Reduce patent prosecution legal fees without sacrificing quality
– 3 steps to developing a cost effective intellectual property strategy –
Ever since the great recession, the legal community has undergone seismic shifts. Mid-size companies are no longer hesitant to hire mid-size to small law firms for patent matters. Flexible fee arrangements and fixed fee are common terms within the industry. Shareholders and officers of companies realize and are demanding that the unused or underutilized patent assets of the company be monetized to increase the bottom line.
We understand these pressures.
To reduce costs, in-house counsel sends out a number of requests for proposals to a short list of patent law firms. The law firms submit bids for work promising the sky but who know what they will deliver. With any sizable IP portfolio, time is required to trust your company’s portfolio with someone.
We understand that time is required to prove our capabilities. We are willing to take incremental steps to build a long lasting relationship with you.
The key to reducing costs without sacrificing quality is in understanding the overall IP strategy of the company. This sounds simple but it is crucial. However, once clarified, the scope of legal representative comes into focus. Everyone is working off of the same page. Legal expenses begin to go down.
How does one begin to think in terms of an IP strategy?
We look at three basic steps.
- Identification of IP
- Procurement of IP
- Exploitation of IP
Each step has many nuances. For example, the identifying intellectual property step is typically done through documentation. Based on the overall goals of the company, you may want a long or short form invention disclosure form. In the exploiting the intellectual property step, you may be satisfied with patent coverage that just protects your own products and services. This will affect how you identify IP and which IP to procure. To find out more information on these steps, download the whitepaper on developing an IP strategy.
Since 2004, I’ve counseled numerous clients and companies to help them to develop an effective IP strategy. My primary area of expertise is in the area of patent prosecution, IP strategy counseling and also counseling in areas of trademarks, copyrights and trade secrets.
What I’ve got for you
Free in-house training on intellectual property for qualified companies. We will come to your facilities and train:
- your sales staff;
- your engineers;
- the owners; and
- anyone else that might be interested.
The goal of training is to:
- give employees an intellectual property framework so that they can work within the framework to avoid jeopardizing the company’s legal rights;
- impress the importance of protecting intellectual property so that they will be cognizant that stealing trade secrets and information is unacceptable;
- assist in explaining the invention disclosure form so that employees would be more likely than not in filling out the invention disclosure form.
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