Over the past decade, there has been a race to the bottom from Intellectual Property service providers to deliver the cheapest patent renewals. Falling profit margins combined with the complexity and risk of handling patent renewals globally has resulted in many IP law firms exiting the renewals industry. In an effort to reverse this trend, patentrenewal.com promises to make IP law firms’ patent renewals business profitable again.
Patentrenewal.com is a white-label web-based platform that gives IP law firms the ability to onboard their clients and sell the renewals service as if it were their own. With this product, firms will be able to quickly scale up and onboard new clients without worrying about their administrative capacity or compromising their brand. “It’s an interesting case for automation because, contrary to the scepticism and fear surrounding technology in the legal industry, our product actually makes firms’ renewals business viable again” – Mads Jørgensen, CTO.
Jesper Jensen, 42patents’ CEO, remains confident on the decision to integrate with firms instead of being another service provider: “Originally our plan was to build an automated renewals service exclusively towards IP law firms’ clients. But we soon realised that patent renewals is an important strategic touch point for clients and firms, and the connection between client and law firm was something that was being eroded by the service providers, who only focus on making payments.”
There were other reasons too for us to enter the market. In an effort to reinstate trust, broken by malpractice by some big renewals providers, the team at patentrenewal.com has focused on price transparency from the start. All charges, down to insignificant postal fees, are shown throughout the platform and foreign exchange rates are openly advertised. “Working closely with the firms and focusing on transparency has allowed our young company to become a trusted partner and gain traction in a very short period of time.” – Frederik Wagner, CPO.
42patents’ direction and focus has paid off, and after only being in the market with theirproduct for a year, we are responsible for more than 4000 patent renewals in 60+ countries for IP law firms in Northern Europe and has a growing waiting list of law firms. “We know that we’re up against some big forces, and we have to work hard to reestablish trust in the industry as a whole, as well as proving that our youth isn’t a disadvantage” – Nicki Friis, COO. The company continues to grow and has raised two rounds of funding (in 2017 and 2018) from private and institutional investors to quadruple their annual renewals in 2019.