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The Intellectual Property Audit: An Opportunity and a Necessity

By Robert J. Roby and Carolina Paschoal

©2017. Published in Landslide, Vol. 10, No. 2, November/December 2017, by the American Bar Association. Reproduced with permission. All rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in an electronic database or retrieval system without the express written consent of the American Bar Association or the copyright holder.

While most executives recognize that intellectual property (IP) is an important component of their business, they often treat intellectual property as a static asset that is evaluated only on an “as needed” basis. It is a better practice, however, to view intellectual property as a dynamic asset, which can be continuously adjusted to support and implement changes in business strategy as they occur. Regular and active monitoring of a company’s intellectual property ensures that the company has adequate protection for its business and any expansion of its business. It also allows the company to evaluate and maximize potential additional revenue streams. Coming in as new counsel—either to a new company or to a new position within the same company—provides a unique opportunity to take a fresh look at the company’s intellectual property and procedures relating to such intellectual property. This enables counsel to provide effective guidance, and create both an immediate and long-term positive impact on the company.

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