An intellectual property audit is a critical step in the implementation of a comprehensive intellectual property development and protection strategy. The 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.
All companies should view intellectual property as a priority asset and a critical factor in the development and implementation of business plan. A company that understands, protects and enforces its intellectual property can ensure its freedom to operate in the market and gain a 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, and identify and address infringement issues. Intellectual property audits can be tailored to the specific business needs and issues of a client and are an essential step in the due diligence process in an acquisition or merger of business interests.
We have considerable experience with the development of comprehensive intellectual property strategies for the Firm’s clients and routinely conduct intellectual property audits and assessments customized to the client’s specific business needs and objectives. The Firm represents clients in the full range of business transactions across a broad range of industries, including technology, telecommunications, entertainment and media, software, construction, distribution, energy, insurance, manufacturing, retail, restaurant, commercial real estate development, transportation and professional services.