Intellectual Property (IP) encompasses important intangible assets of a company, including patents, trademarks, trade secrets, and confidential information, and has become increasingly valuable.
In-house counsel who traditionally focused on corporate law may only have a basic understanding of IP. However, to successfully manage IP in a high-growth company, in-house counsel need a combination of skills, including implementing processes and communicating with stakeholders to drive efficiency and alignment across a company.
Portfolio Review and Tracking
Establishing a process and owners for tracking IP is an important step to successful intellectual property management. This includes documenting law firms who manage IP for the company, identifying the appropriate technical and business team to assist with patent and trademark prosecution, and, if needed, conducting an IP audit.
For entities that have undergone transactions, internal records may be incomplete, and it can be necessary to audit internal records and public databases such as the U.S. Patent and Trademark Office or the World Intellectual Property Organization (WIPO) for IP owned by predecessor entities.