In partial response to the global financial crisis of 2008, the use of non-traditional legal services providers such as Legal Process Outsourcing (LPO) companies has grown exponentially worldwide. The revenue generated by these innovative providers has risen from $300 million in 2008 to above $8.4 billion in 2017. Current expectations are that this market will grow to $55 billion by 2025.
Litigation funding looks likely to grow in popularity, as law firms embrace the opportunity to mitigate costs and manage risks. However, some companies may struggle to scale their resources and ensure profitability. Legal outsourcing could be the solution to these problems.
There’s a growing trend of more specialist law firms being favoured within the marketplace, leading to a surge in ‘boutique’ law firms being established in recent years. However, the trend has been more prominent in the UK than in Ireland, where one in five solicitors still work in top-tiered firms. As Irish clients become more discerning around price and expect more flexible delivery of legal services, will the legal sector continue to specialise?
Many financial services companies and international banks are considering a move from London to Dublin in light of Brexit. Here’s what they need to know about the financial regulatory landscape, and why flexible legal services could be invaluable.