You Paid What For That Patent? How Patent Counsel Hiring is Like the VP Wardrobe Buying Process

The recent outcry about Sarah Palin's gold "wardrobe from Saks and Neiman Marcus has got me thinking about how patent law firms choose many companies. This may seem like a non-sequitur, but bear with me ...

Those responsible for dressing Gov. Palin apparently believed that the big spending at Neiman Marcus and Saks automatically translated into the value for the Republicans by far than his "vice president" than they would otherwise have beenconsidered. Despite the still high cost for their new wardrobe, as in the New York Times, her overall "look", reported the same as if they served for the campaign and as governor of Alaska: Business-appropriate jackets, feminine skirts and high heels . The answer to this wardrobe makeover from a major fashion commentator: "Honey, I would have dressed you for a lot less than, dass" From this comment, and the continuing backlash over the cost, it seems that the cost of Gov.Palin's wardrobe is not directly correlated with the value provided for the McCain-Palin presidential ticket.

Not unlike when I review patent portfolios for clients for evaluation and strategic analysis, I often think to myself, "what you paid for this patent?" All too often, otherwise smart business people actually exercise, "magical thinking" by the assumption that the act of bringing the money at a high-end patent law firm in the creation of business benefits. Of course, thissame professionals would not believe that the mere act is the output value of money in the lead in other areas of their business. Why do they do this in the patent field?

I believe that the information costs associated with the examination of patent applications and the selection of legal services, making it difficult for busy business people to make informed decisions in patent their business affairs. Without legal training or significant business experience in patent matters, the vast majority ofManaging probably do not think that may be directing the strategic decisions about their patent portfolio. Therefore, they can not rationally make the decision for a low-cost identification, but otherwise excellent, patent law firm to work on their patent issues. For lack of other means to consult with those who choose, they assume that business value is increased if they can rent intellectual property law firm equivalent of Neiman Marcus and Saks, even if they could have wonthe same patent "look" by setting a much less expensive office.

Fortunately, there is a solution to the patent law firm information cost problem. The emerging specialty of intellectual property ( "IP") business strategists can do business to provide professionals with the information necessary to cost-educated and appropriate selection of patent counsel. An IP business strategist can effectively his duties as a business professional's "personal shopper" in the selection Patent Counseland assisting in the management of patent litigation. In this role, the counterparty will receive the correct IP strategist patent "look" for a company may, by order to know where to shop for legal services.

This is not to say that the business IP strategist would never select the Saks or Neiman Marcus equivalent of a patent law firm. Situations certainly exist where the cost of such a patent law firm would be justified, as in a bet known as "the Company" invention or litigation. However, as a "personalShopper "for patents, an IP business strategist allows a business man, an informed decision about the appropriateness of such higher costs.

Also, the IP business strategist understands the profit margins associated with patent law firms and as such will be better able to negotiate a discount in the Registry. This means that the patent "personal shopper" is a business man at Neiman Marcus and Saks to help maintain quality to a "purchase price." And who does notLove on a high quality product obtained at a discount?

A "personal shopper" for patents will not necessarily lead in reducing the cost of a company, but I can almost guarantee that enhance the quality and value of patent portfolios. Moreover, it is very likely that the cost savings are enabled through the use of a company from an IP Business Strategist to cover the cost of hiring these specialists. As more and more companies become aware that legal costs can not be equated necessarily withPatent value, the more IP business strategist receives as a useful tool to be seen to improve the way a patent legal services.