The Legal Process Outsourcing (LPO or LSO) Business has grown from strength to strength and has evolved after striking roots in India in the 2000s. The industry which started as an alternative career path for legal professionals turned out to be one of the most sought-after legal professions. This business model introduced a global culture to the new generation law graduates and provided them with job security and lucrative pay perks.
Early on, it focused only on outsourcing of documentation work, voice support, medical and legal transcriptions and other secretarial and paralegal services. However, with time the industry gained trusts from the foreign law firms, and subsequently, high-end legal work also got outsourced. It was a win-win situation for both the industry and the foreign law firms. The industry saw the top bracket law students joining them, and the law firms could get their work done at significantly cheaper rates.
In fact, some foreign law firms have partnered with the LPOs and have given them an elevated status. The growth path and novel roles helped the law graduates find their niche and gave them an international exposure. LPOs have bourgeoned in number in the last decade, which proves their stability and success in the market.
The Legal Base team has an unparalleled level of ability that has surpassed the expectation of the clients with its high-quality summaries and its excellence in managing large projects.
The global Legal Process Outsourcing size is projected to reach USD 35.9 billion by 2025, expanding at a CAGR of 31.8% from 2019 to 2025, according to a report by Grand View Research, Inc. The growth can be chiefly attributed to the emergence of alternative legal service delivery models and virtual law firms.
As corporations and law firms increasingly engage ALTERNATIVE LEGAL SOLUTIONS PROVIDERS (ALSPs), the modern legal industry recognises this market as better defined, quickly growing, and broadly adopted. ALSPs now perform many of the tasks which were traditionally done by law firms, like Litigation and Investigation Support, Legal Research, Document Review, eDiscovery, Regulatory Risk and Compliance.
Technological advancements and innovations in the legal industry are poised to offer fresh growth areas in the sector, helping law firms inculcate a transparent relationship with clients. Law firms have begun to leverage Natural Language Processing (NLP) and document automation to conform with the reinvention of the legal industry. Software equipped with Artificial Intelligence (AI) capabilities have also fundamentally changed and improved how ALSPs compete in the business and legal market. Use of team collaboration software is boosting the efficacy of all documentation processes.
All such technological developments have greatly aided LPOs to scale up accuracy levels in their daily tasks and also in the time-bound large-scale projects. LPOs and ALSPs have utilized the latest technological developments and have positioned them to offer high-quality offerings to global legal entities. LPOs and ALSPs thus have also continued to attract bright and capable professionals.
These reaffirm that the LPOs and/or ALSPs have worked their way up the value chain and have made a mark that is only going to become stronger in the coming decades.
Benefits of Engaging with The Legal Base
- Everyone in the law firm is quickly able to understand a case in trial.
- The ability to free up in-house paralegals and attorneys to focus on core professional commitments
- Improve efficiency and turn-around time for law firms and ensure long term cost reductions