The Importance of Flexibility in Patent Portfolio Management

In a recent article published in the National Law Review, Mitchell Weinstein was among the intellectual property experts quoted on best practices for effectively managing patent portfolios. 

Mitchell noted the importance of incorporating flexibility into a strategy for managing these assets. As technologies evolve and competitors adapt their own plans, it is key for a business to conduct regular audits of its patent portfolio, which, in addition to identifying risks, may also reveal underutilized assets and new opportunities for growth.

A thorough audit of your patent portfolio should evaluate your position across four areas:

• Enforceability: How strong are the patents if challenged?
• Design-arounds: Can competitors easily sidestep your claims?
• Evolution: Will the technology still matter in five or ten years?
• Cost: Are maintenance fees justified by current business priorities?

Questions about how to conduct an audit or take advantage of underutilized assets in your patent portfolio? Reach out to Mitchell Weinstein or another member of LP’s Intellectual Property Group.