Pune, India, Sept. 08, 2021 (GLOBE NEWSWIRE) --
The global legal process outsourcing market size is predicted to observe significant growth during the forecast period, with the rising need among organizations to reduce their costs by taking services from a third-party organization. The key regional trends strengthening market potential are discussed as follows:
COVID-19 impact on LPO services in North America:
The legal sector in North America was seriously affected by the COVID-19 pandemic during the latter’s initial stages. The safety and security of employees working in law firms became a major concern and the organizations had to temporarily shut shop to contain the virus spread. The first half of 2020 saw some major layoffs and cost-cutting measures being taken by these firms in a bid to recover from severe setbacks.
Many companies in the region were not too comfortable with the idea of working from home as they were not well-equipped for the same. However, with the scenario changing for the better today, many firms are expected to restart their operations, eventually benefiting the regional industry companies.
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E-discovery services gain momentum in North America:
North America legal process outsourcing market is estimated to be valued at more than $4 billion by 2027. E-services segment of the regional industry will hold a significant share in the upcoming years as the need to run the litigation review process with the highest accuracy and efficiency is growing robustly.
Litigation review process involves one of the most important steps called document review procedure, which is quite a labor intensive and expensive task to carry out. This is the reason why law firms in countries like the US and Canada are outsourcing the document review process as it can help them to focus their resources on other important tasks.
With the advent of e-services, law organizations can now merge their processes with IT solutions to help them out with various important activities. The use of e-discovery will allow legal departments to leverage the virtual technologies to boost their accuracy rate in extracting important and relevant documents at a much lower cost.
Onshore LPO services take centerstage in North America:
Legal process outsourcing market share in North America from onshore services is expected to grow at a robust rate in the future. As compared to offshore LPO services, onshore solutions help companies have better control over their data. Firms can maintain the highest level of security and confidentiality of their documents with the help of onshore services. One of the main benefits of outsourcing legal operations to domestic third-party entities is that the company doesn’t have to worry about complying with unfamiliar legal policies and framework of other countries. It reduces the operational and compliance costs to a great extent.
Asia Pacific is a rising LPO hub:
Countries in APAC region like India and the Philippines have a large number of LPO organizations, making them a highly preferred region among foreign companies to outsource their legal services. The time difference between Asia Pacific and other regions like North America and Europe is quite vast, giving the former an upper hand in terms of 24/7 access to support services and high functioning labor force.
The cost of availing legal services in nations like India is quite inexpensive as compared to developed countries like the US. At this juncture, the law firms abroad achieve their cost-saving milestone because an Indian lawyer would charge around $292/hour for their services while a US-based lawyer can charge up to $1000/hour. This price difference helps companies to manage their resources and budgets quite efficiently.
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Contract drafting services for large organizations in APAC region:
The demand for contract drafting services will grow at a steady rate in the future as the number of multinational organizations is increasing in Asia Pacific. Companies like IBM and Microsoft are taking the maximum benefit of growing industrialization in the region. Regional governments are encouraging the setup of SMEs through their policies which will eventually have a positive effect on the demand for LPO solutions.
APAC legal process outsourcing market is projected to cross a valuation of $20 billion by 2027. LPO companies can provide contract drafting services to their clients which include large-scale organizations. The MNCs engage in numerous complex partnerships with other firms and often sign a lot of contracts. These contracts must be made by LPO centers according to the exact specifications mentioned by their clients. These agreements carry a lot of value, making the services of a high-quality contract drafter quite essential.
Role of offshore LPO services in Asia Pacific:
Organizations in developed regions like North America and Europe will increasingly adopt offshore LPO services with the aim to achieve their cost-reduction goals. Oftentimes, companies in countries like the US and Canada outsource their legal services to LPO firms in India and South Korea as the fees charged for providing legal services is quite nominal in these nations.
The LPO service providers in Asia Pacific offer a wide range of solutions that are highly customizable according to their client’s requirements. The region has a high number of well-qualified lawyers who offer their services at an affordable price to high-end organizations in developed regions.
Compliance assistance services gain popularity in Europe:
Europe legal process outsourcing market size is anticipated to be valued at over $2 billion by 2027. The market share from compliance assistance services is expected to grow at a substantial rate as they help in increasing the efficiency of organizations in the region. These services usually include general information about standards, directives, and resources to be sought for compliance assistance. It can be quite overwhelming for any company to keep a close eye on all the updates and changes in government policies and compliance laws. Here is where the services of an LPO firm are essential as they help organizations in Europe keep a neat record of changes in corporate rules with regards to paid leaves, taxes, cybersecurity, and workplace safety.
Access sample pages of the report, “Europe Legal Process Outsourcing Market Forecasts 2027” in detail along with the table of contents (ToC) @
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Legal process outsourcing is quite an essential service as it has the potential to enhance the efficiency and performance of a company. As more and more organizations go global, the task of complying with the ever-changing domestic and international policies becomes quite tedious and expensive. This is where LPO firms will play the key role in helping their clients achieve their cost-cutting goals, thereby allowing companies to solely focus on their core competencies.
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