Strong demand for legal assistance to drive industry growth
Dublin, Oct. 04, 2022 (GLOBE NEWSWIRE) — The “Legal Process Outsourcing Global Market Report 2022” has been added to from ResearchAndMarkets.com offer.
The global legal process outsourcing market is expected to grow from $9.42 billion in 2021 to $11.78 billion in 2022 at a compound annual growth rate (CAGR) of 25.10%. The legal process outsourcing market is expected to reach $30.26 billion in 2026 with a CAGR of 26.59%.
Asia-Pacific was the largest region in the legal process outsourcing market in 2021. Western Europe is expected to be the fastest growing region during the forecast period. Regions covered in the Legal Process Outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle -East and Africa.
The high demand for legal assistance is expected to drive the legal process outsourcing market. Legal assistance is in high demand due to various reasons such as problems in the workplace, growing financial difficulties, domestic violence protection orders, various debt issues, strict laws and others. This growing need for legal assistance will lead to a high demand for legal services including legal process outsourcing, as even stand-alone businesses cannot handle the growing demand for legal services, forcing them to outsource legal services. Legal process outsourcing enables knowledge sharing and reduces costs for businesses in addition to providing legal assistance.
For example, according to the 2020 Legal Department Strategy survey of Deloitte managers and senior counsel, 78% of respondents indicated that the legal workload had increased due to COVID-19. Over 50% of all respondents expect to increase their engagement with other legal service providers (ALSPs), whether or not they were part of their pre-COVID-19 model.
Additionally, according to the U.S. Bureau of Labor Statistics, employment needs for legal assistants and paralegals are projected to grow 12% from 2020 to 2030, which is faster than the average for all occupations. . Both of these cases mean that the need for legal assistance increases significantly. Thus, the high demand for legal assistance will propel the growth of the legal process outsourcing market.
Technological advancement is a key trend that is gaining popularity in the legal process outsourcing market. The market is witnessing the integration of technological advancements in legal process outsourcing services, such as the integration of cloud technology for better eDiscovery services. These solutions allow companies to streamline their legal functions and improve the customer experience. Many companies operating in the legal process outsourcing market are focusing on adopting advanced solutions to improve their business operations and strengthen their position in the market.
For example, in July 2021, Cobra Legal Solutions, a US-based provider of legal assistance services, announced the expansion of its eDiscovery offering with the addition of Relativity’s cloud-based eDiscovery solution, RelativityOne. . With this technology, companies can streamline their discovery process in a single, secure SaaS (Software as a Service) platform that spans the full spectrum of eDiscovery, from legal hold to production.
1) By LPO Services: Drafting of contract; review and management; Compliance assistance; Electronic Discovery; Litigation assistance; patent support; Other LPO services
2) By location: Offshore; Down
3) On request: Law firm; Company; Government
Main topics covered:
2. Characteristics of the legal process outsourcing market
3. Legal Process Outsourcing Market Trends and Strategies
4. Impact of COVID-19 on Legal Process Outsourcing
5. Legal Process Outsourcing Market Size and Growth
6. Legal Process Outsourcing Market Segmentation
7. Regional and Country Analysis of the Legal Process Outsourcing Market
8. Asia-Pacific Legal Process Outsourcing Market
9. China Legal Process Outsourcing Market
10. India Legal Process Outsourcing Market
11. Japan Legal Process Outsourcing Market
12. Australia Legal Process Outsourcing Market
13. Indonesia Legal Process Outsourcing Market
14. South Korea Legal Process Outsourcing Market
15. Western Europe Legal Process Outsourcing Market
16. UK Legal Process Outsourcing Market
17. Germany Legal Process Outsourcing Market
18. France Legal Process Outsourcing Market
19. Eastern Europe Legal Process Outsourcing Market
20. Russia Legal Process Outsourcing Market
21. North America Legal Process Outsourcing Market
22. US Legal Process Outsourcing Market
23. South America Legal Process Outsourcing Market
24. Brazil Legal Process Outsourcing Market
25. Middle East Legal Process Outsourcing Market
26. Africa Legal Process Outsourcing Market
27. Legal Process Outsourcing Market Competitive Landscape and Company Profiles
28. Key mergers and acquisitions in the legal process outsourcing market
29. Legal Process Outsourcing Market Future Outlook and Potential Analysis
Cobra Legal Solutions, LLC
CPA Global Limited
Elevation Services Inc.
Infosys BPM Ltd.
Integreon Managed Solutions, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/q95ga9
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