Competition for legal services in the area of Intellectual Property law has become even more intense in the past year. A slowdown in IP litigation forced some of the nation’s top IP boutique firms to reduce headcount in 2015, and industry experts are forecasting that court decisions relating to patent disputes will cause this slowdown trend to continue in the short run. This means that firms with IP practices are competing for fewer client matters.
What’s more, the largest law firms are winning a bigger share of IP work. Last year, firms employing 201 to 500 lawyers owned a 13 percent market share of IP business, down from 35 percent four years ago, according to an analysis by LexisNexis CounselLink.
Law firms are seeking a competitive advantage in their efforts to attract more IP work from clients, and many turn to a patent analytics tool designed for IP lawyers. This is the new secret weapon for your business development efforts.
LexisNexis PatentAdvisor® is the first-ever data-driven patent strategy tool, providing users with a systematic approach to crafting an effective prosecution strategy. The tool enables IP practitioners to better understand why certain patent applications take longer than others to reach allowance, then use that knowledge to devise better strategies, manage budget and evaluate entire IP portfolios.
So what makes an analytics tool designed by patent attorneys and for use by patent attorneys something that can be turned into a secret weapon for business development?
As we commercialized the PatentAdvisor™ solution, we uncovered a fit for business development. You can benchmark your firm against other firms competing for similar work from similar clients. By searching patent prosecution results for 10 million patents over a 14-year period, you can delve deeply into the data to gain insight on how your law firm’s performance for your clients compares to that of your peers.
PatentAdvisor can predict your likelihood of success. It can predict the time it will take the patent to grant. It will tell you who your top competitors are with an analysis of your strengths and weaknesses comparative to one another. It allows you to effectively compare law firm to law firm against USPTO norms.
Imagine having the ability to crunch all of this data in seconds and begin to understand where your firm has strengths versus your competitors, then exploiting that rare insight in your business development initiatives. Imagine being able to statistically prove that your firm has superior results in a specific area of patent prosecution as compared to another firm, then including this content in your RFP. This is the value proposition of LexisNexis PatentAdvisor for law firm marketing. And remember, while IP litigation may attract the headlines, transactional IP work is actually a larger market for law firms, with approximately $5.5 billion spent by U.S. companies last year.
Today more than 100 law firms and top patent filers are using LexisNexis PatentAdvisor to improve their outcomes in patent prosecution. For savvy law firm business development professionals, it can also be a secret weapon to help you win more business for the firm.