In
the recent years, consumers have been pushing the downward trend in pricing and
this has made corporations struggle for their survival. A growing concern of
corporations in this era is increasing legal costs and the efforts to contain
this cost have brought about the concept of legal process outsourcing (LPO).
Favorable government policies are one of the key factors driving the growth of
LPO. Further, the rising awareness among general counsels and general public is
aiding in the growth of this market. Moreover, increasing technology
applications such as offering highly secure enterprise class software including
features such as portal website, collaboration, and document management market
presents an opportunity for vendors. E-discovery was the most popular platform
being deployed in LPO industry while litigation support, intellectual property
(IP) support, contract drafting and review are among other major services being
offered. Electronic documents contain a large amount of data and metadata and
identifying and producing this information may often prove burdensome for
in-house legal department. Outsourcing of this function helps by reducing
efforts, reduces time consumption and proves to be cost-saving. LPO firms
process electronic information using e-discovery and other software tools.
These firms provide data experts with expertise in data formats, ESI
processing, and the review platforms, thus improving efficiency of the process.
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The
challenges to the growth of this market are concerns regarding security and
confidentiality, quality and ethical implications. However, the marketplace has
matured and many such concerns are being put to rest. Corporations are gaining
from renewed incentives in assessing the value of a balanced outsourced and in
sourced legal support model. Corporations today are taking a thoughtful
approach toward LPO in order to achieve potential cost savings, focus their
in-house legal workforce on higher workloads, improve service levels, and
creating supplementary capacity for unexpected legal needs. Players in this
market are trying to acquire certifications, non-disclosure agreements,
building strong service-level agreements (SLAs) and maintain high physical
security by using effective access control to enable data security and
maintaining high confidentiality.
Offshore
LPO services involve outsourcing of legal support services to LPO firms in
other jurisdictions. Until now offshore outsourcing held a majority of share of
the total LPO market, however, onshore LPO has gained significant demand in
recent years and is expected to grow at a rate higher than the global average.
Onshore outsourcing is proving to be an attractive solution for corporations
that prefer collaboration with organizations in the same jurisdiction and also
helps enhance data confidentiality and improves the process efficiency owing to
benefits of shared regulatory frameworks under the same jurisdiction. An
emerging opportunity in this market exists in terms of offering hybrid service
delivery model, i.e. combined onshore and offshore legal process outsourcing.
The major legal areas which law firms cover are commercial laws, bankruptcy,
banking laws, general corporate laws, civil rights and liberties, intellectual
property laws, international business laws, criminal defense,
financing/securities laws and tax laws. Basis of the services offered; the LPO
firms may be categorized into full spectrum LPO providers, KPO providers, and
legal support service providers.
A
majority of legal process outsourcing is done by countries such as the U.S.,
Canada and UK from countries including India, China, Israel, Philippines, South
Africa and Latin America. India is most popular for LPO among North American
corporations. The country offers competitive legal experts at a lower cost
compared to North America. A major trend in the industry, key LPO players have
physical presence in the U.S. and delivery centers in locations such as India
and China. Key players in this market include Evalueserve SEZ, Mindcrest,
Integreon Managed SolutionPangea 3, Wipro Ltd., Infosys Ltd., Cobra Legal
Solutions, LLC, LawScribe, Inc., CPA Global Ltd., Lexadigm Solutions LLC, Legal
Advantage, Lexplosion, LexSphere, LEX Outsourcing, Bodhi Global Services,
Exigent Clutch Group, Quislex, UnitedLex, Acumen Legal Services Pvt. Ltd. and
Clairvolex Knowledge Processes Pvt. Ltd.
This
research report analyzes this market depending on its market segments, major
geographies, and current market trends. Geographies analyzed under this
research report include
·
North
America
·
Asia
Pacific
·
Europe
·
Rest
of the World
This
report provides comprehensive analysis of
·
Market
growth drivers
·
Factors
limiting market growth
·
Current
market trends
·
Market
structure
·
Market
projections for upcoming years
This
report is a complete study of current trends in the market, industry growth
drivers, and restraints. It provides market projections for the coming years.
It includes analysis of recent developments in technology, Porter’s five force
model analysis and detailed profiles of top industry players. The report also
includes a review of micro and macro factors essential for the existing market
players and new entrants along with detailed value chain analysis.
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