Advantages of Hiring a Patent Attorney
A patent attorney is an attorney who represents clients in obtaining patents. The attorneys act in all matters and procedures relating to patent law and practice on your behalf. Patent lawyers help prevent theft of invasion which is a major advantage. 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 need to disclose the invention so that you can attract licenses and investors. This enables the licensee and investor to evaluate the deal. If no patent application will be filed the investor may the offer. 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. In this case your lawyer will make sure that nobody else will make, use or sell your invention. This information is always claimed in the patent. 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.
Patent lawyers will help your business get rid of its competitors. Patents provide a barrier for competitors who want to enter the market for the patented products and services. The risks of patent infringement are very strict. In this case competitors may consider the fact 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. This enjoins them from offering a competitive product.
Another advantage of hiring a patent lawyer is that he will ensure you get your settlement. In this case both parties will assert various claims against one another. The claims may include patent infringement and they often occur during litigation. There are parties who decide not to litigate the issues. This means they come to an agreement to cross license the respective patent technologies. Another advantage of hiring a patent lawyer is that they help you expand the market share. You will be able to license patented technologies to others in a different geographical market. The patent may provide the licensor with regular royalty payments. This is for sales of 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. Hiring a patent lawyer ensures that you will enjoy all these benefits. This is because of the experience and expertise he has acquired from working many patent cases.