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Lecorpio Blog

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Top 10 Tips for IP Budgeting

Over my career I’ve been surprised at the professional skills that we, as lawyers, need to have, for which law schools and law firms do not prepare us before we go in-house.

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Focusing on Patent Quality

As I reviewed our 2017 Patent Program Benchmarking Survey, I was excited to see that an increasing number of companies are embracing key performance indicators (KPIs) to help them not only increase the operational efficiency of their patent portfolio programs, but to also increase the quality of their output. This increased corporate focus on patent quality resonates with me. For years, many of you have likely heard me express my belief that quality over quantity is a critical path for all of us. It ensures that we can develop strategic intellectual property programs for our companies. It also helps further improve our Nation’s confidence in our intellectual property system, which has taken a hit over the last decade due to the unfortunate use of dubious-quality patents for litigation settlement purposes.  

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Common IP Budgeting Pitfalls

Managing IP budgets can be time-consuming and complex – and because IP budgets can account for up to 75% of all legal spend in some companies, we are talking about some pretty significant costs that typically receive senior level attention. Given the magnitude of the budget needing active management and time and resource constraints with competing priorities, it’s no wonder that IP departments fall prey to some common pitfalls when managing their IP budgets.

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Top 3 Things to Look For in an Intellectual Property Management Solution

First of all, let’s establish a few assumptions. Number one, I assume you actually want to manage the entirety of your practice within the business, not just some portion of it. There are lots of point solutions out there that will help you with this or that, but not the whole package. Worse, some people actually try to force a point solution to manage assets or processes for which it was not designed. Ironically, they often spend very expensive human resources to make up for the inefficiencies of their so called savings.

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The Single Most Important Quality to Look for When Selecting a Legal Software Provider

Over the last 10 years, I’ve often written about the importance of ensuring that your legal software providers have taken measures to secure their systems – so you might naturally expect me to say that security is the single most important quality to look for when choosing a legal software provider. And if we’ve ever met, I’ve probably spoken about the need for solutions that are intuitive and easy-to-use, or provide access to information that can enable informed, data-driven decisions. Yes, undoubtedly – all of these factors should be taken into consideration when selecting a legal software provider. And in fact, at Lecorpio, we pride ourselves on delivering these capabilities.

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