And yet, IP management is low-margin and time-consuming work, often bringing law firms very little return to counterbalance the risks of missed deadlines or inaccurate data entry. That's why many law firms are seeking more intelligent methods of managing IP renewals, docketing and other administrative functions – one that allows them to guarantee their clients a risk-free service at a cost-effective price.
Typographical errors, incomplete data entry, undocumented process and insufficient staff resources are just some of the common causes for missed deadlines or compromised IP Rights. But it's not just in routine IP management tasks, such as data entry, docketing or IP renewals, that a company's assets can be inadvertently compromised in this way.
Often law firms simply inherit 'bad data' along with new client accounts or as part of a client's merger and acquisition activity.
IP portfolio transfers, in particular, are inherently risky, as they generally require law firms to identify and rectify incomplete or erroneous data, and resolve chain of title or IP Recordal issues, generally under pressure of time, fees and resources.
How can I mitigate this risk?