Advantages of Hiring a Patent Attorney
The main duty of a patent attorney is to represent clients in obtaining patents. They will also act in all matters and procedures relating to patent law and practice on your behalf. A major benefit 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. It is also an option for a inventor to seek for an investor for infusion of cash. You will attract licensors and investors by disclosing the invention. This will make sure that the licensee and investor will be able 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 advantage 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. The patent makes all this information available. All patented products are always on high demand. There will be reduced supply of products in the marketplace when you exclude others. This monopoly ensures that patent owners will end up charging high prices for their products. This means that the profit margins will be greatly increased.
Another benefit of hiring a patent lawyer is that they help your business reduce competition. When it comes to patents there is a barrier provided 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. Hiring a patent lawyer ensures that as a patentee you can assert your patents against competitors. In this case they are enjoined from offering a competitive product.
Hiring a patent lawyer ensures that you will be able to get your settlement. Both parties will assert various claims against each other. This occurs during litigation and the claims may include patent infringement. Some parties actually fail to litigate their issues. These parties often decide to come to an agreement to cross license the respective patent technologies. Hiring a patent lawyer helps you expand the market share. It is possible to license patented technologies to others in a different geographical market. In this case the patent will 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.