{"id":599,"date":"2021-05-05T18:29:03","date_gmt":"2021-05-05T18:29:03","guid":{"rendered":"https:\/\/lawsikho.com\/blog\/?p=599"},"modified":"2022-04-03T07:45:10","modified_gmt":"2022-04-03T07:45:10","slug":"advising-clients-on-ip-business-strategies","status":"publish","type":"post","link":"https:\/\/lawsikho-frontend-development.lawsikho.dev\/blog\/advising-clients-on-ip-business-strategies\/","title":{"rendered":"Advising clients on IP business strategies"},"content":{"rendered":"\n

If you have always wanted to start your own practice then there has never been a better time than now. <\/p>\n\n\n\n

Earlier the job market was pretty local. <\/p>\n\n\n\n

Only the skills and jobs which were offered in your own city were accessible to you. <\/p>\n\n\n\n

The time has changed and so has the infrastructure around you. <\/p>\n\n\n\n

Fresh law graduates are earning close to $1000\/month by sitting at home. The experienced lawyers are earning much more. <\/p>\n\n\n\n

Some legal consultants on Upwork and Fiverr earn more than what a top law firm could ever pay to them.  <\/p>\n\n\n\n

All this while catering to international clients, something which remained a dream for many lawyers from the previous generations.<\/p>\n\n\n\n

Why are clients preferring lawyers from other countries?<\/h1>\n\n\n\n

The cost of lawyers and law firms in developed countries is significantly high. <\/p>\n\n\n\n

So if a lawyer from a developing country can offer high quality advice at 1\/10th the cost then it would help the clients to optimise the expenditure cost. <\/p>\n\n\n\n

But the clients who come from international markets demand specific skills from you. <\/p>\n\n\n\n

You should not only be able to advise them on legal matters but also become their business ally helping them to grow their business. <\/p>\n\n\n\n

IP plays a key role in business, especially in the knowledge economy. <\/p>\n\n\n\n

Business leaders often need timely IP advice from their lawyers, whether in-house IP experts or external counsels. This is where the business acumen of the lawyer becomes even more important.<\/p>\n\n\n\n

So if you are an IP lawyer from India and a client approaches to design IP strategy for their business then you must be able to advise them on these 20 questions: <\/p>\n\n\n\n

  1. What are some of the IPs that should be registered and possibly monetized?<\/li>
  2. What are the most tax-efficient, highly enforceable models for monetizing our IP?<\/li>
  3. What steps should be taken by the organization to effectively manage and develop the patent portfolio?<\/li>
  4. How can our IP portfolio stay ahead of competition?<\/li>
  5. What technology can we in-license, out-license or cross-license?<\/li>
  6. Where can our organization increase research and development investment to build an effective patent portfolio?<\/li>
  7. Are there any competitors whose IP pose a threat to our business?<\/li>
  8. When to engage in defensive publishing of our research?<\/li>
  9. Should we invest in certain startups, or pursue an M&A strategy in light of IP concerns?<\/li>
  10. Are we doing enough to preserve the value of our IP portfolio? Who is infringing or abusing our IP?<\/li>
  11. Are we doing enough to protect our IP or do we need to increase our budget?<\/li>
  12. Would we be able to enforce our IP in that geographical market? Or should we just stay away?<\/li>
  13. What are the geographies where we should register our IP? How much will it cost and how long will it take?<\/li>
  14. How to fight back against patent trolls and deal with strategies like \u2018picket-fencing\u2019 where competitors try to get patents around our prized patents trying to erode the value of our prized patent?<\/li>
  15. What would be our IP enforcement strategy? If a deep pocketed competitor infringes, what kind of enforcement cost and timeline are we looking at?<\/li>
  16. How can we prevent counterfeiting on online auction platforms like e-bay or TaoBao or even Facebook and telegram groups?<\/li>
  17. How should we respond to infringements and how can we recover damages?<\/li>
  18. Will our new product or brand end up violating someone else’s IP rights?<\/li>
  19. Have we properly optimized our patent or trademark registration strategy? In corporations based in the USA, more than 50% of patents are abandoned after 10 years! Given the cost involved, questions may arise as to whether such patents should have been pursued in the first place. <\/li>
  20. Can we reduce spending on outside counsel by zeroing in on redundancies and establish an in-house patent and trademark prosecution practice?<\/li><\/ol>\n\n\n\n

    Along with this you should also be well versed with the laws in their home country. <\/p>\n\n\n\n

    So learning USPTO specific skills and getting experience involving USPTO can give a great boost to your IP law career in any country around the world. Apart from USPTO, EPO and JPO are the other patent offices that are sought after.<\/p>\n\n\n\n

    But if you were not able to answer any of the questions listed above and want to know where to start your IP career from, then join us for the 3-day boot camp on How to kickstart your international IP law career today <\/strong>from 14-16 May, 6-9pm. <\/p>\n\n\n\n

    During this boot camp we will teach you how to start working for forign companies and law firms from the comfort of your homes and build a gateway to your career in the US & UK in the future. <\/p>\n\n\n\n

    If you have already registered then add the event to your calendar so that you don\u2019t forget. <\/p>\n\n\n\n

    You may also invite your friends, colleagues and classmates to this event. <\/p>\n\n\n\n

    Registration Link: https:\/\/lawsikho.com\/iplawbootcamp<\/a><\/strong><\/p>\n\n\n\n

    WhatsApp Link: https:\/\/chat.whatsapp.com\/KipwbKIfdosCoe6qOEqPac<\/a> <\/p>\n\n\n\n

    Telegram Link: https:\/\/t.me\/joinchat\/RiTzRv17FjmqYcb3<\/a> <\/p>\n\n\n\n

    Do visit our YouTube channel on IP law <\/strong>where we update videos on several practical aspects of the IP law daily: <\/p>\n\n\n\n

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