Intellectual Property Audits


Summary

The principal assets of many companies today are based on intangible or intellectual property (IP) related assets. Effective management of a company's IP assets can greatly influence its chances of success in today's competitive environment. Companies that do not effectively manage their IP assets unduly elevate their overall risk and may lag behind their competitors. Given the importance of these assets, a company should actively develop its IP assets to maximize its value. This practice note discusses strategies for conducting an IP audit or counseling clients in how to do so, including reviewing the company's existing IP, assessing IP policies, and best practices for seeking protection for new IP.