Pricing Symposiums
A new concept, a series of online Symposiums, debuted in April 2024 and proved very popular as attendees examined pricing issues, how to manage them and anticipate client expectations.
A second Symposium was held in June and a third is planned for September, focused on the sixth classic driver of sustainable profitability: leverage. Each event runs twice to accommodate different time zones – in this case the dates are September 6th for Central European Time and September 13th for Singapore Standard Time.
A fourth event will be held later in 2024, at a date yet to be announced. The Symposiums are only available for purchase by FICPI members, and the fee covers a one-to-one meeting with the consultant with which PMC has partnered on the profitability initiative. Full registration details can be found at https://ficpi.org/events/event/ficpi-pmc-profitability-walker-clark-llp-phase-3-euamericas and https://ficpi.org/events/event/ficpi-pmc-profitability-walker-clark-llp-phase-3-asiapac
PMC at the Open Forum
Profitability is a prominent agenda item at the forthcoming 2024 FICPI Open Forum in Madrid (https://ficpi.org/events/event/2024-ficpi-22nd-open-forum-madrid).
At the Forum, PMC is hosting a plenary session, on Friday September 27th, "Win-win pricing of IP legal services: how to set fees that are competitive in your market and profitable for your firm”, during which the issues raised in the Symposiums will be explored in more detail.
Currently, there is a FICPI member survey open until mid-August which asks members to identify their own needs around issues of profitability and pricing. The results of this survey will also serve to build the plenary session and be a topic for discussion in Madrid.
To open the Forum, a second plenary session to be hosted by PMC is on a very different topic, but nonetheless one of great interest to independent IP firms. On Thursday, September 26th, PMC’s Human Resource (HR) group is leading a plenary entitled “Primal leadership – the hidden driver of great performance,” which explores the, often misunderstood, primal function of leadership being emotional.
Busy PMC Groups
HR is one of five groups within PMC and all five have been busy in 2024.
The Governance group has undertaken a great deal of planning on a project focused on ‘How to Choose the right Leadership’. The goal is to create a best practice guide. The draft is nearly complete and ready to be peer reviewed by experts. It is expected to be available to FICPI members in the Autumn.
Meanwhile our Tech Group has completed and circulated a survey to all FICPI members about another topic in which the FICPI global community is fascinated – Artificial Intelligence (AI). The survey asks FICPI colleagues to share whether they are using AI, how they are using it, what concerns exist and the influence of AI in their practice. The results of the survey will be discussed at a break-out session at the Madrid Forum.
Meanwhile, congratulations to Laura Mannering, a FICPI and PMC member from Oslo, Norway, who has volunteered to take on the leadership of the Business Development & Marketing group. With leadership in place, the group is now populated with more than 10 members and is drawing up a list of project priorities.
Purpose of PMC
I wanted to take this opportunity to remind members of FICPI’s global community about the uniqueness of PMC, the value it brings to members and their firms and the opportunities for involvement.
PMC focuses on how intellectual property attorneys do business as IP firms. In particular, PMC studies, develops positions, and makes recommendations regarding matters of professional practice with the objective of maintaining the requirements for membership of the profession at a high level. These matters include professional standards, best practices, continuing professional development and the profession as a business.
We do so by identifying trends in the profession and IP marketplace, as well as challenges in the profession, and offer targeted advice. We also monitor initiatives that seek to regulate the profession and its rights of representation.
More information about PMC
The PMC pages (https://ficpi.org/library/ip-practice-management) on ficpi.org have lots more information and links to resources such as guides and practice tips. You will also find details of the PMC Book Club, which is currently reading ‘The Authority Gap’, by Mary Ann Seighart.
Participate in PMC
With so much activity around such fascinating topics and with five active groups, there is plenty of room for FICPI members who want to get involved in PMC. Come and see us in person at the PMC meeting at the Open Forum in Madrid – or feel free to contact me at any time. [email protected]