Contingency Fee Patent Applications
We recently had an inquiry in regards to whether or not we would consider going “in on” an invention idea with a client. Simple answer is we don’t take a percentage for doing the work on a client’s patent idea. This is why: The two biggest problems with “contingency fee” patents are, first, the need for a number of warning documents to the inventor regarding attorneys going into business with their clients, and second, you are “betting” on the inventor being successful. With respect to the second point,...
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Inventing Profit at blogtalkradio.com. Inventors share their stories of success and failure in their venture for Inventing Profit. Listen and learn how to avoid pitfalls of the inventing process. Visit the blogtalkradio.com website to listen to hosts Eric Hanscom and Joe Donoghue as they speak to Murray Learmonth, VP of Engineering from Leardon Solutions.
read moreThe Licensor Makes Out Best When…
I have found the licensor (you) makes out best when: 1. Minimum royalties or % of the gross, whichever is greater. That way you always get something, and if the licensee starts selling a ton of products, you don’t feel cheated because they are making so much more than you are. Also, try to get the minimum royalty up front, before the accounting period begins. 2. Quarterly royalty periods. Don’t let them pay you yearly as then the seasonal fluctuations will even out in the licensee’s favor. Also, if the licensee goes...
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read moreExamination and Office Actions
Examination and Office Actions When your application is finally examined, the USPTO will issue an “Office Action” which sets forth the examiner’s opinion of the patentability of the invention, describes any rejections of the drawings submitted, and points out any questions he/she has with the words and phrases used in the application. Under the recent KSR case, it is not uncommon for all claims to be rejected in a first Office Action. When we get the Office Action, we will give it a brief review, and send a copy to the client. We ask...
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