Many U.S. law firms rely on legal transcription outsourcing to manage their voluminous documentation tasks. The National Economic and Development Authority (NEDA) of the Philippines recently recommended that, in view of the possible changes in national policy, the BPO sector would do well to expand legal transcription and other non-voice components such as accounting and bookkeeping, and medical transcription.
Legal transcription companies provide accurate and timely transcripts of audio recordings pertaining to arbitrations, briefs, letters, court proceedings, depositions, interrogatories, wire tap and much more. Their cost-effective solutions help law firms make optimal use of their resources and save time and space.
Law firms and attorneys should take care to choose the right legal transcription service provider, failing which they could risk compromising the quality of the transcripts. If the transcripts do not meet the required standards of accuracy and timeliness, they could affect and delay the timely delivery of judgments. Judges will check the transcript against the original recording when the accuracy of a portion of the transcript is crucial to a ground of appeal. With reliable outsourcing company, this exercise will not be necessary. The skilled transcriptionists that these companies employ can provide accurate verbatim or non-verbatim transcripts in formats that meet industry standards.
Market research by Grand View Research also predicts positive trends for the global legal process outsourcing (LPO) market, and projects that it will be valued at $27.19 billion by 2024. According to the report, the need for the effective resource utilization will drive the growth of the LPO industry. In addition to transcription, LPO services include Contract drafting, Review and management, Compliance assistance, E-discovery, Litigation support, and Patent support. The key findings of the Grand View Research report are:
- Offshore outsourcing is expected to grow at a CAGR of over 30% from 2016 to 2024, due to the increased demand for these services in India and the Philippines.
- Litigation support could account for over 20% of the revenue share by 2024, as firms look to outside consultants for expert investigative litigation support to win high profile cases
The U.S. and Canada are the leading markets for LPO services, followed by Europe, specifically the U.K. and Germany. Experts believe that by ramping up non-voice work such as medical and legal transcription services, the sector can serve many more markets.
