The global
Legal Process Outsourcing (LPO) market is expected to reach USD 27.19
billion by 2024, according to a new report by Grand View Research, Inc. Outsourcing
legal activities allows organizations to manage workforce and time efficiently
and helps them to focus completely on core business operations, which are
responsible for revenue generation.
Countries
such as India, South Africa, and the Philippines, which are popular
destinations for LPO, have a significant time difference between Europe and the
U.S. This time difference helps in providing a continuous workforce, whenever
required.The cost of legal services in markets such as India is far lesser than
that in North America. The per hour outsourcing costs in India is estimated to
be as low as USD 10, which is expected to considerably boost the savings.
Additionally,
outsourcing work to offshore locations ensures continuous operations since they
follow 24-hour work cycles, thus ensuring the completion of a time-consuming
work with high efficiency. In November 2008, Wall Street Journal quoted that
around 79,000 legal jobs based in the U.S. are expected to be moved offshore by
2015. As the allocated tasks are usually repetitive, LPO providers work with
set protocols and Key Performance Indicators (KPI) in place. LPO firms utilize
low-cost workers and automated software as well asupdate repetitive tasks that
involve significant documentation and paperwork.
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Further key findings from the study suggest:
- Offshore outsourcing is expected to grow at a CAGR of over 30% from 2016 to 2024, owing to the increased demand for these services in India and the Philippines
- Litigation support is anticipated to gain prominence, accounting for over 20% of the revenue share by 2024, as most of the firms hire outside consultants for expert investigative litigation support in order to win high profile cases
- Some of the key players in the legal process outsourcing market include Axiom Law, Elevate Services Inc., Pangea3 LLC, UnitedLex Corporation, and IntegreonInc.
- In order to strengthen the foothold in the market, a majority of LPO providers are maintaining their physical presence in the U.S. along with back offices in the Asia Pacific region
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