LPO market to experience significant growth
The rapidly growing use of digital systems by business, and the outsourcing of electronic documents consisting of a huge amount of data and meta-data, are factors that will lead to the growth of the legal process outsourcing (LPO) market through e-discovery services. The market is expected to rise at a compound annual growth rate of more than 40% from 2017 to 2024. As collecting digital information is often a cumbersome process for a company’s in-house legal department, LPO comes in handy, reducing time and costs. The LPO sector in the Asia-Pacific is predicted to experience significant growth owing to countries such as the Philippines, China, and India, which have emerged as the preferred destinations for outsourcing. These countries also boast English-speaking lawyers and lower fees. In addition, the Philippines’ LPO market share is expected to grow, given the declining cost of legal services and the availability of good infrastructure.