Legal Process Outsourcing is one of the colossal sensations that hugely impact the legal industry today. A study by the Forrester Research states that the annual worth of LPO i.e. $80 million can hike up to $8 billion. The LPO industry in India has seen a spurt in the last couple of years. It will yield great job opportunities in India by 2022. If we pay heeds to the growth of this developing field, we’ll realize that the LPO Services for Intellectual Property is steadily becoming the spine of Indian service sectors. However, the current stats imply that there’re visible benefits linked with Legal Outsourcing.

Nowadays intellectual property bureaus are constantly gauging their approach to external professional services. The use of foreign counsel, payment services, search services, and other expertise are all abiding instances of outsourced Legal Services. However, it’s of course not new to most bureaus. In addition, a new service model i.e. LPO, is gaining relevant drag as a more streamlined as well as inclusive path to intellectual property services.

Common LPO Services For IP

One of the most striking as well as trending services that every LPO company offers today is related to intellectual property services. The LPO services dealing in IP offer a wide range of services and skills that mainly focus on non-legal work that doesn’t need licensed attorneys. This blog will dig into the merits of LPO Services for IP to a well-settled law firm in India. Common services that LPO firms involve are as follows.

1)Patents, trademarks, licensing, and other IPRs

2)Document imaging, tagging, and retrieval

3)Prosecution docketing services

4)Monitoring as well as watch services

5)Drawings as well as illustrations

6)App drafting

7)Prior-art study as well as analysis

8)Competitive, technical, and market intelligence

9)Reverse engineering

10)Technical as well as non-legal opinion work

Scope Of LPO Services For IP

A fresh study of the LPO industry discovered that IP services prevail in the early adopter stage of market growth. While remarkable successes were recorded, usually clients disclosed that their LPO projects turned to be more project-centric or one-off transactions. The more extensive as well as precise LPO relationships have not yet placed themselves as a widely chased model for most IP divisions. However, we see this trend emerging as striking case studies emerge of IP law bureaus as well as law firms turning outsourced resources into their IP services models. Trademarks have to lead this rage, specifically where huge worldwide law firms have partnered with their allies to forge captive LPOs.

LPO firms are now incorporating the delivery of Legal Outsourcing services through their dominion IPM systems or special client-collaboration platforms. These systems allow service requests, project management, and work-product storage. Along with offering a closer working relationship, the value-added feature used by vendors is also being offered as a financial lure. Software that an LPO Company uses for a wide range of activities is available at a lower rate to nurture long-term service promises. LPO Services for IP has become so vast, quick that over time some ethical queries have been posed:

a)Before taking on a client, LPOs are obliged to execute vigor to ensure that there’s no clash of interest.

b)Privacy, as well as data security, is also of top-most significance. Solely signing an NDA does not ensure data as well as project security.

To Conclude

Legal Outsourcing has a cutthroat edge over authentic software providers as they offer their software for various tasks. Such tasks include patent searching and validity. They also leverage all the necessary services that lawyers offer, at pocket-friendly prices to tech-savvy as well as law firms. Thus, with IP services still being in the early adopter stage primarily due to small organizations’ lack of knowledge as well as the latest technology, there persists a wide scope for growth. Moreover, in the looming years, most IP services will be outsourced to reduce in-house costs and enhance quality to more high-tech firms.