And Growth
5.1. Global Legal Process Outsourcing Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Legal Process Outsourcing Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Legal Process Outsourcing Market Segmentation
6.1. Global Legal Process Outsourcing Market, Segmentation By LPO Services, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Contract Drafting
• Review and Management
• Compliance Assistance
• E-Discovery
• Litigation Support
• Patent Support
• Other LPO Services

6.2. Global Legal Process Outsourcing Market, Segmentation By Location, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Offshore
• On-shore

6.3. Global Legal Process Outsourcing Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Law Firm
• Enterprise
• Government

7. Legal Process Outsourcing Market Regional And Country Analysis
7.1. Global Legal Process Outsourcing Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Legal Process Outsourcing Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/82y6mt

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