European Legal Process Outsourcing (LPO) Market size is expected to reach USD 2 billion by 2027, according to a latest forecast report by Graphical Research.
The high rates of legal services in several European countries have propelled the market growth. Law firms are focusing on outsourcing their legal work to countries that offer these services at affordable costs. The rising number of corporate organizations coupled with modifications in the regulatory landscape has boosted the demand for LPO services. Organizations refer to third-party LPO companies to ensure strict adherence to changing regulations. Large global businesses expanding their market presence internationally will outsource their legal work to ensure compliance with laws. Global organizations will outsource their legal activities to LPO providers for litigation support, patent support, contract drafting, and compliance assistance.
The ongoing COVID-19 pandemic negatively impacted the LPO industry in the first half of 2020 due to the strict lockdowns imposed by government administrations. A decline in the number of new product launches, new patent filing applications, and strategic initiatives such as mergers & acquisitions hampered the demand for legal services associated with these activities. The resumption of industrial activities in the second half of 2020, following relaxations in lockdowns, will fuel the market revenue. The industry will regain traction with changing laws associated with leaves and health insurance in the wake of the pandemic.
Browse detailed statistical insights from the report, “Europe Legal Process Outsourcing (LPO) Market Forecast 2027 By Service (Contract Drafting, Compliance Assistance, E-discovery, Review & Management, Patent Support, Litigation Support), By Location (Offshore, Onshore), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
There is an increasing demand for compliance assistance services that offer general information about directives, standards, and compliance assistance resources. Keeping an accurate track of all the updates and modifications in the federal & state laws is critical and difficult. These services enable organizations to perform tasks efficiently. Continuous changes in operational regulations in the corporate sector, such as paid leaves, workplace safety, and taxes, are encouraging companies to outsource compliance assistance services. The constantly changing cybersecurity laws are also boosting the demand for these services, propelling the industry growth.
The changing data protection regulations encourage legal firms to adopt onshore services than outsourcing them to lawyers located overseas. The strict regulatory framework on cross-border data transfer in Europe will fuel the regional onshore LPO industry. The complicated law structure coupled with language barriers in several countries will encourage organizations to outsource legal services. Accurate language usage is crucial for the precise interpretation of a case, thus several organizations in countries including France, Germany, Italy, and Spain prefer to outsource their legal activities.
The European LPO market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:
Europe Market, By Service
- Contract drafting
- Compliance assistance
- Review & management
- Patent support
- Litigation support
Europe Market, By Location
The above information has been provided for the following countries:
- Czech Republic