Things every client should understand about intellectual property disputes

Intellectual property audits

The single greatest thing a company can do to minimize the occurrence of intellectual property disputes in the first place is to clearly understand what its intellectual property rights truly are (and are not).

Because intellectual property rights constitute a form of intangible asset, it is extremely easy for well-run companies (even the largest multinational corporations) to either overlook or miscomprehend what its intellectual property rights are. The “intellectual property audit” constitutes a formal procedure whereby an intellectual property attorney and one or more client representatives canvass the company’s intellectual property assets and develop strategies to secure protection for those deemed strategically important. During the course of completing the audit, the company’s officers and key employees learn about the nature and scope of the company’s intellectual property rights, and this increased understanding tends to have the effect of (a) moderating concerns about competitor actions that do not in fact constitute an infringement of company intellectual property rights; and (b) catalyzing quick, aggressive action to head off potential disputes at an early stage in cases where genuine concern is appropriate.

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