Measures to Strengthen a Company’s Legal Protection
Determining when a company should explore what steps it should take to set up legal protection for its intellectual property can vary depending on how important these things are to the company. “Almost out of the gate a company should speak to someone and say look, here’s what we’re doing…” Vic believes every company should make a lawyer part of their team. “It doesn’t have to be expensive, just speak to someone and say what do I need to do? What makes sense?” Essentially one has to make an informed judgment up front as what should be done, how detailed it should be, and how much should be spent. “To not do that up front is stupid because the amount to make that judgment of how much to spend up front is not huge. It’s not a lot of money to have that conversation and get that kind of advice.”
Vic feels the role of a lawyer is changing as the business environment the economy works in is continually evolving. “Lawyers are now becoming business advisors. They don’t just say ‘you must do X…’, they work with you to consider what can be spent in the best interests of the company, and then do that. It’s what a lawyer must do to be a good lawyer.”; Just as emerging companies are focusing in on new markets and services to grow a venture in, legal professionals are also specializing in emerging business practices that can make them particularly tuned-in to the needs of an entrepreneur, “It is good to sit down with someone who is not just a generalist, but someone who is practiced at intellectual property. This area is one where people who know it and know it well, and those that don’t, don’t. One should be able to get a general overview in literally a couple of hours for what should be done and how much it would cost. Then you make the judgment, an informed decision. The idea of running naked doesn’t make much sense.”
There are steps that can be taken by an organization to prepare them for the more formal efforts that will eventually need to happen. While they are no substitute for proper legal counsel and IP protection establishment, becoming familiar with the rules and regulations can only help the cause for an emerging business, “There are resources available publicly for a company to do research on its beginnings on this road to protection. Law firms are putting out publications that contain information all about IP issues. These publications are in-depth and give you much of the information that is available as well as introducing one to the firm.” Fundamentally it is the responsibility of the organization to realize its position on IP and how important it is to the firm to protect. “You have to get people in the mindset that IP is a cornerstone of the company so all practices and activities done in this area are done seriously and properly. That’s not a dollar thing, that’s a priority thing.”
Attention to the Entrepreneurial Sector
As organizations are looking to expand their business into new markets and to develop new products and services to meet evolving needs in the marketplace, the legal profession is no different as BD&G looks to the small business sector as a viable market for future work. “There is absolutely a rise in new ventures that are seeking legal advice in parallel to developing their companies. The small business area is seen in the legal field as a red hot area.” Vic sees this area as strong right now and on into the future. “The early 90’s had a major downturn in this area, but now it is ramping up again in both small and large companies, rapid change gives real opportunity to entrepreneurs and may cause problems to bigger companies. Bigger companies have to move into new market areas that may affect their current products.” Either way both types of organizations are growing in new areas that result in innovation and the development of intellectual property that is subject to the influences mentioned in this article, and therefore require attention to their legal aspects.
A concern that many small business owners may have is that a large corporate law firm like BD&G would not be able to address the needs or pay enough attention to smaller client who aren’t as high profile or prosperous. Vic states this perception is changing in as much as the firm’s attention to small business client services are changing to focus on the entrepreneurial sector, “The thing that people get concerned with about going to a big firm is that they will get lost. The truth of the matter is everyone is looking to grow. You don’t grow by just staying with big clients or trying to get big clients to change firms. A lot of firms are paying attention to the entrepreneurial companies because they want them to grow with their company. Younger professionals are adopting the more progressive mindset for where new opportunities lie and where the future opportunities will be. It’s a good place for new legal professionals to build a practice. One can now go to large law firms and find people who are hungry and will work great for you.” This is a trait this is evolving in other professional service providers business, and a potentially beneficial one for both the entrepreneur and the service provider as they mutually explore ways to grow new businesses in the evolving global economy. – ###