That’s a great question, and it depends on what is found. If everything within your invoice is at or near market rates (which is unusual), you don’t need to do anything, although it might be a good idea to sign up for regular monitoring to police invoices.
If excessive costs are found, we will highlight them for you, and we recommend you discuss the results with your vendor. There may be exceptional circumstances that require higher costs (also unusual). If the explanation for the higher costs isn’t plausible, many clients can negotiate a mutually agreeable outcome.
When you can’t reconcile the situation with your vendor, issuing an RFP for payment services is usually a good way to take control of the situation.
There’s no catch. We’ve automated the annuity and trademark invoice review process, making it possible for us to analyze portfolios quickly. This gives you a chance to see what you are being charged and make an informed decision. If you want us to continue to audit your invoices, simply sign up for our service. If not, no problem, there’s no pressure.
Some vendors are easier to work with than others, and vendors consider several variables when developing a pricing strategy for a client. Regardless, there is significant market competition, and we have seen companies with modest portfolios negotiate significant savings.
Currently, we only audit patent annuity and trademark renewal invoices. Monitoring other invoices, like Outside Counsel costs, are on our roadmap but not part of our short-term plan.
Whenever your invoice analysis identifies meaningful potential savings, you’ll get a notification with a link to sign up (if interested). There’s no obligation to use our services, and when you do use our services, we only invoice you once you’ve approved any cost savings.