The Legal industry is in the midst of a rearranging itself for the digitized services, in the past half-decade. What began as a simple document management for electronic archiving is now an extensive service sector industry growing at an average rate of 50-percent in recent years.
Lately, many of these digitized processes are executed by advanced software platform developed exclusively for the law industry. The Latest trend is Predictive Coding. This technique enormously supports key legal processes of e-Discovery and Document Review. Labour arbitrage and cost saving is the immediate advantage of Outsourcing the processes.
Industry Status for an LPO
This reliability overreach of technology has thrust Legal Process Outsourcing (LPO) as a special category of services that can be outsourced, branding it as the latest sector with immense growth potential, within the tertiary sector of computing services.
Market research indicates that the growth of the Legal Process Outsourcing is expected to reach CAGR 27.4% over the next 5-year period.
LPO is structurally similar to Backend Process Outsourcing (BPO) business model that began in the 1990s. Businesses which deployed BPO services were able to cut costs with overseas (offshore) service providers driving quantified profits. Companies from different sectors, such as manufacturing to market research apart from information technology can realize similar advantages by outsourcing internal Legal Processing.
Global LPO services
The availability of specialized legal experts in a niche legal segment is the biggest advantage of LPO. Firms can outsource legal processing requirements to end-to-end service providers and benefit in long term customer engagement. Such services include:
- Electronic Discovery Services, Contract Management, IP Technical Support
- Litigation Support, Review Services, Legal Research
LPO’s off exclusive cost- effective services as a package, delivered as part of the service agreement.
- Executive Summary, Scope of Report, Market Landscape, Geographical Segmentation
- Vendor Landscape, Trends and Impact, Market Growth Factors, Key Vendor Analysis
Why You Should Need LPO?
Apart from cross-sector businesses, that is companies from non-legal sectors using LPO to better efficiency and profits, a number of large legal firms too have begun to outsource some of the backend process to third parties, many of them located overseas. In such cases, LPO services are designed to meet the end requirements of legal practitioners who run small-sized operations. Even boutique law firms are known to have found handsome rewards through outsourcing programs.
Technology solutions have begun to play out and provide high dividends in the legal industry. Trends in the past two years, within the legal industry have included: e-Discovery, social networking, and globalization as well as an increase in the number of virtual law firms.
CNS provides you Cost benefits, quicker turnaround time on lengthy procedural processes. Availability of professional, specialized legal talent is some of the KEY ASPECTS that businesses can leverage from the LPO.