Each year, Financier Worldwide canvases the opinions of leading professionals around the world on the latest trends in intellectual property for the financial services sector. We were delighted to contribute to the UK chapter for the second year in a row to provide our thoughts on the steps companies need to take to manage their IP portfolio; the advancements of FinTech; the impact of digital innovation and the role of IP in M&A transactions. The full piece from Michael Barrett and Kirsten Gilbert, both partners in our Financial Services team, can be found below; and more information about our financial services expertise can be found here.
Q. With a number of businesses struggling in the current financial climate, what IP considerations should businesses make amid challenging financial conditions?
A. It is easy in times of financial uncertainty to look for ways to cut budgets, and IP budgets are always up for consideration. IP renewals can be a significant business cost with patents needing to be renewed each year and trademarks every 10 years. Enforcement of IP against infringers can also put pressure on stretched resources. However, it could prove an incredibly costly mistake to allow valuable IP rights to lapse due to short term budget cuts when they are protecting the heart of a business. Allowing protection to lapse allows a company's competitors to take advantage of its R&D and marketing spend.
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.