If the answer to any of these questions is "I don't know," consider an
AGG Intellectual Property Audit
AGG's IP Audit can prevent substantial losses from and improve the performance of your company's intellectual property portfolio. It could even show you how the company can derive unexpected income from the portfolio.
What is an Intellectual Property Audit?
Just as a physician gives a physical, AGG's IP Audit evaluates the health of a company's intellectual property portfolio. Our team catalogs your company's IP assets, determines the actions needed to maintain those assets, and recommends a plan for their most economical use. The audit team also reviews the company's employment and disclosure policies to determine if they sufficiently protect the company's assets.
Every audit includes a comprehensive report listing the results of the review and a plan to maximize use of the company's assets in the future. The report lists all IP assets audited, the relevant dates of the actions necessary to maintain each asset, and a statement of the current use of each asset. You also receive an assessment of the company's intellectual property policies and a summary of all major issues discovered.
Once the audit findings are reviewed, our audit team will help you develop a detailed plan for maintaining and employing the company's IP assets in the future.
What are the benefits of an IP Audit?
Periodically evaluating your company's IP portfolio will help prevent asset losses, such as expiration of patents due to non-paid maintenance fees, and help you make decisions for the use of your assets. For example, you may consider donating some unused patents to a university and take advantage the tax benefits from the transfer. Also, a review of employment agreements will expose any risk of employees leaving with valuable trade secrets.
Who performs the IP Audit?
Each IP audit team of attorneys and legal professionals is headed by at least one firm partner having substantial intellectual property law experience. The AGG team meets with the company's representatives to determine its preferences in conducting the IP audit and the location of the IP assets to be audited.
When should an IP Audit be performed?
Since most companies are continually adding to their IP portfolios, periodic audits ensure that the company's new intellectual property assets are accounted for and mature IP assets are not lost through the passage of time. After an initial comprehensive audit, yearly follow-up audits ensure continued compliance with the company's IP policies. Companies also perform "event-driven" audits, such as for due diligence prior to transfer of assets.
How much will and IP Audit cost?
Every IP Audit is tailored to your company's needs. AGG provides a cost-estimate based on several factors, including to size of the company's IP portfolio and the desired scope of assets to be audited. However, the cost of not having an IP audit performed could be far greater.
This bulletin was prepared by the law firm of Arnall Golden Gregory LLP. It presents information on legal matters of general interest in summary form. This document should not be construed as legal advice or opinion on specific matters.
