In the recent years, consumers have been pushing the downward trend in pricing and this has made corporations struggle for their survival. A growing concern of corporations in this era is increasing legal costs and the efforts to contain this cost have brought about the concept of legal process outsourcing (LPO). Favorable government policies are one of the key factors driving the growth of LPO. Further, the rising awareness among general counsels and general public is aiding in the growth of this market. Moreover, increasing technology applications such as offering highly secure enterprise class software including features such as portal website, collaboration, and document management market presents an opportunity for vendors. E-discovery was the most popular platform being deployed in LPO industry while litigation support, intellectual property (IP) support, contract drafting and review are among other major services being offered. Electronic documents contain a large amount of data and metadata and identifying and producing this information may often prove burdensome for in-house legal department. Outsourcing of this function helps by reducing efforts, reduces time consumption and proves to be cost-saving. LPO firms process electronic information using e-discovery and other software tools. These firms provide data experts with expertise in data formats, ESI processing, and the review platforms, thus improving efficiency of the process.
 
The challenges to the growth of this market are concerns regarding security and confidentiality, quality and ethical implications. However, the marketplace has matured and many such concerns are being put to rest. Corporations are gaining from renewed incentives in assessing the value of a balanced outsourced and in sourced legal support model. Corporations today are taking a thoughtful approach toward LPO in order to achieve potential cost savings, focus their in-house legal workforce on higher workloads, improve service levels, and creating supplementary capacity for unexpected legal needs. Players in this market are trying to acquire certifications, non-disclosure agreements, building strong service-level agreements (SLAs) and maintain high physical security by using effective access control to enable data security and maintaining high confidentiality. 
 
Offshore LPO services involve outsourcing of legal support services to LPO firms in other jurisdictions. Until now offshore outsourcing held a majority of share of the total LPO market, however, onshore LPO has gained significant demand in recent years and is expected to grow at a rate higher than the global average. Onshore outsourcing is proving to be an attractive solution for corporations that prefer collaboration with organizations in the same jurisdiction and also helps enhance data confidentiality and improves the process efficiency owing to benefits of shared regulatory frameworks under the same jurisdiction. An emerging opportunity in this market exists in terms of offering hybrid service delivery model, i.e. combined onshore and offshore legal process outsourcing. The major legal areas which law firms cover are commercial laws, bankruptcy, banking laws, general corporate laws, civil rights and liberties, intellectual property laws, international business laws, criminal defense, financing/securities laws and tax laws. Basis of the services offered; the LPO firms may be categorized into full spectrum LPO providers, KPO providers, and legal support service providers.
 
A majority of legal process outsourcing is done by countries such as the U.S., Canada and UK from countries including India, China, Israel, Philippines, South Africa and Latin America. India is most popular for LPO among North American corporations. The country offers competitive legal experts at a lower cost compared to North America. A major trend in the industry, key LPO players have physical presence in the U.S. and delivery centers in locations such as India and China. Key players in this market include Evalueserve SEZ, Mindcrest, Integreon Managed SolutionPangea 3, Wipro Ltd., Infosys Ltd., Cobra Legal Solutions, LLC, LawScribe, Inc., CPA Global Ltd., Lexadigm Solutions LLC, Legal Advantage, Lexplosion, LexSphere, LEX Outsourcing, Bodhi Global Services, Exigent Clutch Group, Quislex, UnitedLex, Acumen Legal Services Pvt. Ltd. and Clairvolex Knowledge Processes Pvt. Ltd. 
 
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include 
  • North America 
  • Asia Pacific 
  • Europe
  • Rest of the World  
This report provides comprehensive analysis of 
  • Market growth drivers 
  • Factors limiting market growth
  • Current market trends 
  • Market structure
  • Market projections for upcoming years 
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis. 
 
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  • It provides a seven-year forecast assessed on the basis of how the market is predicted to grow 
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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