The global market of Legal Process Outsourcing (LPO) was estimated to be USD 1,085 million in 2012 — and is expected to reach USD 8,568.5 million by 2020, growing at a CAGR of 29.6% from 2014 to 2020, according to a report published this month by San Francisco-based Grandview Research.
Value proposition of LPO service providers
As the report outlines: “Legal Process Outsourcing (LPO) is an approach adopted by an organization or law firm, wherein legal services are procured from an external organization. LPO providers include entities such as third party providers, regional or offshore offices of firms, and captive companies among others. Offshore LPO services are primarily delivered to countries such as India and the Philippines. [emphasis added] [And] a considerable percentage of the business generated in offshore locations of India, South Africa and the Philippines originates from law firms in developed markets of the U.S. and UK.”
The report details that: “Cost savings and improving service levels are the key driving forces of the global LPO market. In addition, LPO allows law firms to focus their in-house workforce on higher value activities and outsource low value activities. This also aids in better serving ad-hoc legal needs of clients. By freeing the in-house legal department of tasks including repetitive legal work, LPO allows them to focus on giving strategic and tactical legal advice.
Key LPO service providers
Companies operating in the global market include Bodhi Global Services, Clutch Group, CPA Global Ltd., Cobra Legal Solutions, LLC, LawScribe, Inc., Pangea3, Mindcrest and Integreon Managed Solutions among others. Industry participants usually have physical presence in the U.S. along with delivery centers in locations such as India. LPO providers can be divided on the basis of the services offered; these include KPO providers, full spectrum LPO providers as well as legal support service providers.”
The synopsis and link to the full study can be accessed here