Legal outsourcing or Legal Process Outsourcing (LPO) involves exporting legal services to low-wage foreign markets. A lot of companies consider outsourcing their legal work to law firms across the globe, mainly for to save on legal expenditure. Apart from cost saving, legal outsourcing also offers advantages such as reduced turnaround time, flexibility, access to outside talent, and the ability to cut back or scale up operations. Some of the major factors that have fueled the LPO trend include:
- Increased automation of legal processes
- Data security developments
- Technological advancements
- Growing costs of legal services
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Maximum Growth Opportunities for Onshore LPO
Legal process outsourcing can be categorized into onshore LPO and offshore LPO. The onshore LPO segment is likely to witness a rapid and maximum growth over the coming years. Onshore LPO offers various advantages that streamline the business processes. It is a better option for companies that prefer collaborations within the same region.
Offshore LPO is also expected to witness rapid expansion as a result of the growing need to outsource legal operations to countries such as Philippines, South Africa, and India. Offshore outsourcing is done on account of the presence of a large number of efficient lawyers with lower pay scales than the ones in developed countries like the US.
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New LPO Model to Create a New Market and Value Network
Perry4Law’s Techno Legal Base (PTLB) recently introduced the world’s first disruptive LPO model commonly identified as PTLB LPO. This model utilizes ICT4D for legal services and helps avoidwaste of efforts and time while reducing overall costs. The company stated that the new model would help create a new market while ultimately disrupting the current value network.The company also believes that the constructive incorporation of the existing, new, and future innovations in this model could improve the economic benefits of the new, as well as current customers.
A research study available on Radiant Insights, Inc. predicts that the worldwide legal outsourcing market may witness a substantial growth over the forecast period (from 2017 to 2022). High need for efficient use of resources is expected to have a positive impact on the market. Moreover, increasing prices of legal proceedings have caused organizations to outsource such services, which may further impel this expansion in near future. CPA Global Ltd.; Elevate Services, Inc.; AmStar Litigation Support; Cobra Legal Solutions LLC;and Infosys Ltd.; are the key players in the global market.
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