Summary
An international Law Firm found that Searchstream offered a simple and effective way to submit patent search requests. This is crucial to their due diligence processes given the quickly developing technology creating a necessity for frequent searches. With Searchstream, patent lawyers can customize the search by selecting data types and the breadth of their searches. Furthermore, it gives the user complete control and provides the quote immediately after the search request is sent.
The client can now have all end users submit patent searches instead of just partners at the firm. The ease of the tool allows the client to save 30% in operational costs since the trainee attorney can now submit the request.
Problem
With a compound annual growth rate (CAGR) of 9.2%, the global market for environment management, compliance, and due diligence is growing quickly due to increased need for innovation in an increasingly competitive market landscape. As part of their R&D due diligence, companies seek out law firms to ensure that their idea can either be assessed as a novelty request or if a patent can be invalidated before investing millions in development. To complete their due diligence, these companies are seeking out law firms to assess the novelty of their idea prior to further investment. Given the influx of requests, law firms providing these services need to have a quick and cost-effective turn-around time on client patent search requests to win deals from other law firms while still ensuring high quality.
For our client, a global law firm, all the patent search requests originally had to take from 48 to 72 hours to process patent search quotations. For a relatively low-value search, this delay is significant and could result in lost revenue.
Solution
With the regular rate of innovation and frequency of patent searches, our client found Searchstream, a patent request platform, which provides them with an effortless way to request their novelty patent search.
Searchstream streamlines a challenging search request procedure. The end user can now choose the depth of search, how many databases to use, and which sorts of data to include with the request. The client had faith in the security given the degrees of data encryption because their searches were confidential.
Each requester controls their own request through Searchstream now instead of having each request need to go through top management.
The requester receives the initial search quote within minutes and the final search report within a week of the request.
Benefit
Quick turnaround time is the main benefit to close more requests for patent due diligence just in a few hours. With the increased speed, they were able to accept more proposals and be more competitive against other law firms.
The client quickly adopted Searchstream since it empowers an easy request process for trainee specialists without any subscription. As a result of improved efficiency, they have been able to manage more proposals.
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