Dublin, Oct. 04, 2022 (GLOBE NEWSWIRE) -- The "Legal Process Outsourcing Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global legal process outsourcing market is expected to grow from $9.42 billion in 2021 to $11.78 billion in 2022 at a compound annual growth rate (CAGR) of 25.10%. The legal process outsourcing market is expected to reach $30.26 billion in 2026 at a CAGR of 26.59%.
Asia-Pacific was the largest region in the legal process outsourcing market in 2021. Western Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the legal process outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The high demand for legal assistance is expected to drive the legal process outsourcing market. Legal assistance is witnessing high demand due to various reasons such as workplace problems, rising financial hardship, domestic violence protective orders, various debt matters, strict laws, and others. This rising need for legal assistance will lead to high demand for legal services including legal process outsourcing as even standalone firms cannot handle the rising demand for legal services, making them outsource the legal services. The legal process outsourcing enables knowledge sharing and reduces costs for firms in addition to providing legal assistance.
For instance, according to the 2020 legal department strategy survey involving chief and senior legal officers by Deloitte, 78% of respondents indicated that the legal workload has increased due to COVID-19. Over 50% of all respondents expect to increase engagement with alternate legal service providers (ALSPs), whether these were part of their model before COVID-19 or not.
In addition, according to the US Bureau of Labor Statistics, the employment requirement of legal assistants and paralegals is expected to grow by 12% from 2020 to 2030, which is faster than the average for all occupations. Both instances signify that the need for legal assistance is increasing significantly. Thus, the high demand for legal assistance will propel the growth of the legal process outsourcing market.
Technology advancement is a key trend gaining popularity in the legal process outsourcing market. The market witnessing the integration of technological advancements in legal process outsourcing services such as the integration of cloud technology for better e-discovery services. These solutions enable firms to streamline their legal functions and improve customer experience. Many companies operating in the legal process outsourcing market are focusing on adopting advanced solutions to impirve their business activities and strengthen their market position.
For instance, in July 2021, Cobra Legal Solutions, a US-based legal support services provider announced the expansion of its eDiscovery offering with the addition of Relativity's cloud-based eDiscovery solution, RelativityOne. Through this technology, firms can streamline their discovery process in a single, secure SaaS (software as a service) platform that covers the full range of eDiscovery from legal hold to production.
Scope
Markets Covered:
1) By LPO Services: Contract Drafting; Review and Management; Compliance Assistance; E-Discovery; Litigation Support; Patent Dupport; Other LPO Services
2) By Location: Offshore; On-shore
3) By Application: Law Firm; Enterprise; Government
Key Topics Covered:
1. Executive Summary
2. Legal Process Outsourcing Market Characteristics
3. Legal Process Outsourcing Market Trends And Strategies
4. Impact Of COVID-19 On Legal Process Outsourcing
5. Legal Process Outsourcing Market Size And Growth
6. Legal Process Outsourcing Market Segmentation
7. Legal Process Outsourcing Market Regional And Country Analysis
8. Asia-Pacific Legal Process Outsourcing Market
9. China Legal Process Outsourcing Market
10. India Legal Process Outsourcing Market
11. Japan Legal Process Outsourcing Market
12. Australia Legal Process Outsourcing Market
13. Indonesia Legal Process Outsourcing Market
14. South Korea Legal Process Outsourcing Market
15. Western Europe Legal Process Outsourcing Market
16. UK Legal Process Outsourcing Market
17. Germany Legal Process Outsourcing Market
18. France Legal Process Outsourcing Market
19. Eastern Europe Legal Process Outsourcing Market
20. Russia Legal Process Outsourcing Market
21. North America Legal Process Outsourcing Market
22. USA Legal Process Outsourcing Market
23. South America Legal Process Outsourcing Market
24. Brazil Legal Process Outsourcing Market
25. Middle East Legal Process Outsourcing Market
26. Africa Legal Process Outsourcing Market
27. Legal Process Outsourcing Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Legal Process Outsourcing Market
29. Legal Process Outsourcing Market Future Outlook and Potential Analysis
30. Appendix
Companies Mentioned
- Cobra Legal Solutions, LLC
- CPA Global Limited
- Elevate Services Inc.
- Infosys BPM Ltd.
- Integreon Managed Solutions, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/q95ga9
