Businesses’ work does not stop when they develop a groundbreaking product. They also need to protect their investments, including intellectual property (IP), from threats. Unfortunately, lawsuits are often unavoidable.
When this happens, it can take away important resources from your core operations and potentially cause significant financial and reputational harm. It is essential to manage the impact of these legal cases to minimize damage.
Minimizing its impact
IP cases often involve patents, trademarks, copyrights or trade secrets. When dealing with IP litigation, consider these steps:
- Assess the situation: What is the nature of the claim? How will it affect your business?
- Gather evidence: Collect all relevant documents, communications and records.
- Consider a litigation hold: Preserve all potentially relevant information to avoid spoliation claims.
- Review insurance policies: Do you have coverage for IP litigation? Check with your provider.
- Keep stakeholders aware of the situation: It is essential to let your employees, customers and stakeholders know about the case.
In Oklahoma, both federal and state laws protect intellectual properties. The state’s Uniform Trade Secrets Act provides extra protection for trade secrets, and in some cases, you may be able to get back the costs of hiring a lawyer.
Approaching with caution
When dealing with IP legal issues, it is important to keep your business running as usual. You may also implement safeguards to prevent further infringement claims, or review and update your business’ IP policies and procedures.
Complex business lawsuits often require specialized knowledge and resources that may be beyond your in-house capabilities. Do not risk your reputation and bottom line. It is best to get professional legal help for favorable results.