Global Legal Process Outsourcing Market

1. Global Legal Process Outsourcing Market is Boosting—Projected to Reach Worth USD 28,545.1 Million in 2027 GlobalLegal Process Outsourcing Market- Industry Trends & Forecast Report 2027 View report Press release Sample report Summary Global Legal Process Outsourcing Market, By Component (Software and Services [Bookkeeping and Billing, E-Discovery, IP Technical Support Outsourcing, Legal Research Outsourcing, Litigation Support Outsourcing, Contract Drafting, Compliance Assistance, Patent Support, Data Analysis and Management, and Review and Management]); By Organization Size (Small and Medium Enterprises (SMEs), and Large Enterprises); By Service Location (On-Shore Outsourcing, and Off-Shore Outsourcing); By End-Users (BFSI, Healthcare, Government, Automotive, and Others); By Region (North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America)Trend Analysis, Competitive Market Share & Forecast, 2017-2027 A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed outsourcing (LPO) market was worth USD 7,179.2 million in 2020 and is further projected to reach USD 28,545.1 million by 2027, at a CAGR of 23.5% during the forecast period (2021-2027). The integration of technology such as artificial intelligence with legal process outsourcing services has propelled the growth of the global legal process outsourcing market. Additionally, a growing number of well-educated and fluent English-speaking lawyers from emerging countries such as the Philippines, China, Australia, and others is also contributing to the growth of the market. the global legal process that

2. Global Legal Process Outsourcing Market is Boosting—Projected to Reach Worth USD 28,545.1 Million in 2027 The GlobalLegal Process Outsourcing Market- Industry Trends & Forecast Report 2027 The global legal process outsourcing market was worth USD 7,179.2 million in 2020 and is further projected to reach USD 28,545.1 million by 2027, at a CAGR of 23.5% during the forecast period (2021-2027). The integration of technology such as artificial intelligence with legal process outsourcing services has propelled the market growth for the global legal process outsourcing market. In addition, an increasingly large number of well-educated and fluent English-speaking lawyers from emerging countries such as the Philippines, China, Australia, and others has further driven the market growth for the global legal process outsourcing market. Global Legal Process Outsourcing Market Overview Legal process outsourcing is an upcoming trend that is transforming the delivery model for legal services. Legal process outsourcing is the process of offshoring any legal activity that does not require personal contact between a law firm and legal process outsourcing service providers. However, if the legal process outsourcing service provider is from the same country as the outsourcing law firm, the business practice of sourcing judicial work often includes agency work and other legal services that require a physical presence, such as appearing in court. Legal process outsourcing implies the practice of a law corporation or a law firm procuring legal support services from an external law firm or legal process outsourcing services provider. Global Legal Process Outsourcing Market Trend Growth Drivers Cost-Efficient Handling of Legal Resources Legal process outsourcing to countries like India can provide tangible benefits. For example, many lawyers in India are fluent in English and can be hired at much lower pay rates than in the United States; thus, the company has to pay much less for outsourcing, making it a cost-effective procedure. In addition, outsourcing firms with adequate experience and a high level of competency can improve client relationships and increase output. Driven by the rising need to provide additional support for the cost-effective and timely settlement of legal cases, litigation services are gaining momentum in the legal process outsourcing market. Litigation services handle tasks such as quicker access to documents for an internal team, document preparation, and professional client support. Preparing and filing chronologies, drafting summons and complaints, and keeping track of schedules are just only some of the many tasks that organizations outsource extensively. Digital disruption has already created valuable opportunities for businesses and the public sector, and the pace is expected to pick up in the coming years.

3. Global Legal Process Outsourcing Market is Boosting—Projected to Reach Worth USD 28,545.1 Million in 2027 Companies are seeing emerging markets, alternative business models, new channels, and different ways of working. Due to the availability of large volume of resources available on the internet, many legal professionals have used these resources for legal research outsourcing. In the coming years, people may subscribe to these available online resources and CALR (computer-assisted legal research) services such as Westlaw or LexisNexis. The benefits mentioned above and the cost-effective method for data handling are driving the growth of the global legal process outsourcing market. Opportunities The Emergence of Developing Countries While India is the largest and most famous recipient of legal outsourced jobs, other countries in the offshore legal process outsourcing sector include the Philippines, Australia, China, and South Korea. India's costs have risen in recent years, and other Asian legal process outsourcing destinations have also grown in popularity. For different reasons, the Philippines has become a popular choice among American and British businesses. The Philippines receives high marks for its extensive and well-educated talent pool of fluent English speakers and its command over the English language. Because it was once an American colony, the Philippines has cultural similarities and a legal structure based on American law. However, the Philippines fall behind other countries in terms of infrastructure development. Other suitable locations, such as Australia and South Africa, are also appealing because of their backgrounds as British colonies and their common legal systems. For instance, DuPont is a large U.S. corporation that has entered into legal process outsourcing arrangements with the Philippines. DuPont has hired lawyers in the Philippines to work 24 hours a day (in three, 8-hour shifts), seven days a week. The lawyers begin by reviewing the files for the upcoming cases. This includes potential coding documents, as well as preparing documents evidence for such cases. The advantage of sending work abroad to such offices, such as time and cost savings, grows proportionally to the amount of data that must be researched and reviewed in a case. DuPont estimated that the processing time would be reduced from 18 months to 3 months, resulting in 40-60% savings. Restraints Communication and Cultural Barriers Owing to cultural and communication differences, legal companies and law firms find it challenging to outsource their data. In legal process outsourcing, poor communication can lead to poor responsiveness, unmet priorities, inadequate governance, or a lack of understanding. Therefore, before proceeding further, the companies check whether the country has similar communication and cultural

