Last week, with reference to Legal Drafting Outsourcing, we stated that the legal process outsourcing industry will reach $8.7 billion by 2022.
This comes from British market research company Technavio, who released a market report in April titled Global LPO Services Market 2017-2021.
The report shows that Legal Process Outsourcing market growing by 29% in just 5 years.
You can request a free sample report here.
Technavio’s analysts categorize the global LPO services market into seven major segments by services. They are:
IP technical support outsourcing
Review services outsourcing
Legal research outsourcing
Litigation support outsourcing
E-discovery services outsourcing
Contract management outsourcing
The top three service segments for the global LPO services market are:
1. Contract management outsourcing (CMO)
The CMO segment accounted for almost 27% of the LPO market share. Companies often accept contracts but forget to manage and follow up on them. This leads to missing deadlines, implementation of clauses, automatic renewals, and careful reporting of other legal and regulatory requirements. Companies may also lack proper integration with other company document and record management systems.
2. E-discovery services outsourcing
E-discovery services involve the process of identifying, collecting, reading, and categorizing documents related to lawsuits. This inexpensive mode of storing data drives the growth of the segment. The availability of documents in digital formats, such as Word, Excel, JPEGs, and other images and e-mails, has increased the storage capacity and the cost of reviewing. Like many LPO service providers, SBA have staff available who advise and assist in reducing the expenditure incurred while reviewing legal documents.
3. Litigation support outsourcing
Litigation support service providers offer solutions such as coding, document updates and verification, and application development. Different algorithms are used for bibliographic coding, in-text coding, and questionnaire or form coding. Service providers gather different types of documents and convert them into a uniform searchable electronic format.
SBA Legal offers the full range of Legal Process Outsourcing. Our Contract management solutions include contract review and analysis, summarisation, integration of papers and electronic documents, contractual risk analysis, and quality management processes.