3 Key Strategies For IP Firms to Succeed
A recent survey of about 400 law firms and corporate IP departments, conducted by CPA Global, an IP technology and service provider, identified three key strategies for law firms to improve their understanding of corporate requirements and drive profitable growth.
Time is Money: Choose Technology
Respondents of the survey considered cost and profitability as the most significant challenges in the next three years. This stresses the importance of firm productivity to drive profits.
The survey found that 31 percent of respondents perceived technology as a tool that can help improve practise efficiency and profitability and an opportunity for growth in the next three years.
IP firms that leverage on technology to develop responsive support services for day-to-day IP operations will better satisfy client demand for a high-quality service at a low cost. Furthermore, IP technology can streamline internal processes and improve process efficiency and data accuracy. Technology can also enable lawyers with the firm to focus on providing strategic advice to clients.
Find the Space to Grow: Outsource Administrative Tasks
IP firms face the challenge of staffing to support client needs, technical expertise and managing client's demand. Reducing the time spent on administrative tasks gives firms the space to grow.
IP firms may either reduce time spent on administrative tasks or outsource them entirely by partnering with external IP service providers, outsourcing areas including docketing, proofreading, renewals and reference management.
External IP management and technology providers can ease the administrative burden on IP firms. In addition, these service providers can work alongside a firm to help reduce costs while increasing responsiveness to client needs.
Take the Strategic Approach
The survey established that corporate departments are willing to invest in strategic counsel that will help position their company with a more relevant and efficient IP portfolio despite cost pressures. For IP firm success, this means building a trusted and strategic relationship with clients, focusing less on transactional tasks and more on adding value.
IP firms can become strategic partners by proactively identifying ways in which their clients can save money while adding value. Firms that can demonstrate the relative value of specific IP filings to their clients can help them unlock cost savings. By highlighting IP that delivers significant return on investment, IP firms can help corporates make more strategic choices over filings and renewals and maintain the most effective IP portfolio. Going beyond these services to become integral parts of corporations will help firms establish long term relationships with clients.
IP firms that wish to grow business from corporate IP departments need to demonstrate relevant IP experience to clients; they need to help corporates understand where IP is driving business value and provide strategic advice that can actively help in cost control.