Tips for Young Companies: The IP Counsel Problem
Among a young company’s most valuable assets is its intellectual property. But without proper safeguards, the company can be put at risk by entering into agreements that give away valuable IP rights and by unwittingly infringing third party IP rights.
Outside counsel charges by the hour, so every time you pick up the phone for advice, the meter starts to run. The resulting legal bills can be surprisingly large.
In-house counsel solves this problem by containing the cost. But what if your company can’t afford to have a full time, IP-savvy lawyer on staff?
The Solution: An Outsourced Chief IP Counsel
Your company may need an outsourced Chief IP Counsel. A flat, monthly fee that is far more affordable than the cost of a full-time in-house counsel gets you all of the on-demand counseling that your company needs. An experienced IP specialist will answer your questions, negotiate your agreements to protect the company’s IP, and help avoid risk. Best of all, asking for help won’t incur more fees, so you’ll be less hesitant to reach out for the counsel you need to make the right decisions for your company’s IP. They can even help you manage your existing outside counsel to control costs and improve the quality of the services that you pay for.
Some of the things an outsourced Chief IP Counsel can do:
- Assist the business team in negotiating and drafting licenses, contracts and other transactional documents
- Manage outside counsel to control costs
- Educate company personnel on intellectual property law, such as patent law basics, protection of confidential information, and trade secrets
- Engage with product teams to identify patentable innovations
- Guide the company’s patent advisory team
- Develop the company’s IP strategy
Morris & Kamlay LLP
Morris & Kamlay LLP is an IP specialty firm that has advised clients, ranging from startups to Fortune 50 companies, on transactions worth over $12 billion. It has helped its clients get hundreds of patents across a broad range of technology areas and has advised its clients on a variety of trademark, copyright and trade secret matters. It has the paralegals, docketing systems, attorneys and relationships with patent offices around the world to make sure that your IP is handled right. Contact us to learn more if you think our part-time, in-house counsel solution might be right for you.