With growing technologies and business opportunities, law is not merely limited to going to courts or joining a corporate law firm. As Intellectual Property Law has outgrown itself rapidly within a few years, it has brought along with itself, several new opportunities.
The TRIPS Agreement defines the ambit of Intellectual property Law to Trademarks, Patents, Copyrights, Designs, Geographical Indication, Layout Designs of Integrated Circuits, Protection of undisclosed information which is also known as Trade Secrets, Plant Varieties, however, with increase in the intensity of technological activity especially in the developing countries, Intellectual Property has expanded its horizons and is not limited or restricted to the defined ambit. The paradigm shift from corporations and companies hunting down tangible properties such as land and machinery towards acquiring intellectual assets, has led to a multifold growth in the IP Sector.
Emerging Dimensions in IPR
The new developments in science and technology, as well as the growth in intangibility of communication of ideas, intellectual property has emerged to be an invaluable asset of not just an organization but also of an individual creator/owner/author/ inventor. As long as invention and innovation exist, the requirement of IP lawyers will persist in order to obtain assistance in procuring the rights to new ideas and protect the ownership of existing creations. Since imagination of people does not really stop, the work of an intellectual property lawyer prevails.
Some of the popular and emerging Sectors that can be inter- linked with IP are as follows:
Media and Entertainment
Food and Hospitality
The above-mentioned sectors can cater opportunity as an in- house counsel or in the law firms catering to the companies of these sectors.
Emerging Career Opportunities in IP
Where IP is known to attain monopoly over a creation or invention, competition law is known for prevention of monopolistic behavior. TRIPS Agreement provides scope for the enforcement of competition law vis-à-vis anti- competitive licensing practices and conditions. An in- depth analysis of strategies and analysis of the policies of a company and formulating new ones along with drafting of agreements, is thus an emerging opportunity.
Audits and Valuation
Intellectual Property Audit is a tool which is mostly used by the companies to take into account the intangible assets which they have developed in the certain span of time. Intellectual Property is a very crucial as it accounts for the goodwill of the company and is one of the reasons which the companies acquire protection. With the changing times, it is important to review IP owned, used or acquired by a business so as to assess and manage risk, remedy problems and implement best practices in IP asset management.
The Audit and Valuation of Intellectual Property plays pivotal in scenarios of Bankruptcy and Insolvency, Due Diligence Reports etc.
Agreements are a very notable law aspect in Intellectual Property which includes drafting of confidential information agreements, license agreements, assignment agreements, franchisee agreements (to name a few). An enterprising lawyer thus should be abreast with the issues of Intellectual Property and its related agreements as it opens up plethora of opportunities of work.
Investigation and Enforcement Advisory
One of the key areas of enforcement of IP rights is to discover the infringement of IP. In such scenarios, investigators that have knowledge of IP laws are more equipped to investigate and render appropriate advisory with regards to whether any enforcement action should be taken or not.
Media, Fashion and Sports
These are the niche areas of practice where intellectual property law plays pivotal role. these sectors are IP intensive. They not only require registration of patent, copyright, and trademark, but these industries are also generating a massive amount of work related to licensing, franchising, assignment of IP, IP prosecution as well as enforcement of IP rights globally.
One of the essential benefits to a career in IP law is its potential to provide exposure to interesting new developments in science, technology, and other disciplines. For the people with inquisitive mindsets, intellectual property work can be particularly a compelling discipline and career to pursue. Developments in nanotechnology, self-driving vehicles, biotechnology, space exploration, drone technology, and scores of other trailblazing fields all involve intellectual property. IP attorneys may find themselves on the front lines of fascinating technological advances, or working with global brands, movies studios, music companies, athletes, or celebrities. For anybody who doesn’t like to trudge along the set path set by the lawyers, intellectual property is the gateway to innovation and discovery.