Globalization is the major factor that drives the Europe Legal Process Outsourcing (LPO) Market growth. Increasing costs of legal services are encouraging the law firms and enterprises to prefer outsourcing services in the Europe LPO market. Several tasks that are performed by the lawyers and legal secretaries are carried out by these service providers, which allow the enterprises to save additional costs. Economic changes and policies are forcing the providers in the Europe LPO market to implement different kinds of strategies depending on the laws and regulations of the region. Several banking and financial regulations and legislation, which are implemented by the European Union are encouraging the companies to develop specific strategies to cater to the customers in the market.
The Graphical Research published a report, titled “Europe
Legal Process Outsourcing (LPO) Market Size by Location, Service,
Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends,
Competitive Market Share & Forecast, 2017 – 2024” says, Europe Legal
Process Outsourcing Market size is predicted to cross USD 2 billion by 2024.
Contract drafting is experiencing a high demand in the Europe LPO market owing to the rise in mergers, acquisitions, and collaborations between large enterprises and multinational companies in several industrial sectors. These partnerships and collaborations in the Europe LPO market are developing several terms and conditions, which need to be drafted in legal papers. The rise in the demand for drafting these legal papers for several business operations will bolster the need for providers for outsourcing these services. The outsourcing of contract drafting services will save costs for the enterprises and firms.
Offshore legal services are expected to generate a high demand over the coming years owing to the expansion of global operations of the companies in the Europe LPO market. These companies are setting their offices in different countries where a high demand for these services can be witnessed. Currently, onshore services are experiencing a high demand from the law firms and corporate institutions. These firms prefer onshore providers due to their fear about the data privacy issues. Global companies in the Europe LPO market are setting regional offices and hiring employees of the same location to gain confidence of their clients.
Key players operating in Europe LPO market are Infosys Limited, ADEC Group, LEX Outsourcing, Integreon Managed Solutions, Cobra Legal Solutions, Exigent, Bodhi Global Services, Clutch Group, Epson Electronics America, Inc., Legal Advantage, and LEX Outsourcing. These companies are targeting their offerings in the countries where a high demand for these services can be witnessed. Governmental and legal policies are also the factors, which decide the successful operation of the outsourcing activities in a specific country. The players in the Europe LPO market are adopting several strategies to capture the widespread customer base of the major countries including the UK, Germany, and France.