In an increasing difficult environment for patent and trademark protection, companies must vigilantly guard their valuable Intellectual Property (IP).
Intellectual Property counsel have to take the necessary steps to protect the organisation’s IP, technologies and inventions before it is too late, even if it involves spending more money upfront or picking the most important patents and trademarks to focus on.
That’s according to Tom Daly, management committee member and partner at Christie Parker Hale LLP. Christie Parker Hale LLP is a service provider company at the marcus evans IP Law Summit taking place in Las Vegas in September.
Daly addresses what he believes are the pressing issues facing IP counsel at the moment. “The economic downturn has made IP counsel very cautious of what they get for their money; due to the pressures of being cost effective and recent court decisions, it is much tougher to get patent protection. IP counsel should focus their attention on their strongest IP and work on the patents and inventions they think will be their most important. They should look at the potential markets for their inventions, which countries they could distribute their products to and where their competition is located, as it would be more costly to try to protect IP everywhere.”
He urges companies to tread carefully when it comes to decisions being made regarding IP. “People think that cutting costs at the front end in obtaining IP rights will save them money. Unfortunately they often find various issues with their IP and end up spending more in trying to enforce a property that was not as strong as was initially thought. This makes them lose the ability to protect their IP against the competition. Sometimes spending more money upfront in patent and trademark protection and registration can be a long-term effective strategy.”
Keeping abreast of changes that occur with the law, and being up to date with new legislation, new cases, and the various treaties the US has made will help companies ride out the challenges facing them.
“Staying informed will help them stay flexible, and be able to modify their approach depending on the type of changes they face in the future,” Daly adds.
The marcus evans IP Law Summit will take place in Las Vegas, 12-14 September.
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