Highlighted Importance of Legal Process Outsourcing Post-Covid

The global legal process outsourcing market size was valued at $10.77 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 30.9% from 2022 to 2030, while the US market alone encompasses $862 million of this total figure and is expected to drive the majority of the growth over the next decade.

What’s driving this growth?

•       Enterprise preference for focusing on their core businesses and outsourcing non-core tasks is expected to drive the market

•       Initiatives undertaken by various enterprises to reduce overheads by downsizing the staff are a factor as well

•       Overall growth in the volume of ESI (Electronically Stored Information)

Further adoption of e-Discovery solutions by government & regulatory agencies, SMEs and large-sized enterprises, and law firms for effective management is expected to generate an additional 13% demand increase for eDiscovery services, including document review and litigation management services.   With more than 5 billion IoT devices worldwide and rising Bring-Your-Own-Device trend among enterprises, adoption of e-Discovery solutions are expected to showcase an impressive rise.

The overall volume of ESI is expected to surge by 50% annually as 90% of organization’s opt for cloud storage. The increase of ESI due to Covid has further highlighted the value of utilizing the services of legal process outsourcing companies to help mitigate increasing costs driven by more data and rising inflationary pressures on the labor market.  Now more than ever, corporations and law firms need to have a plan to tackle their managed document review needs.  Dedicated foreign review and project management teams can provide a competitive edge for early adopters as the trend of legal process outsourcing continues to accelerate over the decade.

Contact your trusted legal process outsourcing specialists at Ace Document Review for a free personalized Managed Review Plan of Action.

10 Checks to Vet Legal Process Outsourcing Providers before Outsourcing Document Review

Contact us to learn more about how our managed document review system guarantees all legal process outsourcing quality control checks are met

1. Utilize document review attorneys from the best English speaking law schools

2. Foreign attorneys possess an intricate understanding of the US legal system, with continuous training by US licensed attorneys

3. Document review attorneys have a common law background

4. Well-documented procedures throughout the managed document review outsourcing process

5. Identifiable and measurable quality control practices

6. Case-specific legal training for document review attorneys

7. Accuracy and productivity measurement and formal tracking system of coding calls

8. High-level management skills and operational experience overseeing document review projects

9. Expertise in leveraging best-in-industry e-discovery software, services, technologies, and tools to cull the overall volume of ESI  

10. Close collaboration with the client and quick response times

7 Reasons to Outsource Document Review and Stay Ahead of the Competition

1. Efficiency: Internal resources may be allocated to higher revenue generating tasks by outsourcing document review

2. Cost savings + reduced overhead

3. Faster turnaround times by conducting around the clock document reviews results in a head start on developing the case strategy based on ongoing responsiveness calls

4. Access to international legal professional talent

5. Enhanced document review scalability

6. More consistent and accurate coding calls as dedicated managed review teams have better familiarity with a given document review set

7. Increased foreign language review optionality

Contact your trusted legal process outsourcing specialists at Ace Document Review to start taking advantage of the efficiencies gained by utilizing our international eDiscovery managed document review outsource teams

6 TIPS FOR MAKING THE LEGAL DOCUMENT REVIEW PROCESS ECONOMICAL

Cost of Producing Electronic Documents

- The Rand Corporation’s study of 57 large-volume cases concluded that legal document review accounts for 73% of the cost of producing documents

How to Make the Legal Document Review Process more Economical without Sacrificing Quality:

1. Narrow and refine the scope of searchable document sets to align with the goal of document review and the discovery request

2. Limit discovery requests to a date range

3. Use search term hits to filter and identify relevant documentation

4. Utilize eDiscovery analytics tools to assist and speed up the legal document review process

5. Track the costs of production to understand where and how the money is being spent to fine-tune and make the managed document review process more economical in the future

6. Outsource document review projects internationally by partnering with a legal process outsourcing company to free up internal resources and reduce costs

Contact our managed document review specialists at Ace Document Review for further guidance on implementing each individualized action point based on best practices