Legal process outsourcing consists of various processes from research and analytics to drafting, paralegal services, Intellectual Property Rights, Patents, Wills and Living trusts and Legal Research.
The LPO industry is the latest kid in the domain of ITES services and though today is only about US$1bn in revenues is expected to reach US $17bn in revenues by 2015. The first level document review encompasses anywhere between 58% and 90% of total litigation costs. This is a huge piece of the litigation costs pie. Therefore, companies are quickly working to identify strategies to control and reduce these costs. As such, interest and demand is growing in Legal Process Outsourcing (LPO) that allows for economies and efficiencies in first level document review. In litigation vast amount of data is reviewed by team of lawyers, attorneys and paralegal experts to ascertain the relevance of the data to the case in hand, the nature of data whether privileged or confidential in nature and as these data is voluminous in nature the need to classify the data in time is of utmost importance. Hence, the need of outsourcing research and analytics and data review has become very relevant to the entire process of Legal Process Outsourcing.
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