NEW YORK, April 11, 2024 (GLOBE NEWSWIRE) -- UnitedLex, a leading data and professional services company specializing in litigation, intellectual property, contracts, compliance, and legal operations, releases 2024 IP Impact Study: Trends in Benchmarking Value. This first-of-its-kind report explores how both law firms and corporations measure the efficacy of their IP processes and the intangible value and impact of the assets they secure, protect, and enforce.
In January of 2024, UnitedLex commissioned a leading market research firm to survey 200 senior in-house and private practice IP professionals to better understand how they measure impact and benchmark value. Respondents included practice group heads, general counsel, chief IP officers, and other senior decision-makers. The survey results point to an increased reliance on metric-driven decisions to measure the commercial impact of IP strategies and resource management including technology, data tools, head count, and external partners.
“Companies are understanding that the value of their organization is more and more dependent on their IP. There is a heightened mandate for IP teams to protect their companies’ assets while demonstrating operational rigor and fiscal accountability,” said Joe Dearing, Executive Vice President for IP solutions at UnitedLex. “Headwinds and operational drag impacting IP teams, including the growing number of U.S. and global filings, the scarcity of IP expertise, and protocols to mitigate risk, make IP a costly business function if not measured and managed strategically.”
Facts from the report include:
- IP filing volumes are expected to increase due to growing high-tech and biotech development and widespread adoption of AI to enhance existing goods and services.
- Law firm respondents said they expect investment to be mainly focused on hiring support staff (68%), IP management technology (66%) or specialty IP service providers (61%); in-house teams were slightly more likely to engage specialty providers than invest in IP management tech—55% and 52% respectively.
- In-house teams report regulatory changes (62%), product development (55%), and resource constraints (45%) are the leading factors negatively impacting portfolio ROI.
- 57% of law firms name resource constraints and IP specialization labor costs top challenges to profitability, with AI and other emerging technologies increasing both filing activity and regulatory uncertainty as IP lawyers already face greater volumes of IP prosecution work.
“There are very few organizations I have seen that have turned their IP departments into a revenue generating department rather than a cost center,” said Rajitha Boer, UnitedLex Chief Client Officer. “If in-house teams can show they are generating revenue, it makes their life so much easier, because they are moving the dial for the company.”
The full report offers a detailed look at the challenges and opportunities IP professionals face, as well as insights from numerous industry leaders. Download a complimentary copy of the report at: https://unitedlex.com/intellectual-property/impact-report/
About UnitedLex
UnitedLex is a data and professional services company delivering outcomes that create value for high-performing law firms and corporate legal departments in the areas of digital litigation, intellectual property, contracts, compliance, and legal operations. Founded in 2006 with a mission to push the boundaries of legal innovation, we provide solutions that enable measurable performance improvement, risk mitigation, revenue gain, cost reduction, and digital business synergy. Our team of 3,000+ legal, data, and technology professionals supports our clients from operational centers around the world.
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