How to Outsource Trademark Renewals to Unlock Value
No trademark manager has said, “I have plenty time, money and resources to manage our trademark portfolio. Our budget should be cut!”. Instead, trademark practitioners are constantly juggling how to efficiently allocate services, satisfy the company’s diverse portfolio requirements, and stay within a tightening budget.
Trademark Renewals and Outsourcing
Corporations and law firms are increasingly outsourcing trademark renewals to a service provider. A service provider offers a multitude of distinct benefits, such as:
- Highly competitive rates
- On-demand portfolio reports
- Regular country law updates that monitor ever-changing legal requirements around the world
- Single point-of-contact for worldwide trademark renewals and filings
How outsourcing trademark renewals to a service provider impacts value
Higher volume equals lower costs
No matter how large your portfolio, the trademark renewal provider will have a higher volume. When it comes to negotiated agent rates, size does matter; you can capitalize on the lower rates they have within their agent network. Depending on the number of countries and classes you renew in, this cost savings can be significant.
If the provider has multiple offices, you will realize considerable savings where the trademark renewal provider has direct representation in countries. Removing extra fees related to agents can be a key cost-saver.
Service providers have the systems and resources to efficiently manage trademark renewals – without mistakes. Their efficiency allows them to perform the renewal at a fraction of the cost of an internal team or an outside law firm.
Minimize Risk and Increase Accuracy
Service providers have the infrastructure in place to verify the accuracy of data and dates before renewals are missed.
The Bottom Line
When you outsource trademark maintenance, you save cost and free up your team to work on strategic issues. Outsourcing provides the balance between time, money, and risk.
Investors and investment targets must understand the relevance and usefulness of IP along every step of the path, wherever it may lead.