Global Market Insights recently published a new report that estimates the legal process outsourcing (LPO) market valuation will cross $30 billion by 2027. Our experts at National Legal Staffing Support LLC will highlight some key takeaways from this recent report in this guide.
The high demand for specialized legal services to ensure compliance with changing regulations will likely drive the industry’s growth. Keep reading to learn more about the outlook of the LPO market.
Global Expansion into the LPO Market
Legal services are an expensive, sought-after commodity in developed countries such as the United States and the United Kingdom. However, companies are now considering outsourcing legal services to legal professionals with technical expertise in specific market fields in parts of the world like South Africa, the Philippines, and India. In theory, this allows companies to realize significant monetary benefits by expanding in-house legal teams, thereby reducing expenses.
The Middle East and Africa are set for significant growth in the LPO market through 2027, with the number of law firms in the region rising and improved English literacy rates in countries like the UAE and Saudi Arabia. Their focus on digitalization technologies will support internet penetration, allowing for expansion in the LPO market.
The legal industry in South Africa is growing at a steady rate, with numerous companies choosing the region to take advantage of outsourcing. The similarities between the regulatory and legislative frameworks in the UK and South Africa make it a popular choice for legal process outsourcing.
However, outsourcing legal work to developing countries is not without its challenges. Law firms in the United States may pay a higher fee to contract with a reputable LPO company based in the U.S. but ultimately receive higher quality work.
Increased Demand for Contract Drafting
One of the key factors driving LPO market growth is the convenience and cost-effectiveness of contract drafting services compared to conventional methods.
Contract drafting service providers employ a team of qualified professionals who are experienced in drafting commercial agreements and other legal documents.
These professionals maintain a deep understanding of the contracts and ensure that they meet all legal requirements. In turn, this helps businesses avoid many risks and reduces their overall expenses for legal assistance.
Moreover, the need for specialized staffing solutions has also seen a significant rise, with businesses looking to optimize their recruitment processes. This is where temp agencies come into play. For instance, many top-notch temp agencies in Chicago have started offering dedicated services to meet the LPO industry’s unique staffing requirements. These agencies not only offer flexible staffing solutions but also boast a pool of legal professionals who can quickly adapt to the varied needs of law firms and corporate legal departments.
“In addition, contract drafting services are more flexible than conventional methods as they help businesses design and deploy new products more rapidly and efficiently” – says Lewis Banks, one of senior managers at LegalDrop.com
Legal Process Outsourcing for Your Firm
As competition in the legal staffing segment heats up, your firm may be focusing on boosting efficiency and streamlining your operations.
Contract drafting and management services can offer your company a wide array of benefits if maintaining your in-house contracts department becomes costly and time-consuming. Hiring outside agents can help your business stay competitive in an evolving economy.
About National Legal Staffing Support LLC
With more than ten years of hands-on experience in the legal industry and knowledge of the latest market trends, our experts at National Legal Staffing Support LLC are well-equipped to meet the needs of your fast-paced law office.
Our company can provide quick client contact through experienced paralegals and essential legal services. National Legal Staffing Support focuses on providing responsive support for attorneys and is committed to providing legal process outsourcing that is accurate and compliant with all applicable laws.
