Less than a quarter of businesses prepare for litigation, says study
Almost two thirds (60%) of large companies have been involved in IP litigation at some point, yet less than a quarter (24%) have created a formal IP strategy, a new survey said yesterday.
The report, published by IP firm Mathys & Squire, reveals that companies place a high value on brand identity and see it as critical to their success. Yet many companies do not have a brand protection strategy in place, and only 23% have conducted a valuation of their IP assets, the report said.
The firm surveyed 100 ‘legal decision-makers’ from firms with a turnover above £10 million, in a variety of sectors including pharmaceuticals, media, tech, and retail.
The key recommendation for brand owners, Mathys & Squire said, is that they engage IP specialists when it comes to brand protection and IP litigation.
“Litigation ought to be viewed as an eventual reality rather than an unlikely occurrence,” the report said.
“Legal decision-makers yet to engage with specialist firms risk losing out in today’s shrewder and more cost-conscious marketplace,” it added.
Most brands surveyed indicated a preference for variety in their legal representation, with 67% disagreeing that it was preferable to have all of their legal matters handled by one firm.
Mathys & Squire also recommended that brands pursue alternatives to litigation to resolve IP disputes.
“Alternative dispute resolution (ADR) has been used by over half of the decision-makers in this research,” the report said, adding that over two-thirds have found it to be a successful approach.
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