What is an IP Infringement Audit?

Intellectual property is essential to the identity and function of a brand. A company’s intellectual property is also a cornerstone to ensuring future revenue and profits for the business.

An IP infringement audit can help to identify the strengths and weaknesses of your company’s assets to position your business for long-term success. An experienced IP attorney can provide strategic advice and conduct an audit that identifies the full scope of risks and opportunities for your business.

Overview of IP Infringement Audits

The term “intellectual property” encompasses a wide variety of intangible assets that are creative works from the human mind. These various forms of intellectual property can include trademarks, copyrights, trade secrets, and patents.

IP audits involve a thorough review and deep dive into a company’s IP assets. These audits can help you safeguard valuable IP assets while mitigating risk of disputes or other adverse actions by identifying vulnerabilities in your current approach.

In addition to ensuring legal compliance and helping safeguard against unwitting instances of infringement for IP owners, an audit can be beneficial for businesses subject to IP agreements. For example, a company that is licensing IP from the owner should also regularly conduct an audit that can not only maximize the benefits but reduce the possible risks associated with that IP.

The Importance of IP Infringement Audits

From protecting brand assets to determining and addressing infringement issues, consistent audits are key for any IP owners and licensees. IP audits usually involve several phases. These include:

• Reviewing all documentation related to one or more forms of IP, to verify ownership, compliance, and validity of IP rights.
• Creating an inventory of all IP assets and evaluating the scope of existing IP protection.
• Conducting a thorough risk analysis, including noting potential conflicts with existing assets and monitoring competitors.
• Ensuring all licensing agreements are up-to-date, legally compliant, and do not contain gaps or opaque provisions.

An attorney can help you get the most out of your intellectual property and spearhead your audit to maximize the utility of your IP assets. They can also help you detect gaps in your IP protection strategy and take steps to enhance the value of your portfolio.

Get Help From an Attorney for Your IP Infringement Audit

A comprehensive IP infringement audit can uncover instances where other parties are infringing on your brand’s rights. It can also uncover potential vulnerabilities in your legal compliance.

Whether you are facing a potential merger or acquisition, seeking funding, or simply want to assess the strength of your IP, you need to secure experienced legal assistance throughout this process. Contact us today to speak with a lawyer about your legal situation and IP needs.