5 Strategic Benefits of Business Intelligence for IP Law Firms

Stephen Stolfi,

When modern companies deploy business intelligence (BI) strategies, they use a mixture of advanced technologies and services to create data-backed insights that can produce better decision-making. However, for law firms who specialize in intellectual property, the value of BI can be even more extensive.

This article suggests five strategic benefits of BI for IP law firms and outlines how trademark attorneys can leverage legal technology to access competitor and market intelligence insights. Why should they do this? Not just because it enables them to better support client needs, but because it can also help any company to have a well-rounded view of their industry and, hopefully, to win new business.

Why is advanced BI so important?

Firms with a more limited set of BI capabilities can typically only generate reports and analytics that restrict them to identifying and addressing specific business problems. For IP law firms, being able to access BI can be extremely beneficial in many ways. Here are five use cases for you to consider:

1. Client knowledge

Being able to aggregate and combine internal and external data sources can better inform how much you understand about your clients. By using advanced analytics, you can uncover important business intelligence insights such as industry-specific trending products and competitor insights. With this kind of informed approach to a sector, you can transform your client and advisory services, increase client retention, enable cross-selling opportunities, and even discover new clients among the most active participants in an industry.

2. Responsive client service

For IP law firms working to tight client deadlines, providing good service may require the ability to work both quickly and reliably. As such, BI tools that enable the screening and evaluation of new trademark registration candidates in real- or near-real-time can help to eliminate early blockages at the naming stage of a new brand project.

How do we support this?

Our own platform’s easy-to-use and intuitive user interface has analysis tools that illustrate trademark search results in a very simple way for both the law firm user and their clients, enabling proactive and responsive client service. Our clients tell us that conducting preliminary trademark searches with ExaMatch™ helps them to better serve their clients’ needs too.

“Sometimes we search and respond to a client in real time - for example during a phone consultation - especially if what they are looking for is an answer to a straightforward query.” — Jan Gerd Mietzel, Partner at Rolim, Mietzel, Wohlnick & Calheiros LLP.

You can read the full Case Study here.

3. Efficiency

Leveraging legal technologies, such as our preliminary trademark search solution ExaMatch™, can help to reduce administrative tasks and eliminate the manual data entry required to prepare screening reports. For advanced researchers, it can also significantly impact data presentation capabilities and provide for greater accuracy of clearance search reports.

Our business intelligence and trademark management tool Portfolio Analyzer™ and our preliminary trademark screening solution ExaMatch™ both provide opposition data in the UK, the EU, and the U.S to support you in your litigation work.

Time saved by utilizing technology in this way can maximize productivity and free up more hours to formulate your legal opinion, explore business value-adds such as marketing, gathering referrals, and winning new business!

Book Your ExaMatch™ Demo Now

4. Investment research

Offering IP valuation services and being able to quickly discover new investment opportunities through BI is an additional revenue stream for many IP law firms.

The increasing demand for IP asset valuations has recently led to new business opportunities for IP professionals. According to a 2021 survey of its global law firm readership by the World Trademark Review on “How covid-19 has permanently affected law firm operations” respondents reported that, over the last 12 months, their clients have sought additional services from them that include brand valuations (30.89%), mergers (33.33%), and acquisitions (45.53%) — as well as taking management of the company’s global law firm networks (34.15%).

Today, many brand valuation service providers are utilizing technology to access and evaluate trademark registry data to assist them in their work, which helps them to make a quick, comprehensive assessment of a company's IP portfolio and increase efficiency by collaborating online with other stakeholders such as M&A, commercial risk assessment practitioners, and insurance firms professionals.

5. Be a better business partner

Maintaining portfolios on an ongoing basis, using a larger data analysis dragnet, can help law firms to offer additional service to existing clients. Portfolio Analyzer™ enables you to see trademark protection coverage for the same mark in different areas and territories. Being able to readily identify any gaps in national or international trademark protection coverage and offer a proactive client service, helps you to be a better business partner.

How so? Let’s imagine that you notice that your global fashion client does not have trademark protection for clothing in Germany. This gives you an opportunity to contact your client and ask why. They might respond that they do not need it, or that there was a prior trademark right. If it is the latter, this gives you an opportunity to provide an additional service and check the non-use issues for them to ascertain whether that prior trademark is still a risk.

Our tools can help you in your own business development work too as Portfolio Analyzer™ enables you to run key analysis on top brands and regions in the same way and identify potential new business!

Final thoughts

Portfolio Analyzer™ enables trademark and risk management professionals to quickly create and verify a company portfolio. Now you can gauge the strength of a trademark portfolio, identify growth trends, coverage gaps, and vulnerable brands, and benchmark portfolio-strength metrics against competitors.

Whether you are taking your first steps towards an online business intelligence solution, re-evaluating your existing strategy, or enhancing your firm’s online services, it pays to add Portfolio Analyzer™ to your firm’s toolkit.

QUICKLY CREATE AND VERIFY ANY PORTFOLIO- LEARN MORE ABOUT PORTFOLIO ANALYZER

By Stephen Stolfi
Stephen Stolfi a member of the Corsearch Executive Leadership Team. He has been with Corsearch for over 20 years and has worked in the brand clearance and protection solutions industry for close to 30 years. Throughout his career, Stephen has guided and trained numerous individuals at corporations and law firms on effective trademark search and brand protection strategies. He has also guest lectured on trademark clearance and protection at various colleges and universities throughout the U.S., as well as at local and global intellectual property associations. He has written a number of articles and has been quoted about brands in various industry publications and industry blogs. Stephen is Corsearch's Chief Commercial Officer.