During the last few years, there have been some major world events causing seismic shifts in the global economy and the landscape in which we live and work. As another year starts, it is a good time to reflect on the changes facing the IP sector.
Emerging technologies
For IP owners, emerging technologies such as Artificial Intelligence (AI) and Augmented Reality (AR) can impact your business in several ways.
As an initial step, we recommend you consider whether your IP portfolio remains fit for purpose or whether the developments in AI and AR mean you should rethink your filing, watching, and enforcement strategy. Moreover, as technology advances, so does the sophistication and opportunities of counterfeiters and copycats. Ensuring your IP strategy keeps up with these changes is critical for all IP owners.
In addition, although historically late to the party for utilising technological developments in service delivery, the legal sector has been embracing these changes. From relatively small changes which allow faster and more efficient delivery of the administrative elements of IP such as renewals and recordals, to embracing Chat GPT and other AI tools for the more complex legal services such as drafting and searching, the IP landscape is set to see some big changes in coming years.
For instance, in 2023 Markify (a
By working with firms who recognise and prioritise these developments, IP owners will not only benefit from the time and cost-saving efficiencies but will also be better placed to ensure they are not missing important changes in the IP landscape.
Alternative fee arrangements
The move from traditional fee structures to alternative fee arrangements has been emerging in recent years and we at
How many of us have heard the joke that a lawyer will start the billing clock as soon as they pick up the phone, even to friends and family? While said in jest, billable hours have been the default charging structure for decades. This method has, however, come under increased scrutiny in recent years.
Clients have less predictability with the billed hours model and in a time of economic uncertainty and tightened budget, alternative fee structures are becoming more and more appealing for many IP owners.
In recognition of this growing trend,
UKIPO representation
On
As a result of Brexit, the requirements for representation at the UKIPO changed on
While this change means a
The end of the transition period will impact the way many overseas businesses handle their IP matters in the
This topic will continue to be discussed throughout 2024 and many in the
Key questions to consider:
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Is my IP portfolio and strategy keeping up with emerging technologies or do I need to make some changes?
- Does my current IP provider have a focus on emerging technologies allowing them to be proactive and identify where changes are needed to my portfolio and strategy?
- Does my current IP provide utilise emerging technologies in the delivery of their services to ensure I am benefiting from the efficiency and cost savings that such technologies can bring, as well as ensuring I am not missing important developments in the management of IP?
- How does my current IP provider charge for their services and does this still work for my business or should I explore alternative fee arrangements?
- Do my
UK registered rights have an appropriate address for service to meet the regulatory requirements and ensure important notices reach me in a timely fashion? - Is my
UK IP work being handled by a representative authorised and regulated by IPReg and if not, what risks does this present to my business?
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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