Trademark Portfolio Management
Arguably, trademarks and branding assets define the core value of a company. If you have or wish to have several trademarks, you may want to work with a law firm that offers trademark portfolio management services. What is trademark portfolio management? Generally, attorneys who offer this kind of management service provide guidance with registering, renewing, and enforcing a company’s trademarks.
In the embryonic stages, trademark portfolio management involves pinpointing the goals of your business. To develop an effective strategy, a trademark attorney will need to determine where you are selling or intend to sell your goods or services. The strategy will differ based on whether your business is providing goods or services in the United States, Canada, or to an international consumer base.
Another consideration is the type of goods or services sold. To appropriately manage a trademark portfolio, lawyers must understand several aspects of a client’s business. Such as, what the client plans on selling in the next quarter, in six months, or in a year. Possibly, even over the course of five upcoming years. The type of goods or services sold on the market informs the registration and enforcement strategy.
Trademark Registration, Renewal, Enforcement
A trademark gives business owners rights. Those rights are specific to the “scope of use” of the class that the trademark was registered in. During the registration process, the appropriate class or classes of a company’s goods or services must be selected based on use or intent to use. Trademark lawyers must know if you are currently selling the goods or services in the marketplace (in use), or if that is your intention (intent to use). An attorney can examine the accuracy of a company’s in use claim and suggest any possible changes in terms of how they sell those goods or services to strengthen their trademark rights.
In the event that a company aims to register a trademark with a name that is similar to their competition, trademark lawyers can address potential trademark infringement concerns. The mission, in that case, is to maintain a distinct form of branding and remain eligible for trademark registration. Issues with a trademark registration application could result in a rejection. A lawyer can actually help companies avoid squandering an investment of time and money. To properly register a trademark, you should use a tailor-made functional strategy that precisely meets your needs and vision.
Depending on the client, lawyers can engage in different kinds of trademark portfolio management. A more intense trademark registration strategy may benefit clients seeking marks that are in high demand. That is because they are harder to obtain. Conversely, businesses may work with an attorney to develop a more straightforward, less risky strategy. This approach may work if you wish to apply for trademarks that have a likelihood of success with the USPTO. The decision on registration strategy varies based on the unique needs of each client.
Licensing Deals: Expansion and Profitability
Licensing is another part of trademark portfolio management. Indeed, attorneys are essential when it comes to completing your registration. They protect your existing marks and are also key for overall business growth. If your vision includes expansion and profitability, you may want to also rely on trademark lawyers to assist with creating a strategy related to licensing deals. Collaborating with other brands and companies by way of licensing deals can dramatically increase reach and revenue.
Trademark portfolio management can be challenging. First of all, you must register your trademark in the correct country, otherwise that mark may fail to protect you. Next, you need to maintain an active awareness of your trademark application status. Not to mention the renewal dates of any already-registered trademarks. If a company has many trademarks, this can make checking the status a bit complicated. You are also faced with the challenge of enforcement. A company needs to be informed of the use of their trademarks and act if they observe any infringement or unauthorized usage. Taking legal action against infringement and/or unauthorized use may be costly and requires companies to remain vigilant.
Protect Your Intellectual Property – Trademark Portfolio Management
Registration, renewal, and enforcement of trademarks means protecting the incredibly valuable intellectual property (IP) that your company owns. The benefit of utilizing an IP attorney for trademark portfolio management is that they can reduce risk and save time and money. With a strong trademark portfolio strategy, an attorney can protect your company by tracking progress, detailing costs, noting any issues, and establishing a reliable timeline. Our team at Stockman and Poropat, PLLC can help you organize all of your IP assets, apply for registration, renew trademarks, and enforce the protection you need to thrive in the marketplace. Contact us today for a free consultation!
Up next we will be discussing Trade Dress Infringement.
