COST IS IMPORTANT - BUT IT'S ONLY A DATA POINT
Over the last several months, we’ve focused primarily on costs. This month, we decided to pivot and focus on an often-overlooked topic: IP service value.
Intellectual property is expensive, and transparency can be hard to come by, so it’s crucial to understand and control costs, but you can’t stop there. Cost is only one variable in an equation that adds up to the total value of a legal service.
Don’t fall into the trap of focusing only on cost and ignoring the other elements in the value equation. You may see short-term gains but are equally likely to experience long-term pain.
THE IP SERVICE VALUE EQUATION
Organizations like to focus on costs because they are relatively easy to quantify, measure, and compare. Objectively measuring and quantifying IP service value is quite a bit more challenging and is further complicated because the value of a legal service is particular to each organization.
To get things started, let’s briefly discuss the elements of the IP service value equation.
- Cost/Affordability – The total cost of the IP service.
- Effectiveness – How well the service accomplishes the client’s goals/protects the client’s interest.
- Client Experience – The timeliness, communication, and quality of service delivery.
- Third-Party Impact – How the service provider influences the industry, society, or disadvantaged groups.
It’s easy to get so focused on the first item, cost, that organizations fail to consider the other elements when selecting a vendor.
Throughout March, we’ll examine each element in detail and provide practical tips for measuring and evaluating each area.
Check out the next article in the series, the importance of the client experience.
