Intellectual Property Audit
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Novelty requirements, intertwining rules, ever-changing caselaw principles, and now-or-never subsistence rules are just some of the few complications businesses often do not have the expertise, nor time, to tackle when it comes to their IP.
There is an inherent lack of knowledge of the rules affecting IP ownership, exploitation, and subsistence. This despite IP being the most valuable asset for some businesses.
Our intellectual property audit will analyse what IP you currently have, discover any opportunities for further exploitation, identify any deficiencies in IP management, and facilitate remedial action for the same.
What will our Intellectual Property Audit do?
The process will involve an initial investigatory phase where our lawyers will consult with you on relevant aspects pertaining to your business operations and assets. This will involve the exchange of materials and documentation. From thereon our lawyers will analyse all relevant information and begin to prepare a comprehensive audit report based on our in-house methodologies. That audit will (i) identify the risks pertaining to your intellectual property assets and management (ii) provide recommendations on remedying the same and best practice for intellectual property management (iii) discover any opportunities for further exploitation of your intellectual property, including any new registrations.
The audit will cover all areas of intellectual property law, including trademarks, copyright, design rights, patents, and the law of confidentiality.
Common areas where things go wrong
From our lawyers’ experience conducting intellectual property audits on SME businesses, a few of the common issues are: -
deficient ownership terms in contracts with third parties for commissioned works;
a lack of knowledge on ownership and vesting rules;
an unawareness of university handbook rules for student work; and
failure to capitalise on opportunities to register certain intellectual property with the UK Intellectual Property Office.
Relevant sectors
