IP Audits & Strategic Planning
Jack S. Barufka
Independent audits of intellectual property assets and risk evaluations are vital to devising strategy, maximizing value, and managing risk. The objective is to maximize the return on investments in intellectual property assets while minimizing the possibility of unwanted, unproductive legal disputes.
Why IP Audits?
- Identify future technical challenges and bottlenecks for IP to overcome
- Integrate IP strategy with the company’s business plan and litigation strategy
- Address disclosure issues
- Facilitate development and strategic protection and enforcement of valuable IP property
- Identify potential acquisitions
Intellectual property audits also are of value in resolving such questions as:
- Are proper procedures followed to preserve and protect trade secrets?
- Are current research goals and patent filing procedures optimized for current corporate strategic goals?
- Are notebooks and invention records adequately preserved and archived?
- Are company files relating to past technological development possibilities, which are no longer of interest, unnecessarily preserved in the company’s archives?
- What is the current legal status of intellectual property contracts, such as licenses with third parties?
- Have potential third party infringements or license possibilities been fully analyzed?
- Are IP assets, including non-core IP assets, being used to maximize revenue generation?
Our team provides clients with an audit and overall survey of intellectual property assets and policies with the objective of preserving the company’s valuable assets, while also helping to avoid or limit potential future liabilities. This is a procedure that may be as important as the CPA’s independent financial audit. The only “cure” for a legal dispute may be a very “high tech” litigation proceeding, while its avoidance may be a very low-tech “preventive law” operation.
Pillsbury provides full IP services, including IP audits, to many of our clients seeking to improve their competitive position, or preparing to execute—a new strategy, exit strategy, M&A, IPO, etc.