Legal Process Outsourcing Market to grow at 35% CAGR from 2017 to 2024 (1)

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Legal Process Outsourcing Market to reach 40bn
by 2024 Fractovia.org
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Key Insights of Legal Process Outsourcing
Market

• Legal process outsourcing market is projected to
  chart a lucrative growth path in the coming years
  with the shifting trends of corporate firms to
  pursue the ongoing legal operations via LPO. Cost
  cutting is one of the major factors thriving the
  business landscape globally. Sudden rise in the
  cost of legal proceedings have pushed most of the
  companies to outsource their legal services
  through skilled professionals. The overall
  industry is set to take a giant leap in the next
  seven years in terms of revenue. As per Global
  Market Insights, Inc., LPO market which was
  worth USD 3 billion in 2016, is slated to record
  a stupendous revenue of USD 40 billion by the end
  of 2024. The industry is characterized by the
  increasing focus of the market participants to
  obtain certifications like ISO 27001, and ISO
  9001.

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Continued

• Rapid expansion of the industry is quite evident
  from its wide range of services which include E
  discovery, contract drafting, review
  management, litigation support, patent support,
  and compliance assistance. LPO market from E-
  discovery will record an upward swing in the
  coming years owing to the growing trend of
  deploying digital systems in the business models.
  As per estimates, E- discovery service market is
  slated to register a shooting CAGR of 40 over
  the period of 2017-2024. Increasing preference
  for IP monitoring and legal research is providing
  a lucrative ground to patent support services
  segment.
• Regionally, Europe witnesses a significant
  command over the global LPO industry. Strict
  regulatory norms by EU to promote onshore
  services along with growing European
  Corporations inclination toward this service is
  increasing the Europe onshore service market
  demand. The growing popularity of onshore based
  LPO market over offshore based can be credited to
  the shared regulatory structure on which this
  onshore based system works. While these mandatory
  roll outs in Europe is having a negative impact
  on the regional offshore service trend, on the
  other hand countries like Philippines, India,
  South Africa are observing a huge demand for
  offshore LPO market. India legal process
  outsourcing industry is expected to grow
  exceptionally in the years ahead, driven by the
  easy and affordable availability of lawyers
  coupled with favorable governments initiatives
  such as FDI across the region.

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U.S. LPO market size, by location, 2016 2024
(USD Million)

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Continued.

• Top notch companies engaged in the global legal
  process outsourcing market include Integreon,
  QuisLex, Pangea3, United Lex, and Mindcrest,

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