| The recent hullabaloo regarding Sarah Palin's "gold | | | | company value will be increased if they hire the |
| plated" wardrobe from Saks and Neiman Marcus got | | | | patent law firm equivalent of Saks and Neiman |
| me thinking about how many companies select | | | | Marcus, even when they could have obtained the |
| patent law firms. This may seem like a non-sequitur, | | | | same patent "look" by hiring a much less expensive |
| but bear with me... | | | | law firm. |
| Those responsible for dressing Gov. Palin apparently | | | | Fortunately, there is a solution to the patent law firm |
| believed that the large expenditures at Saks and | | | | information cost problem. The emerging specialty of |
| Neiman Marcus automatically translated into value for | | | | intellectual property ("IP") business strategists can |
| the Republican ticket by allowing her to be viewed as | | | | provide business professionals with the information |
| more "Vice Presidential" than she would otherwise | | | | necessary to make educated and more cost |
| been considered. Notwithstanding the high cost of | | | | appropriate selection of patent legal counsel. An IP |
| her new wardrobe, as reported in the New York | | | | business strategist can effectively operate as a |
| Times, her overall "look" remains the same as when | | | | business professional's "personal shopper" in selecting |
| she campaigned for and served as Governor of | | | | patent counsel and in assisting in managing patent |
| Alaska: business-appropriate jackets, feminine skirts | | | | legal expenses. In this role, the business IP strategist |
| and high heels. The response to this wardrobe | | | | can obtain the right patent "look" for a company by |
| makeover by a major fashion commentator: "Honey, | | | | knowing where to shop for legal services. |
| I could have dressed you for a lot less than that." | | | | This is not to say that the business IP strategist |
| From this comment, as well as the continuing | | | | would never select the Saks or Neiman Marcus |
| backlash about the cost, it appears that the expense | | | | equivalent of a patent law firm. Situations certainly |
| of Gov. Palin's wardrobe does not directly correlate | | | | exist where the cost of such a patent firm would be |
| with the value provided to the McCain-Palin | | | | justified, such as in a so-called "bet the company" |
| presidential ticket. | | | | invention or litigation. However, as a "personal |
| Not dissimilarly, when I review patent portfolios for | | | | shopper" for patents, an IP business strategist can |
| clients for valuation and strategy analysis, I often | | | | allow a business professional to make an informed |
| think to myself "you paid WHAT for this patent?!" All | | | | decision about the appropriateness of such higher |
| too often, otherwise smart business professionals | | | | costs. |
| effectively engage in "magical thinking" by assuming | | | | Moreover, the IP business strategist also understands |
| that the act of throwing money at a high end patent | | | | the profit margins associated with patent law firms |
| firm will translate into creating business value. Of | | | | and, as such, will be better able to negotiate a |
| course, these same professionals would not believe | | | | discount with the law firm. That is, the patent |
| that the mere act of spending of money will result in | | | | "personal shopper" can help a business professional to |
| value creation in other areas of their business. So | | | | obtain Saks and Neiman Marcus quality at a "sale |
| why do they do this in the patent realm? | | | | price." And, who doesn't love to get a high quality |
| I believe that the information costs associated with | | | | product at a discount? |
| vetting and selecting patent legal services make it | | | | A "personal shopper" for patents will not necessarily |
| difficult for busy business professionals to make | | | | result in reduction of a company's costs, however, I |
| informed decisions in their company's patent matters. | | | | can virtually guarantee that the quality and overall |
| Without legal training or substantive business | | | | value of the patent portfolio will increase. Also, it is |
| experience in patent matters, the vast majority of | | | | highly likely that the cost savings enabled by a |
| business managers likely do not believe themselves | | | | company's engagement of an IP business strategist |
| to be capable of directing strategic decisions about | | | | will cover the cost of hiring this specialist. As more |
| their company's patent portfolio. They therefore | | | | companies become aware that legal cost does not |
| cannot rationally make the decision to identify a low | | | | necessarily equate with patent value, the more IP |
| cost, but otherwise excellent, patent law firm to | | | | business strategists will be seen as a useful way to |
| work on their patent matters. For lack of any other | | | | improve the way one obtains patent legal services. |
| means by which to select counsel, they assume that | | | | |