7 Jul 2020
Author : InfoPro Community Manager
Market your firm to its full potential with the new LexisNexis PatentAdvisor® Benchmarking Reports™
Are you making the most of credible, third-party, objective data to market your firm to prospective patent clients and earn more business from current clients? Help your firm showcase areas of expertise with the proprietary LexisNexis PatentAdvisor® Efficiency Score™ and real-time, fully customizable PatentAdvisor™ Benchmarking Reports™.
PatentAdvisor is a powerful patent analytics tool with the potential to revolutionize your firm’s prosecution practice. The PatentAdvisor service can be used for anything from a quick check into an examiner’s behavior tendencies to deep dives into obscure patent data questions. The newest addition to the PatentAdvisor suite of tools is the exclusive Benchmarking Reports.
Easily and objectively compare prosecution outcomes for law firms and companies with the most accurate and objective prosecution performance metrics available. The all-new, real-time, fully customizable Benchmarking Reports provide reliable comparisons of patent prosecution performance by law firms and corporations.
PatentAdvisor Efficiency Score
The foundation of the Benchmarking Reports is the PatentAdvisor Efficiency Score, a proprietary metric designed to overcome the issue of examiner difficulty variability. All of the metrics previously used to measure corporate and law firm prosecution performance suffer from the same deficiency; they are highly dependent on the difficulty of the assigned examiner. At the extremes, this is obvious and expected. Everyone expects a law firm working primarily on software applications to have a lower allowance rate than one focusing on medical devices. However, examiner behavior can vary drastically even within a single art unit and could significantly affect a law firm’s statistics.
This problem applies to all the most popular industry metrics for prosecution performance: allowance rate, time to allowance, number of actions to allowance, percent of cases with a Request for Continued Examination (RCE), etc. But the primary measure of a law firm or corporation’s prosecution performance—allowance rate—has even more problems.
Unlike allowance rate, the PatentAdvisor Efficiency Score is:
- Normalized for examiner difficulty
- Normalized for number of applications
- Not directly penalized for abandonments
Some patent examiners are more difficult than others. We created the PatentAdvisor Efficiency Score to take examiner difficulty out of the equation. We ranked every patented and abandoned application in our system for efficiency, based on different standards for red (difficult), yellow (average) and green (easy) examiners.
Based on their application scores, each law firm and corporation will receive:
- A red examiner score
- A green examiner score
- A yellow examiner score
- An overall score that is a weighted average of their red, green and yellow scores
The scores range from 0 to 100, with average being 50. Request your firm’s scores.
PatentAdvisor Benchmarking Reports
The Benchmarking Reports allow for two types of comparisons.
- With the outside counsel report, you can easily compare how different law firms are performing for the same company.
- The competitive analysis report enables you to quickly see how different law firms/corporations compare to each other in a particular technology area.
The efficiency chart visualization enables you to easily see how your firm compares to the competition. The most effective and efficient law firms are found in the top-right corner. This type of information can make a powerful statement to current or prospective clients and will allow you to market your firm to its fullest potential.
The Benchmarking Reports also include a comparison of the Time to Allowance for any law firm and/or corporation you choose to include in the analysis. This is another way to demonstrate your firm’s achievements to current or prospective clients.
In order to enable you to get to an even deeper level of detail and insight, there are additional charts you can generate based on specific prosecution actions, such as the average number of office actions to issuance and the percent of patented applications with at least one RCE.
To request your firm’s PatentAdvisor Efficiency Score click here.
For an overview and demonstration of Benchmarking Reports, watch the How to Objectively Measure Prosecution Performance With PatentAdvisor Benchmarking Reports On-Demand Webinar. To request more information click here.
The LexisNexis® IP portfolio is a unique suite of solutions that offers content, resources and tools designed specifically for IP professionals and researchers. LexisNexis IP evaluation and analysis tools and databases make up the world’s leading intellectual property research solution. For an overview of the patent workflow and resources available via the LexisNexis IP portfolio, visit this site for Intellectual Property Professionals.
LexisNexis, LexisNexis PatentAdvisor and the Knowledge Burst logo are registered trademarks and PatentAdvisor, Efficiency Score and Benchmarking Reports are trademarks of RELX Inc. Other products or services may be trademarks or registered trademarks of their respective companies.