We recently hosted a webinar featuring Anthony Greene, a certified Risk Manager for Jamison Risk Services. The webinar focused on how to reduce risks for IP law firms through process improvements and technology. Anthony covered a lot of topics and shared some great advice, but there was one statistic that Anthony shared that was really alarming – 30% of the claims tracked by the American Bar Association Lawyers Professional Liability Study were due to administrative errors, and the average value of those IP liability claims paid by a firm was $322k! That is a hefty penalty for an administrative error!
There is a compelling opportunity to reduce administrative risks by leveraging the right technology. Anaqua’s IP practice management software helps to reduce administrative risks in many ways:
· Automation: By implementing Anaqua there is a reduction in the manual entry of deadlines, and Anaqua has built-in escalations of any overlooked tasks when a critical date is approaching
· Centralized Data: This applies in so many ways – Anaqua has documents and emails integrated with the relevant matters, it gives you visibility into the entire patent family, art is accessible and searchable so your firm avoids missing any known art, and there are connections between patents, trademarks and related litigation.
· Standardization: Anaqua can help your firm to standardize policies, defining and maintaining a tested and reliable workflow for frequent tasks, while staying flexible for client-specific workflow requests and attorney preferences. Documentation of standard firm docketing rules can be critical in litigation or efforts to reinstate patent rights
· Old Law is Bad Law: Anaqua’s automated quarterly law updates keeps you current with global country laws
There are many more ways Anaqua can help to reduce risks including improving your process around due diligence, new client or attorney intake, conflict checks and more, but the immediate value can be seen by avoiding and reducing administrative error.
Don’t wait till it’s too late – contact us to learn more.