Approaches to Cost Containment in the Time of Coronavirus
In the current business environment, companies are justifiably concerned about the uncertain future and controlling the cost associated with managing their IP portfolios and engaging outside counsel. In-house counsel also knows that IP is part of the long game and sacrificing company IP now to save costs may cast a long cloud over the future.
April 28, 2020 at 11:09 AM
8 minute read
In the current business environment, companies are justifiably concerned about the uncertain future and controlling the cost associated with managing their IP portfolios and engaging outside counsel. In-house counsel also knows that IP is part of the long game and sacrificing company IP now to save costs may cast a long cloud over the future. So, how can the company's IP interests be effectively managed under current conditions and the required service be provided by outside counsel?
In more conventional time, automatically turning to outside counsel based on past engagements may have been the quick answer. However, these unconventional times require a more agile approach to evaluating and utilizing outside counsel. We all learned during the earlier financial crisis that hard times call for the reevaluation of almost everything we do. The first step in evaluating the company's need is to determine the central purpose for retaining outside counsel. Does that need call for special or specific technical expertise? Is the need in a focused area of the law where a boutique firm may better service the need than one of the top 100 firms? Or, does the matter call for fire power and international range of a top 100 firm?
All of the above questions can reasonable apply to any company matter, so let's focus on IP issues and, more specifically, selecting outside counsel for dealing with patent matters. Like the other matters, a central purpose for engaging outside counsel is to acquire needed expertise while controlling the spend and maintaining transparency and timely reporting on how the matter is being handled. As in the past, but now more than ever, choosing outside IP counsel should look to establishing an effective partnership that serves the company's needs. In some ways, this is a search for a three legged stool. You need quality service at a reasonable rate and in a timely fashion.
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