 Choosing the right brand for a new product is critically important in an increasingly global marketplace. A trademarked product name can lead to increased consumer recognition and increased profits, but managing a trademark portfolio can create an administrative burden on legal teams. It is important to manage your trademark portfolio to ensure that all company trademarks are kept up to date and are extended according to deadlines in order to receive maximum global protection. Management and valuation of your trademarks as well as your domain names require the work of an IP expert and specialized technology. Some companies and law firms develop their own systems to manage their IP portfolios, but to make this work successfully, significant time and resources are required, including the costs associated with maintaining and updating the systems.
LPO Hits the Mark
With budgets under pressure, many IP counsel are looking to outsource trademark management to a Legal Process Outsourcing (LPO) provider that can provide the necessary experience and expertise to handle this important asset. An LPO specializing in IP can help ensure a thorough trademark search is conducted, the corresponding domain names are secured, and foreign translations and equivalents are considered when choosing the best brand name for a new product. Further, employing an LPO for ongoing IP management simplifies the day-to-day processes and provides better overview and control of that IP portfolio.
An IP Watchdog
Managing your trademarks is a continuous task that needs to be executed accurately, requiring diligence, experience and know-how. In this regard, LPOs serve as your "IP watchdog" to protect and manage your trademarks, drawings, models, patents, and to assist with outlining the best trademark strategy. Legal Process Outsourcing offer trademark specialists and attorneys who check, monitor and watch your trademarks and offer advice for an optimal trademark strategy. They can determine the status of all of trademarks in your portfolio, relieving you of the worry associated with deadlines, searches, registration, maintenance and watching.
What to Look for When Choosing an LPO Partner
First, outsourcing IP-related services to an LPO provider involves trust that the task will be carried out on time and to the highest standards. When choosing an LPO, be sure to check the provider's representative experience and track record, and be sure the LPO offers state-of-the-art technologies that can integrate with your (or your client's) docketing and renewals system. A streamlined, automated transfer of all relevant data is desirable in order to reduce the likelihood of human error. Cost reduction and price should also be considered, although the least expensive provider rarely translates to the best. In short, seek the service provider that has the best quality-to-price offering.
By outsourcing your trademark management to a well-qualified LPO provider that is trained to accurately and efficiently manage your IP matters through well-documented, best practice processes, you will ensure your brand is protected throughout the life cycle of your trademarks
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