What is an Intellectual Property Audit and why does your company need one?

This is one instance when “audit” is not a bad word!  An IP audit is a critical first step for any company, regardless of a company’s size, in the implementation of an intellectual property plan and strategy.

By definition, an intellectual property audit is a systematic review of the intellectual property owned, used, proposed to be used, or to be acquired by a company. The goals and scope of an intellectual property audit is governed by a client’s business needs and immediate issues.

An IP audit can be performed to meet the needs of any company, on any budget.

All companies should view intellectual property as a priority asset and a critical factor in the development and growth of the business.  A company that understands, protects and enforces its intellectual property can ensure its freedom to operate in the market and its competitive advantage over others.

An intellectual property audit or assessment enables a company to identify, organize and review its intellectual property assets, ensure the proper recordation of transfers and perfection of security interests, ensure compliance with statutory formalities, identify and address  infringement issues, and control the use of IP assets by company employees, contractors and vendors. IP audits can be easily tailored to the specific business needs and issues of any client and are an essential due diligence action item in any business acquisition or merger of business interests.

We have considerable experience

We have considerable experience representing clients across a broad range of industries, including technology, internet and e-commerce, telecommunications, entertainment and media, software, construction, distribution, energy, insurance, manufacturing, retail, restaurant, commercial real estate development, transportation and professional services.