‘What is an IP Audit, and do I need one completing?’ This is a question which is often asked when an IP issue or dispute has already arisen. An IP Audit offers an opportunity to identify various Intellectual Property Rights (IPRs) that exist within your business, this may be that you own the IPR or you have a licencing arrangement with other companies. The audit aims to identify any areas of protection which should be increased, these are usually based on your aims for the business and helps strategize on how to gain a commercial advantage by protecting your IPRs and therefore protecting your business. Glenville Walker frequently receives enquiries from businesses who are facing an intellectual property dispute and have never considered their intellectual property position before.
Glenville Walker and Partners can assist in these situations; the risk of disputes and settlements can be reduced and avoided with the use of an IP Audit Report. By highlighting areas to increase intellectual property protection or suggesting efficient process or trademark application if necessary, Glenville Walker can help protect your business and help increase profit generation from your IPRs.
Glenville Walker continues to work with a wide range of clients across a variety of sectors during the global pandemic and has previously completed an IP Audit Report for a large north-west organisation. During this audit Glenville Walker carried out a due diligence exercise and identified issues regarding the intellectual property ownership of a new software which had been created by the client. The issues were resolved through the necessary legal agreements which has now allowed the client to continue with their software launch and raise substantial revenue through licence rights associated to their new technology across multiple sectors.
Joanne Shelley, Head of Intellectual Property at Glenville Walker and Partners said “The audit was a great opportunity to assist the client in identifying new revenue streams through licencing rights for their software. It truly shows the importance of underlying assets which are brought to the forefront during an IP Audit”.
Often thoughts around organising your IPRs come at a point where a problem has already arisen. However during the current pandemic, when businesses are focusing on using their time efficiently and crossing off those jobs which have been on your to do list for some time – we all have them… this could be a great time to complete your IP Audit and identify a new revenue stream for your business and most important of all, protect your business.
Audits can be carried out remotely through access to documents via data room, conference calls or skype calls.
If you wish to discuss any Intellectual Property queries or have any questions on the above, please feel free to reach out to our team:
Joanne Shelley, Head of Intellectual Property (an experienced business contract lawyer)DD: 0151 305 9660 | email@example.com
Laura Hallam, Trainee Solicitor - Intellectual PropertyDD: 0151 305 9667 | firstname.lastname@example.org