A commonplace practice of medical patients is growing in popularity with the trademark departments of companies throughout the United States — the legal second opinion.
With companies demanding more from outside trademark law firms, second legal opinions simply make sense. It has been estimated that approximately 40% of companies switch law firms each year, with better value being one of the key-drivers of change. Second opinions are routinely being sought by in-house trademark counsel to help further mitigate risks and maximize shrinking legal budgets. When it comes to managing trademark portfolios and brand enforcement, in-house legal departments are looking at some of the following factors:
- Priority trademark enforcement. Not all trademarks and brand names are created equal to companies. Some marks are given greater weight based on annual revenues, marketing budgets, consumer goodwill, and other marketplace factors. Outside trademark counsel can help trademark departments create a brand enforcement map that takes into account these priority-based enforcement goals.
- Value-based engagements. This is more than simply alternative fee arrangements, and includes things such as complimentary in-house employee training, quarterly reporting updates, and other value-added services that are not tied to hourly fees. If a law firm routinely charges an important client for every five- minute phone call, chances are that the firm will not retain that client relationship for long.
- Efficient Staffing. Companies no longer wish to pay for three attorneys to sit-in on a routine conference call with opposing counsel. They are also paying better attention to the partner to associate ratios and what resources are truly needed for effective representation of the client’s interests.
The trademark law firms that continue to proper are those that understand client concerns and align their services and value propositions to best meet the needs of sophisticated corporate brand owners.