INTRODUCTION
Legal Process Outsourcing (LPO) is a booming industry in the global legal market. Law firms work closely with their clients and provide solutions centered on the legal issues thereof. A lot of time-consuming but routine work also comes their way while crafting the desired solutions for their clients and maintaining a client-centric approach. This makes the situation mundane and sometimes hectic, and this is where the LPOs come to the fore by alleviating the routine and non-priority burden of law firms by undertaking their back office work. Law firms outsource their back office work to LPO firms, which may not be in the red zone of the priority list but can’t be deferred. The global LPO market, valued at approximately USD 10.77 billion in 2020, is anticipated to grow at a CAGR of 22.6% from 2021 to 2028 is a testament to a service vertical on the rise.
Among various services being handled by LPOs, Intellectual property has become a critical asset for businesses across multiple sectors. This is reflected in the fact that patent filings have increased for three consecutive years, with global applications reaching a record 3.4 million in 2022, marking a 5.5% rise from the previous year, according to WIPO. IP Projects are one of the major divisions that the LPOs undertake and handle as per the requirements of the law firms.
By undertaking IP projects, LPOs allow law firms to adopt a client-centric approach and focus on their core idea of work.
LPOs provide a wide range of IPR services that help with the IP management:
1. Patent Search
LPOs conduct comprehensive research to identify the existing patents, publications, or other references that may overlap or coincide with the patentability of an invention ensuring the novelty of the client’s invention.
2. Patent
LPOs draft patent applications with meticulous attention to detail, adhering to all relevant compliances, and ensuring that the claims are comprehensive and well-structured. In 2022, the World Intellectual Property Organization (WIPO) reported over 3.4 million patent applications filed worldwide (the highest ever). It underscores the perpetual growth in patent activity and why it is the need of the hour to provide the proper attention and priority that it demands.
3. Office Action Response and Application Management
When a patent application is filed, the competent office examines its patentability and suggests a further course of action which can be approval, modification, or rejection. LPOs help prepare responses and all prerequisites to these actions. LPOs also handle the preparation and submission of applications, tracking their progress, and managing communications with the relevant offices.
4. Due Diligence
Companies need to periodically conduct IP audits to assess the full value of their intellectual assets and make the most of their potential benefits. IP due diligence is the evaluation of an IP portfolio of any business. LPOs can assist law firms in managing and maintaining their clients’ IP portfolios, including monitoring renewal deadlines, assessing the strength of IP assets, and identifying expansion opportunities. IPR audits are also one of the major service divisions being offered by the LPOs which if utilized appropriately can truly deliver generous outcomes.
5. IPR Litigation Support
LPOs also provide in-depth legal research and analysis on case laws, precedents, and statutes relevant to the case. This helps law firms build strong case strategies for any ongoing or potentially relevant disputes.
6. IPR Licensing
IPR Licensing is an agreement between at least two parties wherein the licensor allows the licensee to use and enjoy the rights bundled with that license. LPOs assist vehemently in drafting and reviewing licensing agreements, ensuring that the terms are favorable for the parties involved and compliant with the applicable laws.
BENEFITS OF OUTSOURCING IP PROJECTS TO LPOs
- Cost Efficiency- By outsourcing IP Projects, companies save substantial cost and time as the LPOs have software that provides effective solutions and minimizes time consumption. Outsourcing can save up to 70% on the cost in the USA an hourly rate for IPR services ranges from $150 to $500 depending on the complexity of the project whereas in India the same work is charged between $25 to $100 for an hourly rate.
- Access to Expertise- LPOs ensure that even the smallest errors are not made by staffing teams of subject matter experts with specialized knowledge in several facets of intellectual property. In this manner, businesses can access specialists without having to hire or retain them full-time. In India, there is a large talent pool with over 3,50,000 legal professionals working in LPOs. India holds the largest share of the global LPO market, accounting for approximately 70% of the total market.
- Tailored Solutions- LPOs provide solutions that fit best to the needs of companies, customizing them as per their requirements, companies save a lot of money and yet get top-notch solutions that help them grow their businesses.
- More focus on Core Competencies- By outsourcing these projects, companies can focus on their core services and adopt a client-centric approach.
CONCLUSION
Staying ahead in business requires adopting cutting-edge technologies and implementing strategies in the competitive world of today. Law firms find it tedious and time-consuming to manage intellectual property (IP), also might distract them from their primary goal of helping clients and working on legal issues. Legal Process Outsourcing (LPO) can assist with that. Law firms can delegate labor-intensive back-office operations, such as filing patent applications, conducting patent searches, and reacting to legal actions, to professionals with specialized knowledge by outsourcing IP tasks to LPO businesses.
By focusing on their primary legal activity, law firms can save time and billables while also offering exemplary client service. Without the need for full-time employees, LPOs provide an affordable means of gaining access to specialist expertise, and they customize their services to each company’s unique requirements. To put it plainly, law firms may increase their overall efficiency, concentrate on what really counts, and cut operation costs to scale and compete in the cutting-edge market by partnering with LPOs.
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