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Businesses under protected on Intellectual Property- 12/10/2011
Midlands businesses need to do more to protect their valuable intellectual property, according to a leading business litigation lawyer.
Charlotte Clode, a solicitor in the Litigation Department of West Midlands law firm FBC Manby Bowdler LLP, says that a recent report by the Intellectual Property Office stated that less than half of the annual £130 billion investment by UK firms in new product and business development was protected by Intellectual Property Rights (IPR).
“Intellectual property rights can be hugely valuable to a business, from its brand name to patents for new products. However, most businesses need to be more pro-active to ensure better protection of their intellectual assets, as the report also states that three quarters of investment that was protected gained automatic protection via copyright and unregistered design rights,” says Miss Clode, who is based in FBC Manby Bowdler’s Wolverhampton office and is a member of the firm’s specialist IP, Technology & Media Law Group.
“It is clear that too many businesses rely on copyright which automatically protects authors of creative works and on unregistered design rights which automatically protect the shape and configuration of an original design. However, actively registering designs with the Intellectual Property Office, as well as registering patents and trademarks, provides much better legal protection should a rival business try to take advantage of an organisation’s intellectual property,” explains Miss Clode.
“In fact any business which does not take steps to protect its assets and its branding is taking a huge financial risk.
“The problem with intellectual property is that although it can be amongst the most valuable assets owned in a business, as it is intangible it can be the least obvious and often the least recognised.
“The IPO report also provided evidence that protecting intellectual property rights can add billions of pounds to UK businesses and has a significant positive effect on the growth of, and investment into, the UK economy,” concludes Miss Clode.
FBC Manby Bowdler has a specialist IP, Technology & Media Law Group which advises clients on licensing and protecting Intellectual Property and all aspects of Information Technology within an organisation. Services include registration and protection of trademarks, copyright, design rights and patents, as well as the licensing and use of all aspects of technology, as well as advice on the use of IT and IT contracts.