Although 2022 is, in many ways, one of the most difficult years to predict across all sectors, we do anticipate a number of trends over the coming year. Here are just a few which we expect to see within the legal sector:
The legal market will stay buoyant
In general, the legal sector remains strong despite the challenging economic conditions of the last two years. Many of our clients are expanding their workforce and seeing an increase in revenue, which we expect to continue as 2022 progresses.
In order to help firms bridge gaps in shared services and respond to short-notice requirements, our bespoke business and legal process solutions provide varied support such as PA and secretarial, data entry, document production, document review, court bundle preparation and risk and compliance management.
We believe that law firms will increasingly want to outsource such functions to enable them to concentrate fully on their high-value, specialist legal services.
A high inflation environment will continue to create pressure
At a time when law firms are facing rising inflation, a shortage in skilled labour and an on-going salary war, many are turning to legal and business process specialists such as Global BPO for flexible, cost-effective solutions. Not only do our services continue to deliver significant cost savings, we also ensure that dedicated support is available as and when needed across all departments.
The M&A market will see high levels of activity
We think that activity in the corporate market this year will continue to drive demand for our flexible and scalable due diligence review service.
We have extensive experience in all aspects of the due diligence process and work closely with our clients to ensure the right team is in place to deliver a high quality, deadline-compliant service. We support our clients’ M&A teams by providing skilled paralegals, legal executives, and lawyers to deliver document review support.
Technology will continue to deliver efficiencies
Technology is constantly developing, enabling firms to support their clients faster and much more efficiently! The pandemic has accelerated some trends, particularly acceptance of new ways of doing things and we fully expect such innovation to continue in the year ahead. Driving efficiencies, streamlining processes, and providing new opportunities are some of the upsides of this technological change.
We see this particularly in our eDiscovery and DSAR solutions, where we partner with leading edge technology providers to deliver fast, flexible and cost-effective document review assistance.
As the use of digital communications has soared, document review has become increasingly onerous, time-consuming, and costly. Technology enables us to respond to this challenge and continues to improve the accuracy, efficiency, and cost of such processes.
We’re delighted to be partnering with our clients as they embark upon business plans for the year ahead.
For a confidential discussion on how Global BPO can support you, contact our Client Manager, Suzie Young, at: firstname.lastname@example.org