Fort Collins, Colorado, April 04, 2024 (GLOBE NEWSWIRE) -- The Legal Process Outsourcing Market size was valued at USD 18.7 Billion in 2023 and is anticipated to grow CAGR at 29.4% to reach USD 189.9 Billion by 2032.
The legal process outsourcing (LPO) market is poised for expansion due to its ability to offer cost savings, improved services through third-party perspectives, and, most importantly, allow clients to concentrate on their core business activities. The advantages of cost reduction and operational flexibility resulting from outsourcing have fostered an environment conducive to legal process outsourcing. Estimates suggest that outsourcing various tasks can save approximately 60% of company costs, contributing to the growing market share of legal process outsourcing. By outsourcing legal activities, organizations can better manage their time and workforce resources, enabling them to focus entirely on core business operations.
Furthermore, many legal process outsourcing providers increasingly concentrate on delivering higher-value services, such as supporting compliance management. The necessity for compliance also underscores the demand for legal process outsourcing, enabling service providers to introduce automation by implementing standardized processes that may not be available in-house. The market has witnessed a notable shift towards higher-value services, accompanied by the development of onshore capabilities in the United States and the United Kingdom.
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Segmentation Overview:
The global legal process outsourcing market has been segmented into location, service, and region. Based on location, the market segmentation includes offshore and on-shore outsourcing. Offshore outsourcing holds a substantial share of the location segment. The trend of offshore outsourcing is growing tremendously, with many companies in countries like the United States, Germany, the United Kingdom, and other countries outsourcing their legal work to firms in Asian countries like India, the Philippines, and China.
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Legal Process Outsourcing Market Report Highlights:
- The global legal process outsourcing market growth is anticipated at a CAGR of 29.4% by 2032.
- The growing digitization mainly drives the legal process outsourcing industry.
- Asia Pacific holds a significant share of the legal process outsourcing market. Countries like India, the Philippines, and China have highly talented and qualified individuals with quant skills consult them and get better results than having an in-house legal team.
- Some prominent players in the legal process outsourcing market report include Exigent Group, Legal Advantage LLC, UnitedLex, Evalueserve, Clairvolex, QuisLex Legal Services Pvt. Ltd., Integreon Managed Solutions Pvt. Ltd., Datascribe Infotech Pvt. Ltd., Mindcrest, Elevate Services Inc.
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Legal Process Outsourcing Market Segmentation:
By Location: Offshore outsourcing, on-shore outsourcing
By Service: Contract drafting, review & management, compliance assistance, E-discovery, litigation support, patent support, and others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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