What is IP Management Software and Who Needs it?
Alt Legal Team | September 26, 2022
What is an IP management system?
Intellectual Property (IP) management systems or software track the deadlines and statuses relating to trademark, patent, copyright, domains, and other types of IP matters like Trademark Trial and Appeal Board (TTAB) proceedings and domain names. IP management systems are often used by companies that own all of these different types of IP and require a solution for tracking matters in a single system as matters are so closely related and dependent on one another. IP management systems also store information relating to licenses, contracts, and other agreements having to do with IP matters. For example, you may want to link these matters together in your IP management software. In Alt Legal, many customers will docket a license agreement and docket trademark filings, and then link them together through the Related Matters feature so that they can readily see that the particular trademark is subject to an underlying license agreement.
Additionally, IP management systems can be used to track litigation and dispute deadlines related to IP matters. Having a single system that tracks trademark, patent, copyright and other IP matter types allows a company or law firm to maintain a centralized repository of information, statuses, and deadlines relating to IP matters. The difference between an IP management system and a docketing system is that IP management systems are designed to provide a bird’s eye view of IP matters. IP management systems help users to track the lifecycle of a company’s IP, namely matters that are filed and/or registered, in dispute, and others that are in product development. In contrast, docketing systems allow users to focus specifically on upcoming deadlines related to IP matters pending before IP offices.
Why is docketing important?
Docketing allows legal professionals to keep track of important dates for filing and responding to various actions. This ensures efficient workflow, delegation of tasks, and time management.
IP docketing tracks deadlines related to the prosecution of trademarks, copyrights, and patents before their respective governing offices. Trademark and patent filings, registrations, and oppositions include numerous deadlines. These deadlines can be as soon as 90 days from receipt of a particular notification or can span the course of 6 or 10 years. Because trademark and patent filings have so many deadlines to track, it is important for IP professionals to have a reliable docketing system to monitor deadlines.
Docketing is particularly important in IP matters, where missing deadlines can result in expensive fees to recover actions. In a worst-case scenario, missing deadlines can result in abandonment of a mark and ultimately, a loss of client rights. Read more about the true costs of missing IP deadlines here.
Who needs IP Management Software?
Because IP docketing involves so many important deadlines, IP Management Software is an essential tool for all IP attorneys and professionals. Whether you choose to use IP Management Software, which allows you to track all of the deadlines related to your IP matters, or if you choose to use more matter-specific systems like Alt Legal’s trademark docketing software, you must utilize a system that will allow you to effectively organize and track your IP matters.