Here is the usual order of things for people who are seeking legal services: they visit the firms, ask what they need and close the deal. While these firms get the job done, the way they do things can be time-consuming and costly for clients and even for firms who also have other things to do.
To address this, law firms and corporations are bringing their work to legal service providers. The practice of outsourcing legal processes creates positive impacts to traditional legal industries and students as a result.
Demand Grows for Legal Process Outsourcing
A study by Grand View Research revealed that the legal process outsourcing market is set to grow from $1.39B in 2013 to $8.56 billion in 2020. In addition, it has an annual growth rate of over 25%, with the United States as the strongest market. This means many people acquire LPO services in the US, which led to its quick growth.
The study also revealed the services where LPOs are highly sought after. About 25% of the market share came from electronic discovery and document review. Other profitable LPO services are contract drafting, litigation support, compliance assistance and patent support.
Cost-efficiency for Companies
LPOs brought positive results to clients from legal industries. The transfer of repetitive, in-house legal tasks to service providers allows them to focus on providing strategic and tactical legal advice. In addition, it allows them to accommodate more clients and finish their tasks in a more efficient and affordable manner.
Employment Opportunities for Legal Students
The rise of LPOs also positively contributes to legal students in the US. There will be more employment opportunities since their knowledge and skills in such industries. As a result, they do not have to wait for law firms to hire them or move to other non-legal jobs.
LPOs Create Opportunities for Paralegals
The strong demand for LPOs will pave the way towards expansion of their services in the US and abroad. This creates more employment opportunities especially for legal students with minimal working experience. This is where CLS by BARBRI come in.
We provide quick basic and advanced courses online for those who want to become paralegals. Our courses cover a wide range of legal matters to equip you with the necessary knowledge so you can qualify for jobs in LPOs, law firms and other industries.
Click here for more information on our services.