ResearchAndMarkets.com recently published a research study that examines the future Legal Process Outsourcing (LPO) markets and trends, according to a Business Wire press release.
According to the full report, "Legal Process Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global LPO market was worth $11.61 billion in 2021 and is projected to reach $61.71 billion by 2027.
An LPO "is a practice adopted by a law firm or corporation to acquire legal support services from an offshore service provider."
According to the press release, the LPO industry has gained increased exposure and utilization following the launch of numerous outsourcing companies and their capacity to deliver considerable cost savings.
"The rising need for drafting agreements, contracts, meeting minutes and letters for clients represent one of the key factors driving the market," the press release states, "Moreover, stringent cyber, tax and intellectual property laws in several countries mandate companies to comply with industry standards; this, in turn, is propelling the growth of the market."
In the report, key topics concerning the LPO market include important industry trends, market performance, the effects of COVID-19 and an outlook for the industry's future.
Additionally, the report categorizes outsourcing companies by location, services, size, price analysis and several other factors.
The full report is available at ResearchAndMarkets.com.