Bingham McHale: intellectual property: what you don't know could hurt you.

• Position: Sponsor

ONE OF THE MOST IMPORTANT capital resources a company may have is the technology and related intellectual property ("IP") it develops. Planning for the proper protection of IP may yield new resources for the company to protect its legal interests and the fruits of its efforts. The elements of any comprehensive IP protection plan include surveying protection needs on a regular basis, planning for protection in the development of new products or services, anticipating IP issues, including positions taken by other companies and competitors, and planning for protection in the manufacturing or marketing of new technologies.

Planning the protection of IP also includes determining the company's current plans, its long-term plans and the financial commitments and market demands related to research and development efforts. Planning for protection in the marketing of new products or services includes primarily patent, trademark, copyright and other unfair competition considerations such as trade dress.

To preserve the integrity and confidentiality of a company's valuable internal information, i.e., trade secrets, procedures for its protection also must be established, implemented and, most importantly, complied with and enforced. The essence of a successful protection plan is management and employee cooperation. In this spirit, a company's current IP policies and employee manual should be reviewed. Frequent reminders to company management and employees concerning the protection of trade secrets should also be utilized...