Is there a better way to protect your clients' IP?
Great ideas need protecting – and that's a priority for IP law firms and their clients. However, IP renewals and annuities involve a lot of work, costs, and risks for little financial reward. With firms having to work smarter and more profitably, there's a big need for easier ways to renew. So, how can your firm free itself from renewal fatigue?
Time and money
Renewals are vital but rarely profitable; especially when your skilled team could be working on more valuable tasks. Dealing with admin takes time and money too, for example, raising and sending involves, handling queries, chasing clients, and recovering debts. And there are risks when renewing, especially manually. Mistakes are easily made and tricky to solve. In fact, errors can go unnoticed for years, leading to damaging law suits.
Sharing the load
A problem shared, is a problem halved. So firms are increasingly using service providers to handle some aspects of renewals, such as making payments and tracking laws. That's a start, but law firms still have admin and risks to manage, including reminding clients, receiving instructions, and making sure everything's in order.
Choosing the right partner
There is a better way: choosing a partner that can support you and your clients throughout the renewals process. Smart firms will pick providers with the experience to provide great service, the finance to fund renewals, and the technology to renew quickly, easily and without errors. The benefits go beyond keeping clients happy and staying out of court. Having a competent partner can also lower your insurance premiums, as there's less risk of lapsed cases, cash-flow burdens, and bad debt.
Naturally, a renewals partner needs to be more than a financially robust expert; they must also be helpful, providing your clients with an online renewals interface that's quick and easy to use. So, accept nothing less than an end-to-end solution that:
- Enables patent owners to respond immediately with instructions.
- Provides easy access to case statuses and histories.
- Offers advanced functions, such as reporting tools, and portfolio overviews, which are particularly useful for smaller portfolio owners.
Such a solution now exists. It's called 'Renew App' from CPA Global. Covering patents and registered designs, this online renewals and annuity solution makes it fast and simple for law firms and portfolio owners to renew their IP. The solution provides clear and up-to-date information on all aspects of renewals in portfolios; easy controls across the full renewals cycle, from uploading cases to submitting renewal instructions; and advanced information, such as custom portfolio reporting and accurate budget reports.
The Renew App goes further than its core functions, featuring tools to search across portfolios and generate reports for internal reporting and management tasks. To escape renewals completely, law firms can also choose to give their clients full access to the Renew App.
Focus on Profit
The days of law firms trawling through renewals with little return could soon be over. So, why not ditch the admin and switch to a solution that frees you to focus on profitable activities? Click here to arrange a demo of the new Renew App.
The Renew App provides:
- Enhanced features and services, compared to in-house or partially outsourced solutions.
- Freedom to focus on other tasks by giving clients direct access to information.
- Better client management with immediate access to client renewal statuses, instructions, and queries.
- Client self-service options across the full renewals cycle to provide a full annuity exit solution.
Take a look at our step by step guide to developing and executing a well-conceived patent annuity exit strategy. Click here to read more.