4. Global Legal Process Outsourcing Market is Boosting—Projected to Reach Worth USD 28,545.1 Million in 2027 norms so that they can understand each other to avoid the problems mentioned above. The most significant obstacle that can arise is the language barrier. Differences in language and communication are among the major challenges faced by companies in the U.S. and outsource service providers. Accents are important in helping people understand one another. People with different accents may struggle to understand what the other person is saying. Moreover, non-native speakers may find it difficult to understand the native language. As a result, misunderstandings between coworkers can occur due to differences in dialect and understanding of speech. Impact of COVID-19 The COVID-19 pandemic has wreaked havoc on several economies around the world. Due to the high infection rates and adverse impact on public health systems, various countries had to enforce nationwide lockdowns, which significantly impacted industrial supply chains, trade, and related services. Nevertheless, the COVID-19 pandemic has had a positive impact on the global legal process outsourcing industry. India dominates the Legal Process Outsourcing industry as the most common location for Legal Process Outsourcing service providers. Business development was initially hampered due to the restrictions imposed by the government as a result of the declaration of a nationwide lockdown that commenced on March 24, 2020, and continued till May 3, 2020. The government further announced that only essentials services would be open to provide food, grocery, and medicines to people in a difficult time. Some states, such as Maharashtra and Karnataka, which is home to outsourcing hubs Pune and Bangalore, have declared specific segments of the outsourcing industry "essential services." Thus, the work from home culture adopted by most of the legal process outsourcing firms has had a positive impact on the industry. Global Legal Process Outsourcing Market: By Component Based on components, the global legal process outsourcing market is segmented into software and services. The service segment comprising e-discovery, compliance assistance, patent support, legal research outsourcing, billing, bookkeeping, litigation support outsourcing, IP technical support outsourcing, contract drafting, and data analysis & management accounted for the largest market share in 2020 and is further expected to grow at a healthy CAGR during the forecast period. The growing market of e-discovery is the primary key factor for the growth of this segment.

5. Global Legal Process Outsourcing Market is Boosting—Projected to Reach Worth USD 28,545.1 Million in 2027 Global Legal Process Outsourcing Market: By End-Users Based on end-users, the global legal process outsourcing market is segmented into BFSI, government, healthcare, automotive, and others. The BFSI segment accounted for the largest market share in 2020 and is further expected to grow at a healthy CAGR during the forecast period. BFSI stands for the banking, financial services, and insurance sector. In today's business world, banks are constantly challenged to reduce overhead costs, improve operational efficiencies, along with their services. As a result, legal process outsourcing has become an essential component of banking operations. Global Legal Process Outsourcing Market: Regional Insights Geographically, the global legal process outsourcing market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. The Asia-Pacific accounted for the largest market share in 2020. The markets in these regions are expected to register a healthy CAGR during the forecast period, owing to an abundant supply of low-cost labor and the high penetration of legal professionals. Additionally, India, the Philippines, and China account for a substantial share of the Asia Pacific legal process outsourcing industry due to the availability of services at cheaper rates for North American customers. Competitive Landscape The global legal process outsourcing market has an established ecosystem comprising of some major companies. The key players in the market are Clarivate Plc, UnitedLex, Integreon Inc., Axiom Law, WNS (Holding) Limited, Cobra Legal Solutions, Elevate Services Inc., Infosys Limited, Sunlexis, VEE Technologies, Alcor, DWF Mindcrest Inc., Lexplosion Solutions Private Limited, Quislex, Exigent, and others. Recent Development In January 2021, UnitedLex incorporated Microsoft Cloud services in order to scale globally. UnitedLex Vantage is a comprehensive, turnkey technology framework designed to convert the legal function into a first-class digital citizen and revolutionize the consumer experience. UnitedLex has been integrating Microsoft applications into its product portfolio since 2008 and has extensive experience working closely with Microsoft. In January 2020, leading global alternative legal services provider Exigent announced a new division in forensic consulting, strengthening its litigation services to include expert witness services.

6. Global Legal Process Outsourcing Market is Boosting—Projected to Reach Worth USD 28,545.1 Million in 2027 Scope of the Report Attribute Details Years Considered Historical data – 2017-2020 Base Year – 2020 Forecast – 2021 – 2027 Facts Covered Revenue in USD Million Market Coverage U.S, Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, Japan, South Korea, ANZ, China, India, Southeast Asia, UAE, South Africa, Saudi Arabia, Brazil, Argentina, Chile By component, organization size, service location, end-users, and region Key Players for Clarivate Plc, UnitedLex, Integreon Inc., Axiom Law, WNS (Holding) Limited, Cobra Legal Solutions, Elevate Services Inc., Sunlexis, VEE Technologies, Alcor, DWF Mindcrest Solutions Private Limited, Quislex, Exigent, and others Product/Service Segmentation Key Players the market are Infosys Limited, Inc., Lexplosion By Component Service oBookkeeping and Billing oE-Discovery oIP Technical Support Outsourcing oLegal Research Outsourcing oLitigation Support Outsourcing oContract Drafting oCompliance Assistance oPatent Support

7. Global Legal Process Outsourcing Market is Boosting—Projected to Reach Worth USD 28,545.1 Million in 2027 oData Analysis and Management oReview and Management Software By Organization Size SMEs Large Enterprises By Service Location On-Shore Outsourcing Off-Shore Outsourcing By End-Users BFSI Healthcare Government Automotive Others By Region The Asia-Pacific North America Europe The Middle East & Africa South America

8. Global Legal Process Outsourcing Market is Boosting—Projected to Reach Worth USD 28,545.1 Million in 2027 About us Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade- off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavours successful. For more information, kindly visit our Website www.blueweaveconsulting.com contact us at info@blueweaveconsulting.com

9. Global Legal Process Outsourcing Market is Boosting—Projected to Reach Worth USD 28,545.1 Million in 2027