Intellectual property is the foundation for building a significant competitive advantage for businesses of any size. Companies need to keep a constant eye out for new competitors and advantageous legal partnerships to stay ahead.
There are many ways to evaluate the value of your outside counsel, whether using general success metrics or quality indicators like timeliness and ease of communication. But perhaps the most valuable indicator may be the average cost of an issued patent prosecuted by the firm.
The age of big data is here to stay, and there is so much information out there to access, sift through, and organize to accomplish our goals. As a company evaluating your legal partnerships, how do you know which metrics provide the most insight?
To find success, law firms need to live in a constant state of self-assessment. The world of patent prosecution is always changing, and IP attorneys need to re-evaluate ineffective and slow routines to stay competitive.
In a saturated market, law firms are looking for ways to stand out and deliver the best legal services to their corporate clients. If you are looking to provide quality patent prosecution that ensures long-standing relationships, your firm needs to invest in data analytics.