- within International Law topic(s)
The role of general counsel is undoubtedly challenging, as it requires in-depth knowledge from a business and legal perspective. This includes the unique challenges of managing intellectual property (IP). Here we share some best practice guidelines to support general and IP counsel.
When managing IP, a general counsel must consider many variables to ensure their IP assets are protected. This includes the availability of internal resources, current and future business activities, allocated budget, and quality of IP protection. In this article, we will present these IP management considerations and some best practices for general and IP counsel.
General Counsel Best Practice Guidelines
Understand Your Internal Resources
Relying solely on internal resources can be challenging as it requires managing deadlines, documentation, and employees. It also requires hiring staff who are specialized in IP management. This can be costly and time-consuming, especially if there is a fluctuation in the amount of IP tasks.
Dealing with peaks in activity is a major challenge when managing IP, as unexpected spikes in activity can not only divert attention and resources from other business areas but also overwhelm legal teams with administrative work. This is where working with a trusted external IP partner can provide valuable back-up, insights, and support.
Hope For the Best, Plan For the Worst
As the saying goes, failing to plan is planning to fail; this is also true when managing IP. An unexpected surge in administrative tasks without available resources can put a costly strain on your business. Therefore, it is important to consider the consequences of regular business activities on your IP, such as product launches, product updates, mergers, acquisitions, sales, investments, and other corporate changes.
Even with a solid plan for current and future business activities, a general or IP counsel should also consider options in the event of requiring an overflow workforce; this can be useful when there is a foreseeable, temporary uptick in work that stretches your resources too thin. It is best to assess and consult your current or potential external IP management solution provider to determine an overflow strategy that works best for your team.
Maintain Cross-Organization Communications
As a business grows, the cost of managing IP can become more challenging. While a small business with a small IP portfolio is much easier to manage, sudden growth can result in an expansion of your IP assets, especially when a company expands into other products, services, or sectors.
Each IP asset is a potential revenue source. Therefore, it is important to maintain coordination across different departments to ensure that all the relevant information is captured and kept up to date. IP management software can help you organize this process.
In the same way that each IP asset is a potential revenue source, it is also a definitive cost to your business. When you expand your IP portfolio, each asset requires an increase in budget to cover various fees, services, administration, and litigation costs. For this reason, it is beneficial to consult with IP management experts who can provide you with feedback and guidance on IP portfolio management to ensure adequate protection for your business within your budget.
Establish High-Quality IP Management Processes
Overseeing all IP assets can be a complex task when your portfolio begins to grow or if you don't have a dedicated IP specialist in your team. While each department of your organization has a role to play in protecting IP assets, handling an IP portfolio requires specialist knowledge of IP formalities and procedures, as well as the time to manage them effectively.
IP assets are commonly viewed as the most valuable assets in a business, with the value of an IP asset directly associated with the quality of its protection. That's why, when managing IP, it is essential to establish and maintain adequate protection of each asset in your IP portfolio; for example, through trademark watching and online brand protection, as well as proactive filing and record management for trademarks, designs, domain names, and all other types of IP rights.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
