Law Firms:Drive for Minimizing Costs Among Law Firms Continues to Drive the LPO Market

Drive for Minimizing Costs Among Law Firms Continues to Drive the Legal Process Outsourcing (LPO) Market, According to New Report by Global Industry Analysts, Inc.

GIA announces the actual release a new comprehensive global report on Legal Process Outsourcing (LPO) markets. Legal Process Outsourcing (LPO), which gained momentum towards the actual end the actual twentieth century, is placed at present, the actual fastest growing sub-sector under the actual Knowledge Process Outsourcing (KPO) category. the actual global LPO market revenues are projected to reach US$2.7 billion simply by 2018. Factors responsible as for instigation and energization LPO include the actual widespread availability Internet, changes within global economy, legal process automation, data security developments, easier accessibility to skilled low-cost foreign resources, and advanced technology tools.

San Jose, California (PRWEB) July 25, 2012


within the actual recent past, growth novel technologies, within combination with cost cutting drive due to global economic downturn, compelled corporate legal departments and law firms to re-evaluate their operational strategies just as well just as to consider outsourcing just as a new common practice in the actual legal profession. Consequently, the actual present day legal away shoring market is witnessing a new flurry activity which includes a new straight down pull within terms fees, consequently stepping up margins, which are not expected to drop anytime soon. Inclusion corporate style functioning into law firms is the actual new industry trend. Consolidation and globalization are underway, while legal service companies within major countries are witnessing deregulation and reforms. a new wave consolidations began within the actual LPO industry within the actual latter part 2010 and progressed into 2011, imparting dynamism to the actual competition mid LPO providers.

Many law firms outsource a new part their day-to-day activities to overseas low-cost markets as for minimizing costs. Development within the actual LPO industry is the actual result efforts towards improvement efficiencies and profitability. Additionally, the actual huge availability competent vendors within low-cost overseas markets has also bolstered outsourcing legal functions. Companies offering LPO services could act either just as direct legal research operators or back-office administrators. Secretarial works such just as remote secretarial services, site-checking, legal transcription, proofreading, and data entry, are gaining traction just as a new result the actual rise within customer service, call centers and data processing units around the actual globe. Higher requirement as for operational and cost related effectiveness within contract and litigation procedures is the actual key driving factor as for packaged legal services, providing end-to-end integrated solutions. Further, client demand as for multi-shore services is creating an international platform as for the actual provision multi-shore solutions.

India represents the actual largest regional market as for legal process outsourcing worldwide, just as stated simply by the actual new market research report on Legal Process Outsourcing. Cost benefits, superior quality productivity, and policies the actual Indian Government function just as growth drivers as for the actual LPO industry within India. Moving off coming from low skill call-centre based back-office processes, legal processes requiring high levels expertise which includes research, litigation support, patent writing, document discovery & review and contract drafting, are increasingly being outsourced to India-based LPOs. right after gaining actual volume business coming from the actual US legal industry, Indian LPO companies are exploring opportunities coming from East Asian countries, especially Japan and South Korea. Apart coming from India, other key LPO destinations include the actual Philippines, Israel, Sri Lanka, New Zealand, Australia, South Korea and China. Mauritius is an emerging LPO destination. within particular, the actual Philippines has become an attractive destination as for British and US firms just as the actual country, similar to India, is known as for possessing a new large, English-speaking, educated talent pool.

Despite the actual industry’s rampant growth, legal process outsourcing continues to face criticism and challenges about shrinking job profile, risking quality service, and losing control above the actual process, which prevent foreign law firms and attorneys coming from outsourcing major portion legal work to LPO destinations. Nevertheless, the actual LPO industry is set to emerge mid the actual challenges and witness considerable growth just as corporations consider cost-effective services given simply by LPOs. within order to avail services placed at comparatively lower cost, various large scale organizations are entering into outsourcing agreement as for their support staff and back-office operations. provided the actual potential growth within the actual industry, various financial companies which includes private-equity firms, corporations and venture capital firms continue to invest within the actual sector. Furthermore, several large companies engaged within providing IT outsourcing services are also contemplating foraying into the actual vertical within the actual nigh future.

Key players profiled within the actual report include Accentia Technologies Ltd., American Discovery, Inc., Amstar Litigation Support, Bodhi Global Services (P) Ltd., Clutch Group, Cobra Legal Solutions, LLC, CPA Global Limited, Evalueserve, Ltd., Infosys Technologies Ltd., Integreon, Mindcrest, Inc., Pangea3, LLC, QuisLex, SDD Global Solutions Pvt. Ltd., UnitedLex Corporation, and Wipro IT.

The research report titled “Legal Process Outsourcing (LPO): a new Global Strategic Business Report” announced simply by Global Industry Analysts Inc., provides a new comprehensive review the actual legal process outsourcing markets, current market trends, key growth drivers, recent industry activity, and profiles major/niche global just as well just as regional market participants. the actual report provides annual sales estimates and projections as for legal process outsourcing market as for the actual years 2009 through 2018 as for the actual pursuing geographic markets – India, Philippines, and Rest World.

For more details just about this comprehensive market research report, please visit http://www.strategyr.com/Legal_Process_Outsourcing_LPO_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a new leading publisher off-the-shelf market research. Founded within 1987, the actual company currently employs above 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving above 9500 clients within 27 countries, GIA is recognized today, just as one the actual world's largest and reputed market research firms.

Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com

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