Facing increasing pressure from clients, an increasing number of law firms are looking to cut costs. The easiest way to do this while maintaining high productivity is to invest in the latest legal technology. Machine learning and predictive analytics, in particular, can not only reduce expenses but can also offer firms a competitive advantage in areas like patent prosecution.
Patent analytics software gives users access to the benefits of this technology and more. By streamlining prosecution and revealing patterns that can predict the outcome of an application, analytics can not only increase the likelihood of an application’s success, but can create big savings that can be passed on to the client.
Here are some ways patent analytics software can save clients money.
- Predict Prosecution Outcomes
One way patent analytics software can help you save your clients money is by predicting the potential outcomes of the prosecution for individual applications, or even for entire art units. Analytics can help determine which art units are high or low allowance, and in turn can help determine if a particular application is stuck in a low allowance art unit and is not likely to mature into a patent. Armed with this knowledge, you can better guide your clients on how to allocate their resources to patent applications that have the potential to deliver a higher return on investment.
- Project Prosecution Costs
An additional way patent analytics software can help you save your clients money, is by giving attorneys the ability to accurately project the costs associated with the examination process. More specifically, analytics can help estimate how many office actions an application is likely to face based on an application’s examiner and art unit statistics.
For example, the average office action costs about $3000. Thus, if an application is likely to face three office actions based on comparable statistics for similarly situated applications, the total estimated cost of those office actions would be around $9000. This information, coupled with statistics on the application’s likelihood of making it to allowance, can help you guide your clients on deciding early on in the process if this application is worth the time and money to prosecute.
- Automate Prosecution Tasks
Analytics software can also help you save your clients money by automating many of the organizational tasks associated with prosecution. For example, patent analytics software, like LexisNexis PatentAdvisor®, provides a centralized location for all information related to examination, automatically uploading all of this information into a user dashboard. This makes it easy to conduct research and gather statistics on an application’s examiner, the relevant art unit and comparable applications, freeing up billable hours for substantive tasks. Additionally, patent analytics software can automate repetitive tasks like application update alerts and generation of prosecution and examiner reports for clients, cutting down on the hours needed to complete administrative work.
PatentAdvisor is the leader in patent analytics software, providing attorneys with all of these features and more so you can help your clients improve their patent prosecution outcomes.