IP Work Hasn’t Slowed with Economy, Law Firms Hiring
As the economic value of intellectual property (IP) climbs, the amount of high cost litigation involving ownership and infringement of such property is also rising. Intellectual property, such as patents, copyrights and trademarks, have become increasingly important to our economy both regionally and nationally, according to The Business Review in Albany. The report adds the increase in economic value attributable to IP has brought about a corresponding increase in lawsuits. In fact, a review of federal litigation trends over the last decade reveals an increase of approximately 50% in the number of intellectual property lawsuits filed throughout the country. Meanwhile, the growth in patent litigation has been characterized as an “explosion.”
Most recently, InterDigital and Samsung Electronics have settled longstanding patent-infringement litigation over cell phone broadband technology, reports Information Week. Broadcom won a battle in its ongoing EVDO chip patent war with Qualcomm when a federal district court ruled that Qualcomm violated an injunction to stop using Broadcom technology or pay royalties, according to Fierce Wireless. Jeffer, Mangels, Butler & Marmaro also recently announced that it has filed a patent infringement lawsuit on behalf of EMG Technology against Apple. The lawsuit, which seeks unspecified damages, accuses Apple of infringing U.S. Patent No. 7,441,196 in the way the iPhone navigates the Internet. These are just a few examples of the growing number of lawsuits being filed – an indication of the high value associated with intellectual property (IP).
The slowing economy has pushed more companies to protect their ideas and find ways to expand and generate income. IP assets can be leveraged to access markets, generate dependable income and provide a significant boost to a company’s bottom line. As a result, a growing number of corporations are focusing on the strength of their patent portfolio. As a result, demand for IP legal assistance continues to mount as companies rely on new ideas, technologies and processes. Executive search firm, A.E. Feldman, says that law firms are expanding their Intellectual Property (IP) practices and corporate attorney jobs are opening up as more businesses look to leverage IP in order to generate revenue and remain competitive.
IP Work Strong despite Sagging Economy
Intellectual property work hasn’t fallen prey to the economic slowdown unlike some areas of law, according to The National Law Review. The report argues that amid current economic pressures, companies want to protect their patents from rivals to ensure the revenue that flows from them. They’re also still maintaining defenses against so-called “patent trolls.”
Patent trolls, often called nonpracticing entities (NPEs), are firms that don’t make or sell products that use patents…but they buy up patents to seek royalties from other companies. According to the WSJ, it’s estimated that patent trolls have raised more than $6 billion over the past decade to finance patent purchases.
Who is Hiring?
The slowing economy has not deterred IP firms from hiring, according to The National Law Review. A number of firms have hired attorneys in recent months in response to steady or rising demand for enforcement of patents and general counseling in the area of IP.
Merchant & Gould, a Minneapolis-based IP law firm with 100 attorneys in seven U.S. offices, has hired nine attorneys, according to The National Law Review. The report quotes Merchant & Gould Managing Director Randall King as suggesting current economic turmoil has not deterred the firm from expanding. “So far, we’ve been insulated from what other law firms are experiencing out there,” he said.
New England-based intellectual property law firm, Lowrie, Lando and Anastasi, also announced in November that is has hired four new attorneys and is expanding its office space. “We are expanding and constantly on the lookout for talented professionals. At the moment we have several positions open in a variety of practices, and in just the past month, we have added several outstanding individuals to our firm,” said Keith Noe, LL&A’s Hiring Partner in a November 14th statement. “Our litigation, electrical and computer software, and life science practices have continued to grow and represent industry and technology leaders,” he said.
Additionally, Wildman Harrold announced last month it hired three attorneys to join its IP Practice Group. The National Law Review quotes John Letchinger, Chairman of Wildman’s IP practice, as saying, “We have not deviated from our model whatsoever in light of the economic crunch. We’re not finding our clients shying away from investing in intellectual property.”
Goodwin Procter also announced in November that two attorneys have joined the firm in New York, continuing the expansion of the firm’s Intellectual Property Practice. Goodwin Procter’s national IP group has been ranked by IP Law & Business as one of the nation’s most active IP law firms. The firm says it has grown its patent and intellectual property litigation expertise tremendously over the last several years, and is now comprised of 123 litigators, transaction lawyers, patent attorneys and scientists with over 50 advanced degrees.
Kramer Levin Naftalis & Frankel also expanded its Intellectual Property department. The firm issued a statement detailing the addition of Patent Litigator Robert Morris to its 50-attorney IP Group.
McAndrews and Held & Malloy also hired two senior attorneys for its IP practice, notes The National Law Review.
Meanwhile, Duff & Phelps has also moved in recent months to build its Intellectual Property Practice. The financial advisory firm announced that it acquired the Lumin Expert Group, a consulting firm specializing in intellectual property dispute support and expert testimony.
Are you working in Intellectual Property Law or looking to extract more value from your IP portfolio? If you want to grow your career or your company’s bottom line, contact A.E. Feldman’s President, Mitch Feldman today!
