According to the author:
Industry Insights
- Cost savings and improving service levels are the key driving forces of the global LPO market.
- The global market was estimated to be USD 1,085 million in 2012, which is expected to reach USD 8,568.5 million by 2020, growing at a CAGR of 29.6% from 2014 to 2020.
Location Insights
- Offshore LPO services are primarily delivered to countries such as India and the Philippines.
- Since outsourcing business activities leads to numerous concerns, The American Bar Association (ABA) provides guidelines for selecting an LPO provider. These focus on issues such as conflicts of interest, confidentiality, disclosure to clients, billing practices, etc.
Service Insights
- Document review accounted for over 25% of the overall market share in 2013.
- In addition to being high volume, electronic documents also contain a large amount of data and metadata; as a result, identifying and producing this information through outsourcing proves profitable for the law firm.
Regional Insights
- Growing focus on provision of legal services is expected to fuel growth in Asia Pacific over the forecast period.
- A considerable percentage of the business generated in offshore locations of India, South Africa and the Philippines originates from law firms in developed markets of the U.S.
Source:
http://www.grandviewresearch.com/industry-analysis/legal-process-outsourcing-lpo-market
