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IP Cost Savings: New Year’s Resolutions

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IP COST SAVING TIPS

NEW YEAR’S RESOLUTION EDITION

02 JANUARY 2023

LET’S GET BACK TO WORK!

It’s time to put down the champagne glass and take off the party hat and start your new year strong.

With budgets tighter than ever in 2023, it’s important to have a plan in place for controlling or cutting IP costs. If you don’t have a plan, it’s not too late! Here are our top 3 cost saving tips (conveniently presented in the form of New Year’s resolutions).

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RESOLVE TO GET BETTER AT MANAGING OUTSIDE COUNSEL

Revisit your outside counsel guidelines, push for AFAs and become a better partner with external counsel – they will have a number of great cost saving ideas.

RESOLVE TO UNDERSTAND WHAT’S IN YOUR ANNUITY INVOICES

Push your vendors to provide you with detailed currency costs, agent fees and country fees. If they push back, push harder.

RESOLVE TO TRUST, BUT VERIFY

Regularly audit all invoices and costs. Whether intentionally or not, extra costs regularly show up in invoices.

Get an ELM system or hire an invoice review service – regular review of all invoiced costs is essential to taking control of your spend.

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Disclaimer
THIS POST IS STRICTLY INFORMATIONAL AND IS NOT INTENDED TO BE, AND SHOULD NOT BE RELIED UPON AS LEGAL ADVICE. PLEASE CONSULT A QUALIFIED ATTORNEY FOR SPECIFIC ADVICE REGARDING ANY INTELLECTUAL PROPERTY MATTERS.

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