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Q&A:What is an intellectual property audit?

Clarifying Questions

Q & A:

QUESTION

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Q:    What is an intellectual property audit, and should my company get one?

—Cautious COO

 

ANSWER

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A:     Dear Cautious:

An intellectual property (IP) audit is a comprehensive, systematic review that identifies all of your IP assets and then evaluates all of the potential risks and opportunities associated with those assets.

In addition to identifying all of your IP assets, an IP audit can help ensure you have all of the necessary IP protections, such as trademarks and copyrights, and that you own the full spectrum of rights related to your IP in all of your legal agreements. Moreover, the audit can allow you to fully leverage your IP to ensure you are getting the maximum value possible from each of these assets.

At the same time, the audit can identify potential areas of risk related to your IP, such as instances where your company may be in danger of infringing upon another brand’s IP rights. From there, you will be better able to take the appropriate corrective actions, and implement more robust IP-management strategies.  Contact your Family Business Lawyer™ and ask for an IP audit to ensure your company’s most valuable intangible assets are fully protected and leveraged.   

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