In recent years, it seems that the over-arching attitudes of business leaders towards the value of both intellectual property (IP) and specialist IP law firms have progressed significantly. This research confirms that while a majority of businesses see IP as a key priority, many are failing to recognise the full commercial potential of their IP.
We interviewed 100 legal decision makers in organisations with turnovers from £10m to more than £1bn, to investigate the importance they place upon IP and their strategies with respect to litigation. We also sought to understand how specialist IP firms are viewed and engaged with in today’s market place.
Our findings and analysis have been broken up into the three themes as set out below – download your free copy of the report via the link below.
A clear takeaway from this report is that businesses need to pay detailed attention to the protection of technologies, brands and designs, as well as their commercialisation.
While IP is a key priority for the majority (77%) of those companies surveyed, only a minority (24%) have a formalised overall IP strategy in place, or have analysed the value of their IP to the business. 91% of legal decision makers consider brand identity to be important for commercial success, which highlights that the majority of these businesses should pay attention to the protection of their brand identity, including technologies and designs.
Two-thirds of respondents expressed at least some concern about being a defendant in IP litigation in the next two years, particularly for UK companies (80% compared to 48% of US companies). When asked which factors most influenced legal decision makers when choosing an IP litigation team, ‘specialist technical experience’ came out on top for 58% of respondents – even above ‘value for money’.
Considering the importance of specialist IP firms, the research found that of the majority of decision makers who consider specialist technical IP expertise to be important, 87% experienced a successful outcome. 52% agreed that it is more important to have a litigation team that can also handle IP strategy rather than having all legal matters handled by one firm. Only 1% of those surveyed said they would not consider instructing a specialist IP firm to manage their IP litigation in the next five years.
For a free full copy of the report, click on the ‘Download report’ button below:
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