Finance Takes Control of the Intellectual Property Budget
External law firms consume roughly 62% of a corporate IP budget, which makes the department one of the larger discretionary spending lines in a legal function and an obvious target when costs are reviewed. Chief financial officers have begun requiring visibility into matter-level spend, rate compliance and forecast commitments that IP departments could not previously produce. Spend and outside counsel management grows at 14.1%, faster than anything else here, because it is funded from a budget that is not the IP department's own. The buyer and the user are different people, which changes the sale entirely.
Market Impact: Switching runs at 4% yearly








