The latest category market intelligence study by SpendEdge on best practices for legal services provide the pricing standards, category-specific market insights, and the demand-supply analysis on major service providers.
Best practices in the legal services market
The legal services market is undergoing dynamic changes, and the demand for these services in the global market is surging. With ever-changing laws, it is important for all service providers to stay at the top of their game to remain competitive. The market is witnessing a surge in demand for alternative or non-traditional and integrated cross-border legal services. Various suppliers are adopting innovative technologies to provide services across various client locations. By analyzing the purchasing patterns and consumer expectations, service providers will be able to expand their business and reach a wider audience. The category market intelligence team at SpendEdge offers market trend analysis and procurement best practices, actionable insights to improve source-to-source contract cycle performance, and better category strategies. The expert team of researchers helps companies comprehend the supplier and market challenges, and implement best sourcing practices.
Globalization is opening new areas of business opportunities for all sorts of industries, hence regulatory and compliance related services are in high demand. Increasing spend on regulatory compliance will create new opportunities for legal service providers. The emergence of international law firms is a result of liberalization of markets, and many service providers are investing to enhance their global presence to cater to the growing demand for these new services.
Emergence of virtual law firms
The emergence of virtual law firms is accredited to the growing demand for cost-effective and centralized data solutions. The services providers are leveraging mobile devices, software solutions, and web-based technologies to offer professional services to clients across the globe. Some of the leading suppliers offer services at flat fees to attract more consumers. Virtual law offices are usually in remote locations, and it offers flexibility to the employees to function at flexible hours that meet the client requirements.
Legal process outsourcing (LPO)
LPO is an innovative business model where the work of attorneys, paralegals, and other legal professionals is outsourced to external vendors located domestically or overseas. This new module allows maximum flexibility of resources, reduces operational costs, provides access to best resources, and increases the in-house capabilities of the organization. Countries like China and India have the highest number of LPOs in the global market.
What solutions SpendEdge offer to businesses
The procurement experts team at SpendEdge provide category market intelligence study, with insights on market trends, best-in-class industry benchmarks, and supplier engagement models. Some of the solutions offered are listed below:
- Help implement the best sourcing practices and enable sourcing professionals to formulate better category strategies
- Offer insights on major key buyer requirements, such as legal support for assistance in entity management, employment processes, and guidance on legal framework and matters
- Analyze the category, pricing standards, and demand-supply dynamics through an assessment of the current spend practices in the specific category and improvement areas
- Provide procurement best practices, actionable insights to improve source-to-source contract cycle performance, and gained insight into compliance, risks, and regulatory environment
Read our complete case study titled – Category Market Intelligence Study Helps a Legal Service Provider Understand the Procurement Best Practices
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