The global expend on legal support services has increased radically in the last few years. This has made the in-house legal departments and law firms very conscious of keeping a check on cost and quality while delivering large work volumes.
This is where the LPO companies come into picture, serving their clients uphold profitability and reducing risk by regulating the legal work in a project-oriented style. The progressing model of the LPO industry has revealed prominent association and harmonization between corporations, LPO vendors and law firms.
As per a research by Business Wire, the global LPO market was estimated to be worth $2.4 billion in 2012 and is growing at a rate of 28 per cent annually. In the Knowledge Process Outsourcing (KPO) domain, LPO is also the fastest growing sub-sector. Looking at this growth rate, the work opportunities that an LPO provides are diverse. Some LPOs deliver economies of scale and knowledge through right-shore delivery platforms working very closely with client base across domains.
The well-known LPOs work across diverse work streams offering a wide range of services like litigation support, corporate legal support, contract management, M&A, due diligence, intellectual property and other ancillary services.
Global demand of LPOs is bound to accelerate at a greater speed in the future for the in-house legal departments and law firms which are facing the on-going economic meltdown and at the same time strive to maintain a satisfied clients base.