Boult Wade Tennant has implemented IP Forecaster to calculate accurate IP portfolio costs on behalf of its clients. The software enables the firm to quickly deliver reports that previously took three days to produce.
ABOUT BOULT WADE TENNANT
Boult Wade Tennant is an internationally recognised firm of European Patent and Trademark Attorneys and Chartered Patent Attorneys. Based in the UK, with offices in London, Reading, Oxford and Cambridge, Boult Wade Tennant works with clients around the world. The firm assists in the selection, protection, management and enforcement of IP across many areas of technology, including biotechnology and life sciences, electricaland electronic engineering, mechanical engineering, materials and chemicals.
- IP Forecaster®
- Simplify forecasting of total expenditure required by clients to manage their IP portfolio
- Improve accuracy of IP cost projections for clients
- Reduce time spent by the firm’s attorneys on administrative activities
- Gain a competitive advantage over other IP law firms
- Assume responsibility for new firm’s patent renewals management
- Instant collation of data that previously took three days
- Seamless integration with IP management system (Inprotech)
- Key differentiator when talking to new business prospects
As a law firm specialising in IP, Boult Wade Tennant frequently fields requests from clients for annual projections of future IP-related costs. These are important in assisting clients with budgeting requests for their next financial year and to help them identify the full costs of their patent applications and renewals, as well as exactly when payments will be due.
Providing an accurate estimate of future IP costs is notoriously complex. However, the information is essential for the corporate IP managers with whom Boult Wade Tennant works in order for them to secure appropriate budget and/or decide how their existing budget can be spent most effectively. As a result, Boult Wade Tennant was devoting a significant amount of time and effort to this activity, frequently with no fees, but purely as an investment to secure further business from a client.
Although the work could be done, it was proving to be a very time-consuming and inexact process, requiring up to three days of attorney resource each time and for each client. An attorney could download the client’s current portfolio from the firm’s Inprotech IP management system, and run a report on all renewal fees due in the next year for granted cases. However, the attorney would then have to gather information from several different sources to estimate likely costs related to pending applications. This relied upon a degree of guesswork, which needed to be re-created each time from scratch, and offered no means of assessing the accuracy of the resulting projections.
Boult Wade Tennant’s vision was to automate the entire process of filing and collating data to provide clients with instantly-accessible insights into the costs relating to their global IP expenditure. The firm wanted to offer added value to clients, while also improving the firm’s own profit margins by reducing the amount of attorney time spent on administrative tasks.
Better margins and enhanced client service
Boult Wade Tennant understood that the manual production of estimates of clients’ projected expenditure on IP was not the most effective use of its highly skilled attorneys’ time and sought an automated solution to help speed up the process and improve efficiency. The firm chose CPA Global’s IP Forecaster for its ability to automate the calculation of all patent costs and timings on behalf of each client.
As an online tool, IP Forecaster easily integrates with Boult Wade Tennant’s case management and docketing system, Inprotech, and pulls in real data from a network of international patent attorneys and patent offices worldwide, including the USPTO and EPO. It undertakes all of the time intensive tasks instantly, and provides an independent analysis of future costs and payment due dates in the currency of the client’s choosing.
The software also incorporates advanced algorithms that enable cost and time projections to be re-evaluated according to the complexity of each patent family or even an individual patent. Boult Wade Tennant’s attorneys can then apply their expert knowledge on the client and relevant technology area to make the forecasting as accurate as possible. For example, they can refine the analysis by estimating everything from the predicted number of iterations of a patent at prosecution, to the number of planned PCT extensions, with IP Forecaster instantly calculating the associated cost and time implications.
Boult Wade Tennant can run the reports on an as-needed basis in order to provide clients with a visual representation of future costs by case or portfolio. They can also schedule the creation of regular reports to a pre-defined schedule, which has proven popular with clients who require an annual or six-monthly report for budgeting purposes.
A key differentiator for the law firm and dramatic time efficiencies
IP Forecaster has automated the administrative activities around IP forecasting that previously took three days. This enables Boult Wade Tennant to assist corporate clients in reducing their IP management costs without impacting upon the firm’s own profit margins.
Appreciation of Boult Wade Tennant as a vital strategic partner has increased as it can quickly produce accurate and easily digestible management reports, incorporating cost forecasts for all or part of each client’s patent portfolio. This is enabling its clients to give their finance departments greater insight into the management of the company’s IP and ensure it is valued appropriately.
Value add for clients
IP Forecaster is proving to be a key differentiator for Boult Wade Tennant in its new business efforts. The capability to help corporate IP managers with their budgeting through recourse to an accurate and time- efficient IP forecasting tool is a compelling proposition for prospects and existing clients.
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