Joe Bichanich, Client Director for Global Law Firms, and Fernando Maiques, Senior Director, Head of AQX Product, share their observations on the current state of the IP law firm industry. They also discuss how Anaqua Connect®, with its built-in capability to share docketing information, improves client and law firm collaboration and helps firms differentiate and maintain a leadership position.
Recent Law Firm Trends and Pressures
As the global demand for IP services continues to grow, law firms are faced with an unprecedented need to adapt quickly to increased workloads, reduced resources, and evolving client expectations. When considering the factors needed to maintain and expand their place in today's marketplace, three key areas have emerged in recent years:
- Gain productivity. More and more law firms are adopting technologies, particularly AI and automation. According to Deloitte The Future of Legal Work 2024 Report, 88% of legal professionals agreed that Generative AI would deliver productivity and efficiency gains in legal work.1
- Demonstrate client value. There is heightened pressure from corporate clients to implement new technology solutions to improve collaboration, streamline work processes, and demonstrate their value.
- Connect data and tools. Law firms are trying to cope with the increased volume and complexity of information spread across disparate systems. Using various software tools and systems, some of which are internal and some of which are external, increases the risk and makes data management more difficult.
A key strategy at Anaqua is to help IP law firms implement the technology needed to improve efficiency and drive growth by increasing the value delivered to clients. This also enables firms to increase the amount of time their staff are billable for and improve firm margins.
Anaqua's leading IP management platform - AQX® Law Firm - offers innovative AI and automation capabilities. These solutions include Anaqua Connect, which facilitates collaboration between law firms and their clients. Ultimately, this helps law firms to differentiate themselves and maintain a leadership position.
What is Anaqua Connect?
Anaqua Connect is a secure portal that enables law firms to enter their information into the AQX Law Firm IP management platform and have it immediately transferred over to the client’s system. This supports collaborative end-to-end workflow processes and automated data exchange.
What makes Anaqua Connect a pioneering solution is its ability to extend the automation of IP management systems to include the external administration of matters and processes related to clients.
Law firms can demonstrate to their clients that by using Anaqua Connect, they are improving efficiency and are also better positioned to reduce the risk of maintaining their data.
Challenges Law Firms Face due to Double Docketing
'Double docketing' involves processing the same piece of correspondence twice: first in the law firm's IP management software, and then in the client's system. This has become an administrative burden for IP law firms, with clients asking them to update their internal IP management systems (IPMS) with filing and prosecution information.
Double docketing is a challenge for both law firms and corporations because it increases the cost and risk associated with managing a client's IP portfolio. When docketing more than once, there is an increased chance of entering the wrong data or even failing to input it all together. Additionally, there is a heavy responsibility on the law firms to ensure accuracy, and missing a deadline can lead to costly consequences.
How Anaqua Connect Reduces Double Docketing?
Using Anaqua Connect, once law firms update records in AQX Law Firm, the necessary fields are automatically pushed to the corresponding records in AQX Corporate. Corporate clients can maintain their own records. Only the necessary fields are synced with their outside counsel. Each IP team can have their own internal processes and workflows in place.
Law firms can update records quickly and consistently without needing to learn many of their corporate clients' systems.
As a result, firms can save up to 30% of their time and free up valuable resources to focus on delivering greater value to their clients.
“As a part of the Anaqua Connect pilot team, we aim to automate at least 80% of manual double docketing. We have been working with our Anaqua Client Director to implement automated processing and auto-docketing.”
- Allyson Campbell, Intellectual Property Systems Administrator & IP Docketing Coordinator, Thompson Coburn LLP
Anaqua’s Docketing Automation Solutions: Leading the Way
The technology available to law firms and their clients often shapes or limits the way they work and collaborate. Standard IP management software solutions often focus only on improving firm productivity by automating internal manual tasks. To stay ahead of the competition, IP firms are looking to transform their processes and improve collaboration with their clients by adopting automation and AI solutions.
Anaqua strategically incorporates automation capabilities into our IP management platforms when it helps address our clients’ business needs and creates value for IP professionals. Anaqua Connect represents a paradigm shift in how corporations and law firms work together. Over time, it will become the industry standard for connecting IP management system data and improving law firm collaboration.
Thompson Coburn is one of Anaqua’s law firm clients that contributed to the development of Anaqua Connect.
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FAQ:
Anaqua Connect helps law firms save approximately 30% of their time in the docketing process. The average docketing time is reduced from 7 minutes to 2.23 minutes.
In addition to effectively eliminating double docketing, Anaqua Connect provides law firms and their corporate clients with the integrated ability to share docketing information between their respective IP management platforms.
If you are an existing Anaqua client, contact your Client Director to get started, or contact us here.
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