Lakshmi Priya Vinjamuri
The emerging trends in science, technology and the rapidly shifting terrain of globalization of businesses and the ensuing legal provisions necessitate the legal fraternity to understand and adapt to the consequences of development in science and technology and thus enforce strategic planning of legal framework on par with the international standards. In the high risk-high return, high exposure- high investment, innovation driven economy, strategic delivery of products is very crucial and legal modalities such as mitigation, analysis, due diligence, auditing, drafting and negotiations need to be strategically planned and executed. The rise and growth of awareness of Intellectual property rights, especially, patents and copyrights protection while strategically delivering value and returns to the organisations or firms a thorough understanding of legal risks, mitigation strategies and strategic quality legal analysis becomes quintessential.
The strategic legal management is the new yet to emerge and nascent area of management that facilitates and promotes quality law services and legal environment. The quality trends in law start from the conduct of drafting, implementation and evaluation of cross-functional decisions that include negotiations, litigation management, intellectual property management, policy development, statute amendments and thus focusing on the vision and mission of the legal fraternity, that is to be considered as an organisation in itself from the management perspective. The paper while is an attempt to create awareness on the requirement for strategic quality management in the legal arena, that can be considered as a service industry from the functional view point. The paper also highlights the innovative trends in quality legal management through Strategic IP Value Creation, Strategic Licensing & Technology Commercialization, Strategic IP Enforcement, IP Acquisition & Inbound Licensing, Strategic Marketing of Ideas, Brands & Capabilities....not just products & ICT Strategic Services.
CONCEPTS IN STRATEGIC LEGAL MANAGEMENT
In the global economy, the legal fraternity in general and the Indian legal institution in specific must enhance their capacity for development in presentation, communication and technology besides promoting innovation, thereby, enabling the continuous creation of additional value for clients, lawyers and judges.
The Indian judiciary, in a nutshell, is in need for a strategic and quality enhancement of its resources to foster a sense of reality and trust in the institution and create awareness of its importance to the public at large and the institution in specific. For that reason, introduction of various aspects that include
• Awareness on the importance of justice
• Creation of viable and quality resources for enhancing the skills of the judicial components ( the lawyers, the drafters and the judges) • Management of the databases for faster retrieval and documentation • Development of innovative technologies by utilizing the results of advances in technologies in the most productive manner to facilitate faster judgments • Creation of an environment for competitive trends in creation of new products and services • The management of legal technology and innovative trends that aim to maximize the cost-effectiveness of investments in technology development and ultimately contribute to the legal enterprise value. • Strategic IP Value Creation
• Strategic Licensing & Technology Commercialization
• Strategic IP Enforcement
• IP Acquisition & Inbound Licensing
• Strategic Marketing of Ideas, Brands & Capabilities • Strategic quality analysis using a balanced scorecard
New technology is a key factor for the success of both companies and nations. Through active investment in the legal technology and its...