New Trends in Legal Process Outsourcing (LPO) Market: Draft n Craft
Legal Process Outsourcing services (LPO) are increasingly popular as a cost-saving measure for companies, as well as for their ability to provide more consistent and efficient delivery of legal services. The legal industry is rapidly evolving and trends in LPO are likely to continue to grow in the coming years. Some of the key trends in LPO for 2022 include the increased use of technology and automation, the growth of online dispute resolution for faster and more cost-effective settlement of disputes, and the emergence of new markets and service providers. Additionally, the use of predictive analytics and artificial intelligence (AI) is expected to rise, as these technologies help to streamline legal processes and improve efficiency. Finally, the trend of “legal-as-a-service” is likely to become more popular, as businesses look to outsource their legal work to outside providers on a subscription basis.
According to a recent survey by Deloitte, 37% of companies are currently using legal process outsourcing. This is a 9% increase from the previous year. Additionally, research conducted by LexisNexis found that the use of AI in legal services is expected to grow by more than 60% in the next three years. Finally, a survey by the International Association of Outsourcing Professionals found that the legal services industry is the second-fastest growing sector for outsourcing, with an expected growth rate of 6.2% in 2022.
According to a recent survey by Deloitte, it is expected that the market for Alternate Legal Service Providers (ALSPs) will grow significantly in 2022. The survey found that the ALSP market is estimated to reach $12.7 billion in 2022, a growth of 11.4% from 2019. Additionally, research conducted by PwC found that the ALSP market is expected to grow at a CAGR of 10.4% between 2020 and 2024. Finally, a survey by LexisNexis found that the use of AI in legal services is expected to grow by more than 60% in the next three years, which could further drive the growth of the ALSP market.
Research and Writing By: Team Draft n Craft
Looking for a remote paralegal from India?
Hiring a remote paralegal from India can be a great option for US law firms that do not want to go through the hassle and expense of employing the full-time equivalent of an office staff, who need specific skills like document preparation, email responses, and client communication.
Draft n Craft’s team of Dedicated Remote Paralegals has worked with 450+ attorneys, law firms, and corporations from 45+ US States and helped them with their Pre-Litigation, Litigation, Transactional, and Customized Support Services.