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.