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.
Enabling companies to unleash the power of innovation
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.
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.
With SCOTUS decisions, shifting litigation trends and changing IP policies, last year was certainly a busy one for the IP community. With so much going on, it was difficult to limit the list to just ten items. But here is what I consider to be the top ten IP stories from 2015.