Cost effectiveness through outsourcing non-core legal activities is expected to be the key driving force for the market over the next six years. Additionally, LPO facilitates higher resource utilization, which is also expected to fuel industry growth over the forecast period.
Legal process outsourcing allows in-house legal counsel to work on tasks which are high-value in nature, thus driving profitability. Additionally, unanticipated legal activities can be effectively handled; LPO also helps reduce overall external spending. Security and confidentiality concerns were the major barriers to LPO adoption; however, these can be resolved with the help of strong service level agreements (SLA) among other techniques.
Read Complete Report @ http://www.radiantinsights.com/research/legal-process-outsourcing-lpo-market-analysis-by-location-on-shore-offshore-by-service-contract-drafting-review-amp-management-compliance-assistance-e-discovery-litigation-support-patent-support-and-segment-forecasts-to-2020
Further key findings from the study suggest:
- Offshore LPO refers to outsourcing to service providers in other jurisdictions. Major offshore locations include India, the Philippines and South Africa. On-shore outsourcing is expected to pick up speed over the forecast period, since it is considered a relatively safer option as opposed to outsourcing offshore. It also provides benefits including a shared regulatory framework, which simplifies business processes.
- e-discovery accounted for the largest market share of over 25% in 2013. Law firms aim to outsource activities which are low-value in nature, so as to target tasks such as giving strategic legal advice. Organizations prefer to handle core tasks, and outsource transactional activities that do not require high degree of specialized knowledge. Intellectual property (IP) support, litigation support, contract drafting and review are among other service activities.
- Law firms in the U.S. and UK outsource business to domestic markets or emerging markets of Asia Pacific and RoW. Offshore outsourcing to countries such as India provides advantages in terms of cost saving, and tasks such as IP processes, document analysis and legal research are commonly outsourced there.
- Industry participants include Bodhi Global Services, CPA Global Ltd., Pangea3, Cobra Legal Solutions, LLC, Clutch Group, LawScribe, Inc., etc. LPO providers offer a variety of services, and can be divided into core LPO, KPO, or legal support service companies.
For more reports of this category, visit @ http://www.radiantinsights.com/catalog/technology-and-media
For the purpose of this study, Grand View Research has segmented the global LPO market on the basis of product and region:
LPO Location Outlook (Revenue, USD Million, 2012 - 2020)
- On-shore outsourcing
- Offshore outsourcing
LPO Services Outlook (Revenue, USD Million, 2012 - 2020)
- Contract drafting
- Review and management
- Compliance assistance
- e-discovery
- Litigation support
- Patent support
- Others
LPO Regional Outlook (Revenue, USD Million, 2012 - 2020)
- North America
- Europe
- Asia Pacific
- RoW
About Radiant Insights
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
For more information, Visit: http://www.radiantinsights.com/
Media Contact:
Company Name: Radiant Insights, Inc
Contact Person: Michelle Thoras
Email: sales@radiantinsights.com
Phone: (415) 349-0054
Address: 28 2nd Street, Suite 3036
City: San Francisco
State: California
Country: United States
No comments:
Post a Comment