The global legal process outsourcing market was valued at 9.04 billion and is projected to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising demand for legal support service by various enterprises to ensure effective functioning of their overall business operations.
Legal process outsourcing is the procedure of acquiring the practice of legal support services and counseling from outside legal firms. It offers enhanced efficiency and improved quality of legal processing that helps to ensure well development of any business network. The electronic documents are processed with the help of software tools and e-discovery, which handle a large volume of data that can reduce the time and cost involved in processing of legal service. The e-discovery platform is significantly used in the legal process outsourcing to achieve legal support.
Outsourcing legal processes to emerging economies such as India offer various benefits for the expansion of the market. For instance, there are abundant lawyers in India who are fluent in English, high competent, and well-experienced, who also can be hired at lower remuneration than those in U.S. outsourcing companies. Factors such as high-level of competency and adequate experience of lawyers can help in enhancing output and improving client relationship.
Market Drivers, Restraints, Trends, and Opportunities
- Growing demand for several legal service solutions and rising preference for effective legal counselling support across enterprises are anticipated to drive the market growth.
- Rapid urbanization, migration, and growing population in emerging economies such as India provide several opportunities for the legal process outsourcing market expansion.
- Increasing prices of real estate in developed countries leads to less affordability of commercial spaces for organizational use. Thus, organizations are limiting their employee strength in developed countries and non-core tasks are outsourced in developing countries. These are the factors anticipated to spur the market growth.
- Different regulatory policies in different countries are discouraging organizations from opting to legal process outsourcing. This factor acts a key restraining factor that can hinder the growth of the legal process outsourcing market.
- The emergence of novel coronavirus COVID-19 outbreak has adversely affected the legal process outsourcing market. Restrictions imposed by government bodies to control the virus spread has resulted to halt the processing of legal service and support across the globe.
Global Legal Process Outsourcing Market Segment Insights
Offshore segment expected to account for a significant market share
On the basis of locations, the market is bifurcated into offshore and on-shore. The offshore segment is expected to account for a significant market share during the forecast period. The offshore companies are adapting themselves to the corporate culture and are competing with other law firms in selected service offerings such as legal research and patent filling. On the other hand, the on-shore segment is expected to register a healthy CAGR during the forecast period. Companies preferring for collaboration with the legal organizations of the same country are focusing towards on-shore outsourcing since outsourcing to companies of the same country provides several advantages such as similar regulatory framework.
E-discovery segment anticipated to represent a considerable market share
Based on services, the market is divided into e-discovery, patent support, contract drafting, review & management, compliance assistance, litigation support, and others. The e-discovery segment is anticipated to represent a considerable market share during the forecast period owing to wide adoption of electronic handling of various legal service. Electronic documents contain large number of data and metadata. The identification and production of such information can be outsourced and it proves economical and profitable for law firms. E-discovery is widely considered to be a necessary means for organizations that help in trying to comply with legal, investigational, and regulatory requirements. On the other hand, the compliance assistance segment is projected to exhibit a healthy growth rate in the coming years owing to rising demand for the services. Increasing demand for compliance assistant is encouraging providers to re-design their work processes by introducing processes that are not currently available in-house, thus, adding value to their services. Meanwhile, the patent support segment is expected to expand at a substantial CAGR during the forecast period. It offers illustration, infringement analysis, patent mining, and patentability assessment, which come under the category, the Intellectual Property Asset Management (IPAM). Activities such as proofreading, intellectual support, and IP litigation are key benefits that large organizations are focusing to put on high value tasks.
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