These days, most companies will have some sort of intangible (meaning that it can be seen but not touched) asset that they have claimed ownership of, such as a trademark, patent or copyright. As with any other asset that you own, they need to be properly managed and cared for to ensure that your rights have not been encroached upon. To help you do this, you require the assistance of an intellectual property lawyer.
This is the number one reason why many companies look at getting legal representation. As intellectual property is not a physical object that you can touch and feel, it is very easy for thieves to copy it and claim it as their own. A lawyer will be able to keep an eye on your property, making sure it isn’t being used without your authorization.
Many companies are unaware that they can actually make money off their intellectual property. In manufacturing, for example, it can actually be cheaper to license the patent from another company than it can be to try and reproduce your own processes. If you were to sell or lease out your assets in this way, you can make a nice profit.
Did you know that you will only have exclusive rights to your property for a certain amount of time? To ensure that your rights remain intact, you will need to pay fees and re-file paperwork every few years. An intellectual property lawyer will be able to keep track of these time limits and ensure that they are filed in a timely manner.
It is also possible to acquire patents and other properties when they expire for the exclusive use of your company and those you choose to lease it to. Your lawyer will be the best person to help you achieve this, as they will be able to tell when the property is about to expire and prepare you to acquire it as soon as it becomes available.
As you can see, managing your assets is not the simple task it may appear to the untrained eye. To ensure that your property is properly looked after and that there is no chance it is being used illegally by someone else, you should employ the services of a reputable intellectual property lawyer. There are actually a number of ways that they can assist you, both now and in the future.