Orbis Research Present’s The Global Legal Process Outsourcing Services Market to grow at a Phenomenal CAGR of 28.67% during the period 2017-2021.
Latest Research Report – Global Legal Process Outsourcing Services Market 2017-2021
The following Companies as the Key Players in the Global Legal Process Outsourcing Services Market: Clutch, Infosys, Integreon, QuisLex, and UnitedLex.
Other Prominent Vendors in the market are: Capita, Capgemini, Cobra Legal Solutions, CPA Global, Exigent, HCL Technologies, Legal Advantage, LegalBase, Mindcrest, NewGalexy, Nextlaw Labs, Wipro, and WNS.
Commenting on the report, : “One trend in market is emergence of cloud computing. Cloud technology has transformed the mode of outsourcing business processes. LPO solutions are hosted on remote infrastructure, which is managed by cloud providers, and categorized as business process as a service. Cloud-based LPO service providers help corporates and legal firms reduce costs through global LPO service delivery models. Cloud-based LPO provides many advantages such as cost reduction, reliability, scalability, and agility. Therefore, the global LPO market is expected to adopt this technology for its productivity improvement and business enablement. Vendors such as Wipro are providing LPO services with the help of advanced technologies such as cloud computing, domain expertise, and legal experts. NewGalexy, a provider of LPO services, provides contract and document management solutions to a cloud-based model for law firms and general counsel.”
According to the report, one driver in market is cost reduction and enhanced efficiency of legal processes. The reduced expenditure in lawsuits is one of the major factors that boost the adoption of LPO services. Legal firms are trying to minimize heavy legislation expenses by outsourcing their legal processes to LPO service providers. This will enable them to focus and invest more in their core business processes. The local expertise of outsourced locations cost relatively low, and LPOs give their clients access to this local low-cost expertise. Countries such as India and the Philippines produce a multitude of law graduates annually. This provides vendors with the domain expertise to provide high-quality LPO services to their clients.
Further, the report states that one challenge in market is conflict of interest. Projects taken under LPO need to undergo a thorough background check for issues that might affect the client. However, projects often get accepted without this check. These projects might give rise to a conflict of interest among the other clients of the firm and is a major challenge for the market. This can be overcome by maintaining efficient databases that list all attorneys that have made transactions with the firm. The issues that arise due to conflict of interest leads to immediate termination of the contract between the LPO service providers and their clients.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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