IP, or intellectual property, is something that comes from a creative idea. IP can include artwork, books, designs, symbols, inventions, or slogans. Each of these creations falls under the umbrella of intellectual property and has legal protections in place. There are different types of intellectual property protections, including copyrights, patents, trade secrets, and trademarks. Each category of IP protection is in place to cover distinct kinds of intellectual property. Copyrights protect artistic or literary works while patents protect inventions like products or processes. Alternatively, trade secrets include information that a company keeps secret, like recipes and trademarks safeguard words, phrases, or symbols representing a business.
For each type of intellectual property, the creator has ownership unless an agreement occurs where the creator sells the property. Licensing agreements are also possible for each type of IP. Within a licensing agreement, the IP owner agrees to allow a licensee to use their intellectual property in the ways listed in the contract for compensation or royalty fees. This type of IP agreement is key to many business scenarios.
Intellectual property protection is crucial for businesses since having their ideas open to all would create competitors and remove existing competitive advantages. IP protection also allows for individuals and companies to receive compensation for their R&D or creative work. Having a unique intellectual property allows a business to be set aside from other similar companies while becoming an essential part of a brand. Protecting IP can let a company keep its competitive advantage. In situations where licensing is involved, having a sought-after intellectual property can give a company a solidified profit by allowing others access to the IP.
The area of intellectual property consists of a significant amount of transactional and advisory work. Our team of intellectual property attorneys has been part of many IP applications and licensing scenarios. They are experienced in drafting, reviewing, negotiating, and finalizing contracts and agreements relating to IP rights. In addition, they are experienced in the application process for each type of IP, allowing them to effortlessly walk their clients through the process without the added stress of uncertainty. Our team provides advice at the beginning of the IP creation process and assists with all transactional aspects of a case, including licensing agreements, finance agreements, royalty agreements, and initial protection work. The IP team here at Kimball Anderson is efficient in their practice and makes the IP application and setup process as simple as possible.
After the successful creation of IP, it is crucial to make sure that it stays protected. In addition to the transactional work done during the application process to protect our client’s IP, our team has experience in the art of litigation. In cases where a client’s IP is facing infringement, we step in to enforce protection rights. Our team assists clients across multiple types of IP, with extensive experience in litigation cases involving copyright, patent, trade secret, and trademark infringement. Our attorneys have worked on complex litigation cases and know their way around IP protection inside and outside a courtroom.