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15 May 2020
It could be a good time to spring-clean your IP portfolio – how to go about it
In these unusual times of lockdown, many people have turned to tidying up their gardens and spring cleaning their houses. Let’s face it, we’re all spending a lot more time at home and many people have a bit more time on their hands with no commuting and no business trips, so it makes sense. For anyone involved in managing an IP portfolio, this also makes it an ideal time to consider if it’s as neat and tidy as it might be.
If you are in this position, and want to know how to go about spring cleaning your IP portfolio, we’ve put some tips below.
As an aside, now could also be a great opportunity to review your trade secret policies. Let us know if you need more information about this.
You should end up with a clear idea of what IP rights you own, what they cover, how important each right is to your business and how much that right is likely to cost you over the next 12 months or more.
You can now make an educated business decision about which rights to continue to support. For example, patents covering products that are no longer part of the line can be dropped or sold. This can be done by patent family or by country. Rights that are going to be disproportionately expensive compared to their tier of importance can be dropped. Get rid of the dead weight!
Also, think ahead. What important projects are you working on or likely to be working on after lockdown that could lead to valuable IP? Conserve some budget for new developments and filings!
Helen Henderson & Elizabeth Swan
Life Sciences and Chemistry group
If you require further information on anything covered in this briefing, please contact Helen Henderson or Elizabeth Swan ;or your usual contact at the firm. This publication is a general summary of the law. It should not replace legal advice tailored to your specific circumstances.
© Withers & Rogers LLP May 2020