Merits of Hiring a Patent Attorney
A patent attorney is an attorney who represents clients in obtaining patents. They will also act in all matters and procedures relating to patent law and practice on your behalf. A major advantage of hiring patent lawyers is that they prevent theft of invasion. It is very important for inventors to seek a licensing deal when starting a business. He may also look for an investor for an infusion of cash. You will attract licensors and investors by disclosing the invention. This enables the licensee and investor to evaluate the deal. The offer may be rejected if no patent application will be filed. If the real inventor files the patent application, the patent will be rewarded to the investor.
Another benefit of hiring patent lawyers is that they help you improve your profit margins. This is because your lawyer will ensure that nobody else will make, use or sell your invention. This information is actually claimed in the patent. All patented products are always on high demand. Therefore excluding others reduces the supply of products in the marketplace. This monopoly ensures that patent owners will end up charging high prices for their products. In this case their product margins increases greatly.
Another benefit of hiring a patent lawyer is that they help your business reduce competition. Patents provide a barrier for competitors who want to enter the market for the patented products and services. Risks associated with patent infringement are very stringent. Competitors end up considering the fact that that these risks may be greater than potential profits. Patentees are in a position to assert their patents against competitors. In this case they are enjoined from offering a competitive product.
Another benefit of hiring a patent lawyer is that he will ensure you get your settlement. Both parties will assert various claims against each other. During litigation the claims may include patent infringement. There are parties who decide not to litigate the issues. In this case they agree to cross license the respective patent technologies. Hiring a patent lawyer helps you expand the market share. In this case it becomes possible to license patented technologies to others in a different geographical market. The patent may provide the licensor with regular royalty payments. This applies for those sales involving patented products outside of the patentees normal geographical market. In this case patented technologies may also be licensed to others in a different technical field. You will be able to achieve all these benefits by hiring a patent lawyer. This is because of the experience and expertise he has acquired from working many patent cases.