SpendEdge’s procurement market intelligence study on legal services for a leading IT service provider identifies the top suppliers of legal services, provides costs management, analyses competitive landscape, and offers price negotiations.
Market landscape for legal services
Legal services provide advisory and technical assistance and representation services on legal disciplines for industries. These services are diverse and offer services on various verticals of the legal spectrum that includes corporate, labor, real estate, international trade, intellectual property, industrial, bankruptcy, and taxation law. The rise in the number of new business opportunities, dynamic regulatory requirements across multiple countries, and growing focus on effectiveness in service performance is driving the market for legal services. The exponential industrial development across various countries in the world is attributing to the demand for procurement solutions that analyze the emerging industry trends, and best in class business strategies in the legal sector. The recent procurement market intelligence study by SpendEdge offers various cost optimization services to buyers of legal services with better management, huge cost savings opportunities, and value benefits. The study also offers an exhaustive assessment of the legal services market across the globe.
Globalization is resulting in sourcing and allocation of work to low cost, emerging countries in the APAC region. India and China are the hubs for outsourced services, and legal services are gaining momentum in these countries. This is a value-based approach that enables highly strategic legal functions at competitive prices and in accurate volumes. These initiatives will result in cost saving and provide avenues for sourcing specialized services from different countries across the world. The patent filling is the most common legal service that is outsourced currently.
Focus on cyber security
Cyber-attacks and virus threats are plaguing different services across industries. Digitalization and increasing volume of data are encouraging service providers to take steps to secure their databases. Legal firms are sorting out digital solutions to alleviate system protection, manage maintenance, and deal with the downtime. The emergence of secure digital solutions will encourage organizations to meet industry security requirements for data breach and prevention. The increasing number of threats is also boosting the requirement of legal services that specialize in dealing with cyber security laws.
The increasing competition and growing need to increase consumer base are fueling the need to create stronger brand identities. Leading organizations are leveraging social media and other digital tools such as blogs and podcasts to connect and offer services to a larger clientele. These mediums are cost effective ways to increase connectivity and retain their existing customers. By improving brand identity, organizations are witnessing faster business development and increased profitability. Legal firms are also leveraging these channels to offer low-cost services and detailed information on their service lines to attract more consumers.
Solutions SpendEdge offer to businesses
SpendEdge’s procurement market intelligence study for legal services offers insights into the supply market, supplier engagement models, cost-saving opportunities, procurement best practices, and price negotiation strategies. The solutions offered are listed below:
- Deliver better category strategies, understand supplier and market challenges, enhance savings, and implement best sourcing practices
- Provide a better understanding of the supply market landscape of legal services
- Offer services to manage cost and negotiate price, manage purchasing process efficiently, devise risk mitigation strategies, and measure the best value
- Deliver information on vendor capabilities, procurement market insights, cost-saving opportunities, and the top suppliers
Read our complete case study titled – Procurement Market Intelligence Solutions Helps a Leading IT Service Provider
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