Recession Proofing Your Patent Practice
It may be more polite to say we’re operating in “uncertain times,” and boy, are they. But the not-so-polite reality is, we’re in a recession.
And while, according to the 2021 American Law Rankings, firms experienced a record 6.6% growth during the pandemic, Wells Fargo recently found general firm expenses grew by 14%. That means 2022 profits may be beginning to slow.
Add to that a potential decline in corporate demand and signs of slipping attorney productivity noted in the Thomson Reuters Law Firm Financial Index, and you might start to fear the future of your firm. Thankfully there are ways to protect your firm so that you can maintain your practice’s success through, well, uncertain times.
Minimize excess spending with workflow automation
The business world is on high alert, and many companies are looking for ways to mitigate the risk. Law firms should be doing the same. And the first item to review is your current budget.
For years now, firms have been asked to be more efficient with fewer resources. Flat fees are becoming the norm, and unless firms can find ways to cut costs, profits per partner will continue to diminish.
In the 2022 Future Ready Lawyer survey, 63% of firms focusing on technology report their profitability increased over the prior year. When it comes to increasing profitability, nothing curbs excess spending quite like workflow automation. Automation, like Juristat’s suite of tools, speeds up menial tasks, ensuring your staff can take on more impactful, profitable work. For example, support staff at Harness IP save as much as 60 minutes on each office action response with Juristat OAR, freeing up their day for other important assignments.
Reinvesting that time into more qualitative measures of success, like client relationship management, market research, or case preparation, is how your firm takes on a more active, integral role in your clients' success. And happier clients lead to more money for your firm and its stakeholders.
Don’t outsource what you can do yourself
Finding the right expert witness in PTAB proceedings is crucial to success, but IP attorneys often have to rely on expensive recruiters to find these experts, with no guarantee of the quality of the expert. And with every new search, there is another recruiter fee and more unknowns.
Instead of relying on a recruiter, you can lower and fix costs associated with your PTAB cases, and say goodbye to those expensive recurring fees with Juristat’s PTAB Expert Search. Learn which experts have the most relevant technical expertise for your specific case and ensure a cost-efficient trial by hiring those within your desired budget.
With Juristat, you pay once and search as often as needed. That's unlimited access, with no limits on the number of searches or number of seats. An annual subscription to Juristat PTAB Expert Search is one-third the cost of recruiters. That's the kind of statistic that'll make your clients happy and keep your firm profitable.
Another perk to handling this particular task in-house? You can conduct opposition research like never before. Rather than paying a recruiter per search, your annual subscription allows for unlimited searches in our industry-leading expert database. This means you can conduct opposition research in ways you never could before. Whether you’re looking to get to know an expert for your own defense or to understand who is on the other side of your IPR, Juristat PTAB Expert Search allows you a level of control and transparency never before seen in the industry.
Do your best work
During prosecution, small mistakes can turn into costly delays, and make for unhappy clients. A recent analysis of office action responses found that nearly 12% contain errors made by attorneys. These errors result in excess USPTO fees, drive up staff time that has to be written off, and ultimately, eat away at budgets and PPP. To keep costs down, and improve client satisfaction, work to minimize errors.
This may mean additional staffing to quickly review work, or you may find it best to find a legal tech solution.
Less than 0.5% of OA responses produced by Juristat during the same analysis timeframe contained a comparable error. Juristat OAR improves firm efficiency, enhances the quality of life for support staff, and increases profits per partner.
There is no one right way to navigate the potential hard times ahead. You need to find a solution that works for your practice. Curious to see how Juristat can help recession-proof your firm while maximizing your profits? Explore our solutions with a quick demo.