Key IP Portfolio Management Challenges In-House Legal Teams Face Today
Corporate IP legal teams today face a number of challenges as they work to manage their IP portfolios. And they are looking for new ways to streamline their IP portfolio management, from patents and trademarks to domain names, designs, and more.
How can technology and the right tools help these teams improve collaboration, save time on tasks, and increase overall performance? In a recent webinar from Anaqua, Michael Frechtman, Anaqua’s Senior Director of Accounts and Sales, walks through 7 key challenges in-house legal teams face today and offers effective ways to help address them.
7 Key Challenges:
1. Increased workload
Corporate general counsel expect workloads to increase by 25% over the next three years, according to a recent report from EY*. Yet 75% don’t expect budgets to keep pace. In addition, corporate growth and expanding IP portfolios signify increased workloads for their IP teams with no increase in budgets. As a result, they need to find alternative and efficient ways to accomplish more.
*EY General Counsel Imperative Series 2021
2. Reduced headcount
According to the same report, general counsel surveyed also anticipate headcounts to decrease by 3% over the next three years. Because of this, in-house legal teams don’t necessarily have the staff or human resources to maintain their databases properly. As a result, they will need tools to help streamline their workflow and ease the burden.
3. Enough time to manage IP portfolios
According to the EY report, 76% of legal departments need help keeping up with their intellectual property portfolios. From keeping track of dates and deadlines to gathering the necessary filing data, to managing communication with stakeholders and clients, they seek more time to manage and keep portfolios up to date.
"Corporations in particular – especially with smaller and medium portfolios – are faced with a breaking point, a time when they need to bring in a proper tool to help manage their IP portfolio.”
– Michael Frechtman, Anaqua
4. Too many manual tasks
76% of legal teams, according to Deloitte’s State of Legal Operations Survey in 2021, are burdened by manual work, including maintaining data about their portfolios and pulling reports out of their databases in a way that is efficient and not time-consuming. Even with the help of spreadsheets, teams might manually manage anywhere from a few to hundreds of patents and trademarks. What's more, only 18% say they now automate most of their routine tasks using current technologies.
5. Managing and reducing risk
Tight deadlines and overworked teams can unwittingly introduce errors – inaccurate data entry, spreadsheet formula errors, country law issues – any errors can lead to missed deadlines, fines, or loss of IP rights. As a result, corporations must find ways to manage risk and ensure that portfolios are managed correctly and on time.
6. Global team collaboration
Today, corporations with global teams are filing applications around the world. And they might hold different pieces of a corporate portfolio at various locations. So how do they ensure they have one central repository where the entire portfolio is tracked and updated?
7. Need for reliable technology
Today’s corporate IP teams need reliable, intuitive, easy access to the right tools, software and technology to support their workflow and address today’s challenges. How will next-generation technology help them prepare for the IP portfolio management desk of the future?
PATTSY WAVE® can help your teams run more efficiently
PATTSY WAVE helps intellectual property operations teams run more efficiently, reduce risk, and improve accuracy. We designed PATTSY WAVE for IP professionals looking for a tool to save time and money. It helps increase productivity by automating repetitive tasks and making information available at their fingertips. As a result, organizations can manage their portfolios with minimal effort while reducing the risks associated with erroneous or inaccurate data entry.
With PATTSY WAVE, you can streamline your IP operations with technology, use analytics to support your organization better, and gain visibility and control over your IP data. In addition, PATTSY WAVE will help your in-house legal team:
Work more efficiently and accurately with powerful IP business logic
Streamline docketing and mitigate risk
Free your IP team to focus on strategic work by reducing the complexity of managing your IP portfolio
In-house legal teams today face many challenges in managing their IP portfolios. In addition, corporate teams are looking for new ways to streamline their IP portfolio management, from patents and trademarks to domain names, designs, and more. PATTSY WAVE offers one solution to set your team up quickly and easily for success while helping to meet those challenges.
- Watch the webinar to see PATTSY WAVE in action >
- Learn more about PATTSY WAVE >
- Get in touch to request a demo customized for your firm >