The global legal process outsourcing (LPO) market is expected to grow at a rate of 35 percent (CAGR) from 2016 to 2024 with revenues to exceed USD40 billion by 2024, according to a paper published by consulting and research firm Global Market Insights.
The main growth drivers include favorable government regulations, growing awareness among public and general counsels, and the growing need to manage high volumes of process-oriented legal services. In addition, highly secure enterprise software with additional features presents a huge opportunity for vendors.
Reducing legal processing costs also led companies to consider outsourcing services as an alternative to performing them in-house or hiring local lawyers. Offshore LPO is currently dominating the market. Larger businesses with in-house legal departments who want to secure back-end services for internal operations turn to LPO providers to reduce time and costs.
The Asia Pacific LPO market is expected to witness significant growth due to countries like China, India and Philippines emerging as preferred outsourcing destinations. The share of the Philippine LPO market is projected to rise as the cost of legal services drop and infrastructure quality increases.
Legal process outsourcing service providers in the Philippines and other countries process electronic data and provide ESI processing, data formats and review platforms. LPO providers speed up the acquisition of certificates like the ISO 9001 and 27001, helping companies get their work done cheaply and in less time.
Patent support service is expected to grow significantly during the forecast period, driven by the move towards IP monitoring. The demand for e-discovery services is projected to grow at 40 percent CAGR due to increasing use of digital systems and outsourcing of e-documents.