find the latest legal job
Inhouse Legal Counsel -18 months-4 PAE - Real Estate Investment Company
Category: Banking and Finance Law | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· In brand new prestigious CBD offices
View details
Senior Associate - Competition, Policy & Regulatory
Category: Other | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Work with a well regarded Partner · Sydney CBD
View details
Commercial Litigation Senior Associate
Category: Litigation and Dispute Resolution | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Lawyers Weekly Australia Partner of the Year 2016, Insolvency
View details
MULTIPLEX Regional Legal Counsel (Vic) | 7 to 10 years + PQE
Category: Generalists - In House | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Career defining in-house role · Tier One international contractor
View details
Junior Lawyer - Personal Injury Law
Category: Personal Injury Law | Location: Parramatta & Western Suburbs Sydney NSW
· Highly specialized practice · Challenging role with great opportunities
View details
Australian IP practices lagging

Australian IP practices lagging

Businesses are failing to maximise the value derived from their intellectual assets, according to intellectual asset management firm Watermark. Karen Sinclair, a patent and trade marks attorney,…

Businesses are failing to maximise the value derived from their intellectual assets, according to intellectual asset management firm Watermark.

Karen Sinclair, a patent and trade marks attorney, said this problem can be resolved through the use of Intellectual Asset Management (IAM), which she describes as a "holistic approach" to extracting full value from a business's knowledge base.

Watermark is pioneering IAM in Australia and has launched a new brand based on IAM practices.

According to Chris Line, CEO of Watermark, the launch signals the start of a new era for the firm, which boasts a 150-year history as a boutique intellectual property firm.

"As IP experts, we are surrounded by innovative clients, and that has inspired us to become innovators ourselves. The new Watermark is focused on making intellectual asset management a core part of our client's business," said Line.

"IAM runs a health check on a company's current innovation processes while creating a broader picture of the company's business landscape. With this ground work done, recommendations can then be made on what assets are worth protecting, the best way to go about it and how to make that innovation or brand work harder and smarter for you."

According to Sinclair, IAM goes beyond patents and trademarks and is integral to a company's business strategy, encouraging the business to think about how intellectual assets can be used for commercial benefit.

"Intellectual assets can account for more than 80 percent of a company's value. Yet the majority of these companies don't have a management program in place to ensure they are getting the most out of those assets," said Sinclair.

Intellectual assets include traditional intellectual property rights such as patents, trademarks and designs, as well as unregistered rights such as copyright, trade secrets, contractual arrangements with clients, suppliers and staff, databases, customer lists, and the equity in a company's brand.

Human experience, knowledge, skills, creativity, ideas and innovation are also part of the intellectual asset portfolio and a company's value.

As a business strategy, said Sinclair, IAM has gained significant traction overseas as companies begin to understand how they can get the most from their intellectual asset portfolio.

"In a knowledge-based economy, we've seen increasing recognition of the value of innovation and intellectual assets as drivers of growth and providers of a sustainable competitive advantage," she said. "But many Australian companies are lagging behind."

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Australian IP practices lagging
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Animal law moots, advocacy, Melbourne University, Australia and New Zealand Intervarsity Moot on Animal Law
Sep 25 2017
Moot unleashes animal advocacy
Melbourne has played host to one of the largest animal law moots, with student participants put th...
Scales
Sep 25 2017
Transgender teens should not need legal approval for hormone treatment, court hears
A transgender 17-year-old known as Kelvin has appealed in the Family Court against the requirement o...
Appointed, Victorian Legal Services Commissioner
Sep 25 2017
NFP CEO appointed Victorian Legal Services Commissioner
The CEO of a Victorian not-for profit pro bono legal services provider has been named as the state...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...