Legal Process Outsourcing Market to Cross $30 Bn by 2027; Global Market Insights, Inc.

Global Market Insights Inc. has recently added a new report on the legal process outsourcing market, which estimates the market valuation for LPO will cross US$ 30 billion by 2027. The high demand for specialized legal services to ensure compliance with the changing regulations is likely to drive the industry’s growth.
Drafting accurate and precise contracts is an integral part of a company that enables it to avoid redundant litigations caused due to minute mistakes by amateur contracts. LPO service providers ensure that they offer high-quality precise contracts that cover all the important and necessary points without any errors.
Contract drafting service providers also focus on offering contract review & renewal process to capture a large market share and attract more consumers. There will be an increasing demand for contract drafting services including development, licensing, procurement, distribution or transfer, financing, review & comment against client form or standard positions, and review & comment against client parameters. With legal process outsourcing service providers drafting precise contracts that specify the obligations and rights of different parties, the market will witness increasing demand.
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The high cost of legal services in developed countries, such as the U.S. and UK, is supporting the trend of outsourcing legal activities to countries such as South Africa, the Philippines, and India. Outsourcing legal process outsourcing services to these countries enables them to gain access to high-quality legal professionals with technical expertise in specific market fields. Outsourcing also helps them to realize significant monetary benefits by reducing the expenses of expanding in-house legal teams. Offshore outsourcing also helps them to work post office hours due to differences in the time zones across different regions. For instance, a 12-hour difference between India the U.S. helps law firms in the U.S. to complete projects overnight after work hours by outsourcing their legal work to a law firm in India.
The Middle East & Africa will emerge as an expanding LPO market through 2027 due to rising number of law firms coupled with improving literacy rates in countries such as the UAE and Saudi Arabia. The government focus on digitalization technologies will support internet penetration, in turn, boosting the LPO market growth. South Africa is emerging as a lucrative market with several law firms in Europe outsourcing their legal activities to the region. The similarities with the regulatory and legislative framework in the UK make it a preferable destination for legal process outsourcing.
South Africa is becoming one of the most preferred offshore destinations for law firms and organizations situated in Australia, Europe, the UK, and the U.S. due to the similarities in the legal system, advantageous time zone, and varied selection of qualified lawyers.
Some major findings of the LPO market report are:
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Partial chapters of the report’s table of contents (TOC):
Chapter 3   Legal Process Outsourcing Industry Insights
3.1    Industry segmentation
3.2    Impact of coronavirus (COVID-19) pandemic
3.2.1    Global outlook
3.2.2    Regional outlook
3.2.2.1    North America
3.2.2.2    Europe
3.2.2.3    Asia Pacific
3.2.2.4    Latin America
3.2.2.5    MEA
3.2.3    Industry value chain
3.2.4    Competitive landscape
3.3    Industry ecosystem analysis
3.3.1    Hardware suppliers
3.3.2    Technology/software providers
3.3.3    Cloud service providers
3.3.4    Service providers
3.3.5    Telecom operators
3.3.6    End-use landscape
3.3.7    Vendor matrix
3.4    Technology & innovation landscape
3.4.1    Evolution of LPO
3.4.2    LPO vs BPO
3.4.3    Technology Assisted Review (TAR)
3.4.4    Artificial Intelligence (AI)
3.4.5    Automated Meta-Data Contract Abstraction
3.5    Regulatory landscape
3.5.1    SRA Code of Conduct 2011
3.5.2    The Limited Liability Partnership Act, 2008
3.5.3    Data Protection Act 1998 (DPA)
3.5.4    EU Data Protection Directive (Directive 95/46/EC)
3.5.5    Information Technology Act, 2000
3.5.6    ISO 9001 Certification Achieved for Quality Management System
3.6    Outsourcing industry landscape
3.6.1    North America
3.6.2    Europe
3.6.3    Asia Pacific
3.6.4    Latin America
3.6.5    MEA
3.7    Cost savings overview
3.8    Industry impact forces
3.8.1    Growth drivers
3.8.1.1    Cost savings to companies in North America
3.8.1.2    Focus on core competencies in Europe
3.8.1.3    Growth of the outsourcing and offshoring services in Asia Pacific countries
3.8.1.4    Development of broadband and communication infrastructure in Latin America
3.8.1.5    Rise in number of SMEs in the MEA
3.8.2    Industry pitfalls and challenges
3.8.2.1    Potential security breaches
3.8.2.2    Lack of quality and supervision
3.9    Growth potential analysis
3.10    Porter’s analysis
3.10.1    Supplier power
3.10.2    Buyer power
3.10.3    Threat of new entrants
3.10.4    Threat of substitutes
3.10.5    Internal rivalry
3.11    PESTEL analysis
3.11.1    Political
3.11.2    Economic
3.11.3    Social
3.11.4    Technological
3.11.5    Environmental
3.11.6    Legal
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Source: Global Market Insights Inc.