Does Your Patent Attorney Understand Business Drivers and How to Boost Profitability?
For many patent attorneys, their experiences in their professional careers are limited mostly to writing and prosecuting patents. They learned what they know from more senior attorneys, whose professional careers and experience are also primarily limited to prosecuting and drafting patents.
Few patent attorneys have the combination of deep patent prosecution for the biggest and smallest companies in the world, an entrepreneurial / business mindset, a background practicing as an engineer designing products, and high stakes patent litigation experience.
Without this very special mix of experiences, a patent attorney cannot be expected to think in depth about profitability, cost of goods sold, distribution, marketing or what the customer wants.
They are simply not trained to think about those business issues that are critical to the business unit; they do not have front-line business experiences that animate a sensitivity to cash flow. Without this background, it is reasonable to expect most attorneys are generally focusing primarily on the technology and trying to keep their heads above water with the patent law.
Here’s an example. Your attorney may get into the weeds with you about the design aspects of your patent, but is he or she also talking to you about how much you should invest in a particular invention? Is he or she helping you work through decision points early on in the application process that could increase (or sink) your profitability down the road?
When these essential conversations are not had at the beginning of the process, companies frequently over-invest and under-invest in their patent portfolios. This suboptimal investment does not maximize profitability of the client’s business.
At Thompson Patent Law, we believe that for a given invention, the optimal level of investment in patents may be high, low, or even zero. Those ideas whose potential value falls below a predetermined threshold should be killed as early as possible. We are honest about it, and that’s part of the game of knowing when to cut your losses as early as possible. We are not just here to take your money; we are here to help you have a profitable patent. Many patent law firms cannot, or will not, tell you the same.
As you are evaluating law firms to handle your patent needs, be sure to ask about the relevant experiences highlighted in this post. It can make all the difference when determining what your patent will cost, how long it’s tied up with the USPTO and ultimately, how profitable the patent is to you throughout the years.
Top-notch intellectual property attorney
Craige Thompson is a top-notch intellectual property attorney. I would choose him to represent me if I ever needed a patent. I have no hesitation to refer my friends, family, and clients to him for IP work. He's easy to work with, has a good personality, a good bed-side manner, and he's extremely good in his skills. Five-Stars!