Legal Process Outsourcing Market To Hit Value .9 Billion By 2025Posted by Mrudula Anil Karmarkar on February 8th, 2022 The global legal process outsourcing market size is projected to reach USD 35.9 billion by 2025, expanding at a CAGR of 31.8% from 2019 to 2025, according to a new report by Grand View Research, Inc. The growth can be chiefly attributed to the emergence of alternative legal service delivery models and virtual law firms. Technological advancements and innovations in the legal industry are expected to offer new growth avenues in the sector, helping law firms inculcate a transparent relationship with clients. Law firms are deploying Natural Language Processing (NLP) and document automation capabilities to fall in line with the reinvention of the legal industry. Artificial Intelligence (AI) is another factor that has taken the LPO industry to a new level. Software equipped with AI capabilities is garnering utmost importance among lawyers and firms to save their time. Document production and proofreading of documents are efficiently done with the help of automation software. Use of team collaboration software is further streamlining the execution of all documentation processes. All such technological developments have greatly aided lawyers by decreasing costs and increasing convenience. Electronic discovery (e-discovery) services have grown in prominence, which can be attributed to amendments by the Federal Rules of Civil Procedure, making Electronically Stored Information (ESI) such as e-mails, e-calendars, and voicemails discoverable on handheld devices in litigation. The development of ESI will reduce the complexity and cost of e-discovery processes and is expected to simplify large-scale complex litigation processes. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/legal-process-outsourcing-lpo-market/request/rs1 Legal Process Outsourcing Market Report Highlights
Key players in the market include UnitedLex Corporation; Integreon, Inc.; Elevate Services Inc.; Pangea3 LLC; QuisLex Inc.; Mindcrest Inc.; Clutch Group; and Axiom Law. These companies are increasingly focusing on offering high-value services such as compliance management. They are also trying to expand their offerings beyond regulatory and litigation investigation support services to contract management and other corporate services. Market incumbents are emphasizing on expanding their service portfolio and offering unique services at affordable costs. They are also launching new tools and adopting strategies such as target marketing in order to gain a competitive edge and strengthen their position in the industry. Grand View Research has segmented the global legal process outsourcing market on the basis of location, services: LPO Location Outlook (Revenue, USD Million, 2015 - 2025)
LPO Services Outlook (Revenue, USD Million, 2015 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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