Wellesley, MA (PRWEB) July 15, 2014
New research with more than 350 corporate counsel reveals total spending at large companies in all aspects of intellectual property reached $8.45 billion in 2014, up $100 million over 2013. The just-released report by The BTI Consulting Group, BTI Intellectual Property Outlook 2015: Changes, Trends and Opportunities in IP and IP Litigation, finds IP litigation and IP patent prosecution account for 76% of this spending. “Intellectual property has grown into one of the largest and most influential portions of the legal landscape as technology continues to permeate our lives,” says Michael B. Rynowecer, President of The BTI Consulting Group.
“Corporate counsel plan to settle twice as many IP litigation matters as last year,” continues Rynowecer, “suggesting a shift in strategy.” The research also reveals the average company saw a 12% decline in IP matters with an 8% increase expected through 2015. “Corporate counsel are becoming more comfortable managing IP risk and changing their management approach,” adds Rynowecer. “These changes have big implications for law firms.”
The research finds companies using a single law firm for patent prosecution and IP litigation are substantially happier with their law firms than all others. “These firms are able to develop a deep understanding of the client’s IP portfolio and needs—providing both efficient handling of routine matters and strategic insight and guidance for more complex issues,” adds Rynowecer.
The complete analysis is available in BTI’s new study, BTI Intellectual Property Outlook 2015: Changes, Trends and Opportunities in IP and IP Litigation, found here: http://www.bticonsulting.com/ip. BTI conducted more than 175 independent, individual interviews with CLOs, General Counsel and IP decision makers at Fortune 1000 companies and large organizations. Now in its 13th year, BTI conducts the only continuous benchmarking market study of corporate counsel worldwide.
Find more information about this and other compelling research at http://www.bticonsulting.com or contact BTI at 617.439.0333. BTI is the undisputed leader in providing high-impact strategic client research to professional service firms and their clients.