For some time we’ve been talking about the legal department as a driver of competitive advantage. In Friday’s Corporate Counsel we see yet more evidence that this is a clear and present expectation of the legal department, in this case specifically IP counsel’s responsibilities.
The key statistic cited in that article is that 6 out of 10 in-house counsel respondents said they were increasingly focused on synchronizing their IP work with company strategy.
As we laid out in the “Competitive Advantage” paper, the success stories we heard around strategic IP management had several attributes in common, including
- A single source of truth repository of IP assets, easily accessible to all relevant staff and optimized for interoperability with related matters
- Self-service disclosure portal that facilitates collaboration with inventors
- Workflow automation and fully closed-loop process so that assets and potential assets are understood
- A culture that sees IP assets not only as something to protect, but as part of a strategic portfolio to be grown and diversified in alignment with strategic plans
There are likely many other success stories around maximizing the value of IP. If you have any stories you’d like to share, I’d love to talk with you about them.