Are You Wasting Too Much Money on Extension Fees?

July 22, 2016 Tara Klamrowski

patent-extension-feesDo you know how much money your firm or in-house department is spending on fees for filing extensions? Whatever the amount, it is likely too much— most extension fees can be wholly prevented through smart, data-driven organizational methods. By utilizing legal technology, patent attorneys can harness the power of prosecution analytics to help identify problem areas and adjust their procedures to eliminate unnecessary extension filings and fees.

Patent prosecution analytics software can empower attorneys and IP counsel by providing them with the tools they need to create truly data-driven patent prosecution strategy. Attorneys can use this software to track various statistics, and in turn use this data to drive efficiency and inform future decisions. Data visualization tools can help firms understand their behavior, trends, and get a comprehensive picture of their entire prosecution practice in a snapshot to identify areas that are ripe for improvement.

Analytics and performance metrics can make it easy to recognize patterns that lead to overspending on extension filings. Attorneys can customize prosecution software to target a particular data set so they can see how often their firm or company is filing close to a deadline and determine if that is a trend. Users can then apply different filters to this data set to see if that trend is unique to particular art units, products or clients.

Identifying these trends and their origins allows firms to counteract underperforming areas with training or implementation of new practices and strategies, such as adjusting prosecution timetables or reallocating certain workloads. This type of analytics software can also continuously monitor data going forward and track whether a firm’s mitigating measures are having a positive impact on the trajectory of problematic trends.

IP counsel can also utilize prosecution analytics to quickly compare the track records of outside firms when it comes to spending on filing extensions. Counsel may see that certain firms are filing extensions at a higher rate than others, and may reevaluate the dynamics of their relationship with that outside firm for future prosecution.  

The ability to quickly discern problems, adopt new strategies, and measure success is crucial for any firm or in-house legal department, and now prosecution analytics software makes this easier to do than ever before. Platforms like LexisNexis PatentAdvisor® provides patent practitioners with a suite of analytics to help them maximize efficiency and streamline their prosecution practice. Tools like Prosecution Guidebook, Patent Prosecution Monitor, and Quick PAIR promote true insight and understanding, and can even predict future success rates.

Data collected from these tools can be used to generate alignment reports, create targeted data visualizations, and develop key performance indicators that can measure progress made on issues like overspending on extension fees. This allows patent attorneys and IP counsel to visually identify troublesome trends or high value patterns and pinpoint their sources. The level of customization and flexibility offered by PatentAdvisor™ tools and filters enables law firms and companies to tailor the software to meet their specific needs and devise effective solutions.

 

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