Intellectual Property (IP) lawyers help clients to secure and protect IP rights such as copyright, patents and trademarks to prevent others profiting from their ideas, inventions and brands (or causing reputational damage). Exclusive rights over IP can afford clients a dominant market position and in the context of an acquisition, purchasers will typically want to ensure that the seller’s IP rights are included in the sale. The seller could otherwise start up a similar business after the sale and compete with the purchaser.
IP lawyers may advise on whether proposed actions could breach any existing IP rights. Work may include: applying for patents, initiating litigation against infringers of clients’ IP rights, or helping to license IP rights to other parties in return for a royalty. The work involved at times requires a technical understanding of the product and consequently some IP lawyers come from Science or Maths backgrounds.
- Copyright (©): protects original artistic, musical, literary and dramatic works that have been recorded in some form. Examples include recorded songs and the content of books. Also protects computer software.
- Patents: protect inventions (including processes, devices and designs) that are novel and inventive, with an ascertainable use or application. Patents afford the holder exclusive rights over the patented subject matter. Patents for instance protect the technology used to create Dyson vacuum cleaners and Apple iPhones.
- Trademarks (™): protect signs and symbols (such as logos and brands) capable of graphic representation that distinguish different goods. Examples include the Coca Cola logo, McDonalds golden arches and Nike tick. If a trademark has not been infringed, but the overall impression of a product indicates it is a copy of a competitor’s product, this is known as ‘passing off’ and can still result in liability against the perpetrator.
- Geographical Indicators (GI): names or signs that identify goods as originating in specific geographical locations, where a given quality, reputation, production method or other characteristic is attributable to that origin. For example, goods can only be labelled ‘Darjeeling Tea’ or ‘Champagne’ if produced in specific locations.
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By Jake Schogger - City Career Series