January 30, 2012
To ensure that companies that have many registered patents and trademarks can be efficient, conducting an audit of their intellectual property is imperative, lawyers say. A comprehensive audit can save clients much money and enable both small and large companies to sell off any patents and trademarks they're no longer using.
Eileen McMahon works with companies to conduct audits of their intellectual property in order to ensure they're spending their money effectively. Audits, she notes, often result in reduced costs and increased revenues.
"The audit helps to provide an objective view of the company's intellectual property, what it is costing the company, and whether it dovetails with the company's business strategy and products generating the revenues. We conduct the audit for all the IP in Canada and other countries."
The results can be helpful, she adds. "We often discover that there are patents or trademarks that aren't generating any revenue for a company or that don't make strategic sense. However, they are carried year over year, costing the company, and aren't leveraged. The audit helps assess whether those rights should be abandoned, sold, licensed, donated or otherwise leveraged."
Eileen says an audit can include reviewing licensing and other agreements in order to assess whether the company is receiving the revenues it should be getting.