How Data Analytics can Enhance Your Law Firm
With a highly competitive and global legal industry, attorneys are increasingly turning to technology to help them refine their practice. In fact, nearly 65 percent of law firms believe investing in technology is a priority, according to the 2016 Trends and Opportunities in Law Firm Outsourcing survey. ANAQUA provides the operational structure, data visualization, and IP analytics needed to evaluate your practice and improve internal procedures, prosecution performance, and client relationships.
Creating visibility in your operations pinpoints bottlenecks and identifies where process automation can help create more efficient work procedures and protect against errors. Analyzing prosecution data offers visibility into how well your practice performance compares to the competition and the market. Further, understanding the relative strength of your clients’ assets within their technology space enables you to provide more strategic counseling regarding maintenance decisions, licensing strategy, and assertion opportunities for infringing products.
Client-Focused Value Creation
Creating truly differentiated value for your clients can be a difficult task. AcclaimIP provides insight into the IP space that you can leverage to create new growth opportunities for your clients. With AcclaimIP, law firms can identify underutilized technology areas and counsel clients on filing strategy, licensing, divestiture, or assertions opportunities for infringing competitor products.
AcclaimIP provides clients with the following insights:
- Art Class Analysis
- Examiner Statistics
- Threat Monitoring
- Citation & Rejection Analysis
- Technology Saturation & Evolution
Firm Growth & Sophistication
AcclaimIP derives prosecution analytics from the USPTO public data that, when collated and analyzed, produces the following metrics that you can leverage to identify areas of improvement for your firm, benchmark your performance against competitors, and deliver business development opportunities.
USPTO data analytics evaluate your firm’s performance against competing law firms and the market, as shown in the patent scorecard.
Here are industry metrics used for enhancing your firm’s growth and sophistication:
- Assignee & Agent Evolution
- Class Evolution & Analysis
- Examiner Statistics
- Individual Agent Analysis
- Competitive Benchmarking
Big IP Data analytics tools provide detailed intelligence on your competition within your existing client base as well as with prospective clients. Visibility into your share of business with each client, how your performance stacks up to industry standards, and how you measure up against competing firms allows you make smarter decisions regarding where you can generate new business for your practice.
Analytics used to obtain greater competitive visibility with your existing clients and the market include:
- Assignee Agent Evolution
- Competitive Landscapes
- Art Class Analysis
- Examiner Analytics
- Citation Analysis
- Technology Saturation
- Competitive Prosecution Tracking
Finding Prospective Clients
In order to develop new business, you must assure prospective clients that you feel you can win. AcclaimIP enables you to research prospects based on portfolio size and technology space that map to your firm’s strengths. Additionally, identifying the challenges corporate clients face provides opportunities for you to engage with them to help solve problems. AcclaimIP delivers insight into where your firm has new growth opportunities.
Analytics providing insight into business development opportunities for your firm include:
- Technology Landscape & Evolution
- Assignee Search
- Assignee Class Evolution
- Competitor & Technology Benchmarking & Evolutions
Anaqua provides the best-in-class IPM solution, which fully integrates day-to-day operational capabilities with broader access to Big IP Data. Providing actionable insight is a core tenant of Anaqua’s platform and product development methodology.
Strategic benefits of implementing an IP management solution with integrated data analytics include:
- Highly Configurable SaaS Platform
- Analytics & Data-Driven Decision Making Capabilities
- Best Practice IP Workflows & Efficiency
- Strategic Supporting IP Services
- Platform Scalability For Small to Large IP Practices
- Integrated Client Relationship Management
- Unified Platform