Inside Counsel recently interviewed Todd Rapier, executive vice president of worldwide sales at MultiLing, for information on how to stretch an IP budget. Building, protecting and monetizing intellectual property is essential in the global economy. But companies are being forced to rethink how they view their intellectual property due to new rules in the America Invents Act, an increase in patent litigation and a stagnant global economy that are all affecting IP budgets.
You can read the full article at Inside Counsel’s web site, and here are some highlights:
- Company IP departments are not getting the budget increases to correlate with an increase in their patent portfolios — especially when trying to cover the costs of foreign filings. This is forcing them to look at their best practices.
- Steps that a company can take to maximize their budgets include streamlining docketing, negotiating fee structures with foreign counsel and adjusting their methods of drafting.
- One of the largest costs incurred by companies filing foreign patents is translation. Moving to a centralized provider that specializes in the patent world can save money while providing quality and consistency. A centralized hub/spoke model allows data to flow among patent filings for multiple countries, helping companies file quality applications from the start.
Rapier notes that the way that we do foreign filings around the world was developed in the pre-Internet era, and has not changed much in the intervening years. This provides a great opportunity to think about how to do things better and MultiLing is leading out in developing best practices for centralized IP services.