March 17, 2020
As per the report titled ‘Europe Legal Process Outsourcing (LPO) Market Size By Service, Location, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024’, available with Market Study Report LLC, Europe legal process outsourcing (LPO) market is anticipated to cross USD 2 billion by the year 2024.
Escalating costs of legal services are prompting law firms and enterprises in Europe to outsource legal processes, which in turn is propelling the growth of Europe legal process outsourcing market. LPO services effectively carry out tasks performed by lawyers and legal secretaries, hence enabling the enterprises to save the cost of resource. Various banking and financial regulations by the European Union are encouraging LPO service providers to develop new strategies to fulfill the needs of the customers, which is further enhancing the market outlook.
Based on service, contract drafting segment is projected to grow rapidly during the study period. Increasing number of mergers, acquisitions, and collaborations between large enterprises and multinational companies across various business sectors is bolstering the demand to outsource the drafting of legal documents. The cost saving benefit is another major factor favoring the segment growth.
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According to the report, offshore legal services segment is expected to grow considerably during the forecast period, owing to the global expansion of various companies operating in Europe. Countries witnessing a high demand for legal services on account of globalization and industrialization are encouraging legal services providers from Europe to establish their offices in these nations.
On the other hand, onshore legal services segment will see modest growth in the coming years, oon account of growing inclination of companies to hire local service providers due to privacy and security concerns. In addition, growing focus towards hiring employees from the same region as the office location will strengthen the business of onshore legal service providers.
Prominent players of Europe legal process outsourcing market are ADEC Group, LEX Outsourcing, Cobra Legal Solutions, Integreon Managed Solutions, Infosys Limited, Exigent, Clutch Group, Bodhi Global Services, Epson Electronics America, Inc., and Legal Advantage.
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