These are challenging times for IP law firms. The pace of innovation is accelerating and the IP landscape is becoming more complex and competitive, with increasing pressure to attract and retain clients. However, a recent survey found that 50% of law firms believe they lack a compelling differentiator.[1] Pricing pressures are also increasing—and 96% of firms surveyed expect this to be a permanent trend.[2]
Discussions with our law firm customers have revealed that they recognize the need to increase efficiency to enhance their competitive position and profitability. In our recent survey via CPA Global, 70% of IP law firms believe technology will become more critical to their business.[3] However, they also recognize that digital transformation is not their core competency.
Partnering to unlock IP’s full potential
Clarivate is committed to helping law firms meet these challenges with IP data, technology and services to enable them to be more efficient, competitive and profitable.
As the competitive landscape for IP legal services evolves, we want to assure our law firm customers that Clarivate remains firmly committed to maintaining the mutually beneficial partnerships that are foundational to our business. Law firms are part of the bedrock on which our IP business is built—and they remain a critical part of our vision for the future.
Our strategy is focused on expanding our technology and data capabilities to better serve IP attorneys, not to offer legal advice. We have no intention of disrupting the relationships law firms have with their clients; indeed, we want to help strengthen those relationships.
We are committed to growing together. The new data assets, technologies and services we are integrating throughout our solution offerings are aimed at helping legal professionals serve their clients more effectively and more efficiently, while differentiating their services and growing their businesses.
Sticking to our core competency
Providing legal opinions is a highly specialized practice – but it is not and never will be what we do. At Clarivate, our core competency is bringing together the right expertise, data and technology to remove process friction and help IP attorneys provide their clients with the best advice and guidance, based on high-quality information and analytics.
We understand that many law firms are seeking ways to strengthen bonds with their clients through technology-enabled, collaborative workflows. Empowering our customers to grow these long-term relationships is a key area of focus for Clarivate. Over the past year, we have added a range of new capabilities to help legal professionals meet their clients’ expectations for workflow integration, collaboration and efficiency – and we’re just getting started.
Relationships built on customer-first values and respect
At Clarivate, we have a deep respect for IP law firms and the critical role they play in bringing transformative innovations to the world. Supporting their work is at the heart of our work, driving our own investments in innovation.
To learn more, we encourage you to speak to your account manager or contact us here.
We thank you for your continued trust and partnership.
[1] Source: http://www.altmanweil.com/dir_docs/resource/45F5B3DD-5889-4BA3-9D05-C8F86CDB8223_document.pdf
[2] Source: https://www.legalexecutiveinstitute.com/legal-pricing-insights-2018/
[3] CPA Global future of IP Technology survey 2017
