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Advising clients on IP business strategies

If you have always wanted to start your own practice then there has never been a better time than now. 

Earlier the job market was pretty local. 

Only the skills and jobs which were offered in your own city were accessible to you. 

The time has changed and so has the infrastructure around you. 

Fresh law graduates are earning close to $1000/month by sitting at home. The experienced lawyers are earning much more. 

Some legal consultants on Upwork and Fiverr earn more than what a top law firm could ever pay to them.  

All this while catering to international clients, something which remained a dream for many lawyers from the previous generations.

Why are clients preferring lawyers from other countries?

The cost of lawyers and law firms in developed countries is significantly high. 

So if a lawyer from a developing country can offer high quality advice at 1/10th the cost then it would help the clients to optimise the expenditure cost. 

But the clients who come from international markets demand specific skills from you. 

You should not only be able to advise them on legal matters but also become their business ally helping them to grow their business. 

IP plays a key role in business, especially in the knowledge economy. 

Business leaders often need timely IP advice from their lawyers, whether in-house IP experts or external counsels. This is where the business acumen of the lawyer becomes even more important.

So if you are an IP lawyer from India and a client approaches to design IP strategy for their business then you must be able to advise them on these 20 questions: 

  1. What are some of the IPs that should be registered and possibly monetized?
  2. What are the most tax-efficient, highly enforceable models for monetizing our IP?
  3. What steps should be taken by the organization to effectively manage and develop the patent portfolio?
  4. How can our IP portfolio stay ahead of competition?
  5. What technology can we in-license, out-license or cross-license?
  6. Where can our organization increase research and development investment to build an effective patent portfolio?
  7. Are there any competitors whose IP pose a threat to our business?
  8. When to engage in defensive publishing of our research?
  9. Should we invest in certain startups, or pursue an M&A strategy in light of IP concerns?
  10. Are we doing enough to preserve the value of our IP portfolio? Who is infringing or abusing our IP?
  11. Are we doing enough to protect our IP or do we need to increase our budget?
  12. Would we be able to enforce our IP in that geographical market? Or should we just stay away?
  13. What are the geographies where we should register our IP? How much will it cost and how long will it take?
  14. How to fight back against patent trolls and deal with strategies like ‘picket-fencing’ where competitors try to get patents around our prized patents trying to erode the value of our prized patent?
  15. What would be our IP enforcement strategy? If a deep pocketed competitor infringes, what kind of enforcement cost and timeline are we looking at?
  16. How can we prevent counterfeiting on online auction platforms like e-bay or TaoBao or even Facebook and telegram groups?
  17. How should we respond to infringements and how can we recover damages?
  18. Will our new product or brand end up violating someone else’s IP rights?
  19. Have we properly optimized our patent or trademark registration strategy? In corporations based in the USA, more than 50% of patents are abandoned after 10 years! Given the cost involved, questions may arise as to whether such patents should have been pursued in the first place. 
  20. Can we reduce spending on outside counsel by zeroing in on redundancies and establish an in-house patent and trademark prosecution practice?

Along with this you should also be well versed with the laws in their home country. 

So learning USPTO specific skills and getting experience involving USPTO can give a great boost to your IP law career in any country around the world. Apart from USPTO, EPO and JPO are the other patent offices that are sought after.

But if you were not able to answer any of the questions listed above and want to know where to start your IP career from, then join us for the 3-day boot camp on How to kickstart your international IP law career today from 14-16 May, 6-9pm. 

During this boot camp we will teach you how to start working for forign companies and law firms from the comfort of your homes and build a gateway to your career in the US & UK in the future. 

If you have already registered then add the event to your calendar so that you don’t forget. 

You may also invite your friends, colleagues and classmates to this event. 

Registration Link: https://lawsikho.com/iplawbootcamp

WhatsApp Link: https://chat.whatsapp.com/KipwbKIfdosCoe6qOEqPac

Telegram Link: https://t.me/joinchat/RiTzRv17FjmqYcb3 

Do visit our YouTube channel on IP law where we update videos on several practical aspects of the IP law daily: 

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