Here’s how much legal process outsourcing is expected to grow in the next five years

A new study predicts that the LPO industry is poised to see big numbers

Here’s how much legal process outsourcing is expected to grow in the next five years
The global legal process outsourcing (LPO) industry is poised for double-digit annual growth for the next five years, a new study has found.

Technavio said in its “Global LPO Services Market 2017-2021” report that the LPO industry may grow to US$8.71bn by 2021 off the back of a yearly average growth rate of almost 29%.

During the forecast period, the technology research and advisory company expects on-shore LPO to grow as businesses put more weight on shared regulatory frameworks and concerns about security linger around off-shore LPO.

Technavio expects contract management outsourcing (CMO), e-discovery services outsourcing and litigation support outsourcing as the service segments that currently dominate the LPO market worldwide.

The CMO segment accounted for 26.72% of the LPO market, while e-discovery and litigation support accounted for 25.51% and 12.55% of the market in 2016, respectively. The three segments are expected to average nearly 30% in yearly growth through to 2021.

Related stories:
Demand for specialist legal skills growing
The hidden cost of outsourcing

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