The term Intellectual Property (IP) refers to the ownership of the intangible assets created by the human intellect. Such intangible assets may consist of scientific formulas, literature, logos, artwork, to name a few, which companies and organizations can use as a viable business instrument. There are different forms of IP available, including patent, industrial design, trademark, copyright, trade secret, and many others. It is a matter of fact that yes – the aspect of IP doesn’t preclude any physical being – it is typically convergent in an idea or a concept and the further inclusion in a physical product. In the form of a trademark, copyright, and other IPs, such physical products become associated with the human psyche and quite often lead towards becoming the reason for the success of a specific brand and its business over other related products in the market. For instance, in the present highly competitive business environment, there are a lot of tech giants specializing in designing and manufacturing smartphones. However, when you come across the name ‘Apple,’ you immediately perceive it as brand owning iPhones with millions of dollars in its turnover. This name, or rather a Registered Trademark, is an IP asset of the company.
Business firms and organizations, with the needed resources, quite often put in sincere efforts to make their IP assets as their registered IP so that no other company or individual can use that specific name in their products or services in any form. Without any second thoughts, IP assets usually have a massive amount of money associated with them. Moreover, there are well-defined Intellectual Property Laws in place as well for protecting the rights of the owner from a possible violation. For ensuring that you can efficiently deal with any such case of infringement within the law, it is indeed imperative for you to engage with an IP lawyer or attorney for your representation.
Why is IP Infringement a Matter of Concern?
The business giants in today’s fast-paced society can afford to lose some amount from their profits; however, for the medium business owners with a widely-known trademark, the source of income could undoubtedly be affected by an act of infringement. Consequently, they would end up losing upon their justly deserving revenue stream coming from the market. On the other hand, the sub-standard product or service sold or made available by the infringer would harm the original owner’s customer base. The owners would also lose their already existing clients and a fully-functioning profitable business, that too, for no fault of their own. With the advent of the internet, products, services have now become conveniently available within a few clicks across the globe. Companies and organizations are also facing higher risks of IP Rights violations due to the massive reach of customers. They are at constant risk of getting to see their unique ideas, services, and products violated. Therefore, under the IP legal system of all the nations around the world, IP infringement is a serious and punishable offense. For dealing with the legal proceedings, it is highly advisable to involve your business with the services offered by an IP lawyer.
How can an IP Lawyer help you and your business?
The job of a lawyer is to represent the clients in a court of law and further secure adequate judgment. However, when it comes to the scenario of IP-related matters, it becomes exceedingly essential to hire the best IP Attorney as IP deals with the intangible creations of the human mind. A few aspects with which a legal representative can assist you and your business are as follows:
1. The Extent of your IP Rights
The IP rights and the associated outcomes are all governed by legal rules and regulations. While your unique ideas generally belong to you only, in some cases, your benefits may have some imposed limits too. In other cases, the resulting product from your unique creation may not become your IP asset. An IP lawyer can indeed assist you in all such scenarios by advising you on the extent of your legal IP rights and guiding you in the filing process.
2. Protection of your IP Assets
An IP lawyer shall efficiently design the legal apparatus corresponding to your unique creation and its use or application. Let us assume you have a brilliant piece of an idea, and a company is looking forward to paying you a handsome amount for the same. Instead of planning a strategy all by yourself, it would be a terrific approach to hire an IP lawyer so that you can extract the most out of the deal and stay secure from clauses that can hamper your business interests.
3. Legal Encounters
If you own a multinational corporation and are facing an IP infringement lawsuit by some other company, then an IP lawyer can prove to be beneficial in presenting your case in the court and seeking a suitable judgment.