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  "documentTitle": "Tessera Technologies Inc. (TSRA)",
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  "notes": "The chart highlights a significant outlier in 2008 compared to the $36M average.",
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      "text": "Given the size of legal spend, it appears that Tessera pays full cash legal fees at extremely high hourly rates for all of its litigation instead of opting for performance driven structures, such as the use of partial contingency fees that reduce cash outlays, share risk and incentivize law firm performance as opposed to billable hours.",
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      "text": "We expect that a licensing company such as Tessera must continue to spend substantial resources on external legal support however, we believe Tessera should exercise its leverage to obtain better terms and to encourage better results using the same resources.",
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      "text": "Given the size of legal spend, it appears that Tessera pays full cash legal fees at extremely high hourly rates for all of its litigation instead of opting for performance driven structures, such as the use of partial contingency fees that reduce cash outlays, share risk and incentivize law firm performance as opposed to billable hours.",
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      "text": "Licensing Missteps: Inefficient Patent Litigation Expenses",
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