LexPredict is proud to announce that we have taken all necessary steps in order to join the LOT Network.
The LOT Network (short for “License on Transfer”) is a network of businesses and other entities that have joined together to combat patent assertion entities (PAEs). A PAE is an entity that derives revenue from patent litigation. Often referred to as “patent trolls”, PAEs make it difficult for patent holders to pursue their ordinary business because of costly, time-consuming litigation.
Every year, more than 80% of patent litigation originates from PAEs, costing US companies approximately $80 billion. These numbers represent a manifold increase from even just ten years ago.
Companies with IP are looking for new ways to fight back against PAEs and protect their products. The LOT Network affords protections to companies whose patents may be acquired by a PAE and used to pursue bad faith litigation.
LexPredict has many data products, including ContraxSuite and the LexNLP library that powers it. Though many of our projects and products are open source, LexPredict still has a vested interest in the IP of our company and in the community’s shared legal tech infrastructure. For that reason, we have chosen to join the LOT Network.
The health of the IP ecosystem is critical to the health of the economy – especially for businesses in technology and professional services like ours. The LOT Network helps bind companies and their successors to act in good faith in the IP ecosystem, and a number of our clients are already members of the network.
As a company that has demonstrated commitment to open source, we have shown our belief in shared investment in important community goods. The LOT Network helps safeguard and promote many similar decisions.
About the LOT Network
LOT Network is a non-profit community of companies committed to protecting themselves long-term against PAEs and their patent lawsuits. LOT Network members partner with other like-minded companies who believe good corporate citizens don’t monetize patents through patent trolls.
For an overview presentation of the LOT Network, including a partial list of its members, view their introductory slides here.
LexPredict is an enterprise legal technology and consulting firm. Our consulting teams specialize in legal analytics, legal data science and training, risk management, and legal data strategy consulting. We work with corporate legal departments and law firms to empower better organizational decision-making by improving processes, technology, and the ways people interact with both. We develop software and data tools, and also offer execution and education services.
LexPredict has a number of software and data products, including LexSemble, ContraxSuite, CounselTracker, and LexReserve. These products assist organizations with early case assessment and decision trees, contract analytics and workflows, outside counsel spend management, and case valuation. LexPredict also offers advisory and capital services for legal tech startups through its LexGen Ventures arm.
Contact LexPredict today to receive more information about our products and services.