When Do You Need an IP Transactional Lawyer?
IP, or intellectual property, transactional lawyers help their clients with many issues, which may include, but are not limited to:
- Acquisitions and divestitures of intellectual property and technology assets;
- Joint ventures and joint development arrangements;
- Licensing and technology transactions;
- Forming and financing new ventures;
- Financial, restructuring, and commercial operation of already established businesses; and
- The sale or acquisition of companies or defined assets, services, and products.
Transactional lawyers typically research, draft, negotiate, and advise. Specifically, IP transactional lawyers help clients with issues related to intellectual property, such as:
- Patents;
- Trademarks;
- Copyrights; and
- Trade secrets.
When these issues are involved in business transactions, an intellectual property valuation must be performed to estimate the value of the piece of intellectual property. There are numerous aspects of a transaction that may be influenced by the value of the intellectual property (IP), including:
- Sales prices;
- Share ownership;
- Non-disclosure agreements; and
- Others.
There are also different methods that may be used to estimate the value of intellectual property, including, but not limited to:
- Cost analysis, or determining what an investor may be willing to spend for a property of a similar type; and
- Comparing the number of similar types of intellectual property that was purchased and sold by rivals in the market.
Other factors that may be used in an intellectual property valuation include:
- Whether the property is subject to any legal protections;
- Anticipated expansion and profitability of the intellectual property; and
- Whether or if some works or materials are similar.
It is important to note that there may be industry standards which establish official rules to be followed for specific types of intellectual property. If an individual or entity is considering or is already involved in a transaction involving intellectual property, they should consult with an IP transactional lawyer.
How Much Does It Cost to Hire an IP Transactional Lawyer in the U.S.?
In the United States, intellectual property lawyers, also called patent lawyers, charge an average of $750 per hour. These fees, however, may range anywhere from $295-$1,350.
The cost of hiring an IP transactional lawyer will vary based on the location, the lawyer’s skills and experience, and the complexity of the case.
What to Look For in an IP Transactional Lawyer?
When an individual is looking for an IP transaction lawyer, there are several issues that an individual should consider, including:
- Whether the lawyer is licensed to practice in the state;
- Whether the attorney has passed the patent bar exam;
- If the lawyer is registered with the United States Patent and Trademark Office (USPTO); and
- The lawyer’s track record of success and online reviews.
How to Prepare for Your Consultation With an IP Transactional Lawyer?
It is important for an individual to prepare before their consultation with an IP transactional lawyer. This will help ensure that all necessary information is provided to the lawyer and the individual’s concerns are addressed.
Before a consultation, an individual should gather all information and documents they have related to the intellectual property or the business transaction at hand. In addition, an individual should compile a list of questions related to their case that they would like their lawyer to address.
Where to Find the Best IP Transactional Lawyers in the U.S.?
If you have any issues, questions, or concerns related to the value of a piece of intellectual property or intellectual property you wish to purchase, it is important to consult with an intellectual property lawyer. Your lawyer can perform the necessary due diligence for your transaction and help ensure that you get the most out of your intellectual property sale or purchase.
LegalMatch is an excellent starting place to find the best IP transactional lawyer near you. You can post your legal question free of charge in just a few minutes and receive responses from attorneys who are ready to begin working to help you.
