Market Segmentation
Cost-saving, flexibility, and the scalability provided by outsourcing legal services are anticipated to be the prime dynamic force for the market in the upcoming six years. Overall saving depends on the type and degree of service provided. The cost of legal services in countries such as India is lower as compared to that in North America. Outsourcing costs each hour have been registered to be as low as USD 50, which is anticipated to enhance savings significantly. Furthermore, infrastructure costs in other international markets such as India and South Africa are less than those of developed economies such as the UK and the U.S. Offshore outsourcing aids the organization to boost its profit margin and augments business proficiency by emphasizing on core business activities. Outsourcing the legal work assists the organization to cut workforce and infrastructure costs by aiming on the productive task. Therefore, outsourcing legal works aids organizations to upsurge their productivity and total productivity.
Outsourcing legal activities assist organizations to administer time and workforce efficiently. Countries such as South Africa, India, and the Philippines are cherished places for LPO, which have a substantial time difference from the U.S. and Europe. The time difference assists to offer around-the-clock workforce, whenever needed. Similarly, nations with mutual law systems in place would share the similar basic legal framework. Therefore, the Philippines and India have developed as leading offshore LPO destinations. Numerous LPO providers are progressively emphasizing on higher-value services, for instance, helping compliance management. In addition, the usage of compliance boosts the requirement for legal process reengineering, which is predicted to permit LPOs to add value and surge the demand for automation by presenting standard processes that are not present in-house. The market has evolved with a broad shift to higher-value services, developing some onshore capabilities in the U.S. and the UK.
Maintaining data security and confidentiality by outsourcing services to onshore or offshore locations is a crucial challenge. Law firms are more concerned about their client’s privacy, and data breach may cost them intensely. Any communication between the attorney and client shall be treated with the utmost confidentiality and is exempted from any disclosure. The confidentiality becomes complicated when the unsecured networks and internet are used to share the information between the client and their LPO providers. However, the impact of this barrier is expected to decrease over the forecast period, as companies have gained awareness regarding the measures to be taken for ensuring security. In addition to security, companies have also been aiming to establish disaster recovery measures to ensure the smooth functioning of operations. To avoid security breaches and avoid violation of attorney-client privilege, it is encouraged to conduct security audits, verify security credentials, and so on. Besides these concerns, the initial investment and knowledge transfer, as well as language and cultural barriers, are among a few parameters to consider before engaging an LPO provider. Organizations may face hidden cost difficulties such as vendor profit margin, rising operating cost, and employee turnover while outsourcing the legal services.
This section will provide insights into the contents included in this legal process outsourcing market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
Company overview
Financial performance
Product benchmarking
Latest strategic developments
Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance