Intellectual Property Audits & Investigations

As a business, you might not realise the extent and potential value of your intellectual property (IP) assets. An IP audit can help identify your existing IP, checking that registration and protection is in place, and potential IP, which could be patented or registered and add value to the business.

We provide in-depth IP audits for businesses, as well as advice on audits and ISO matters.

Audit Issues

A professional IP audit can save your business from losing out on current and future IP asset value.

Why have an IP auudit?

There can be considerable value in your IP assets as a business. However, without proactive IP work, especially in the early stages of your company, you could be missing out on possible commercialisation and exploitation of your existing and future IP assets.

By going through an IP audit, you can make sure you understand your IP assets, they are properly registered and protected, and potential IP opportunities are identified. Developing a strong brand can also help your company attract investment and facilitate company development and success.

Thorntons’ specialist IP team can provide a full IP audit for your business, helping you get the appropriate documentation and protection in place. One of the key focuses for many companies at an early stage is be to ‘investor ready’ and with our IP audit we can make sure that you have all necessary rights in place for long-term exploitation of your IP.

IP audit issues

The aim of the audit is to find out about all IP owned or licensed by your company – looking at both your present situation and possible future business ventures – and to provide you with recommendations for strong brand development.

We discuss your business in detail with you, including past, present and future collaborations and plans, and what IP you think have.
We identify all the IP you own, license or use, where it is and current protection status. For example, we carry out a trade mark search, look at rights owned and if you have license or rent rights look at length of use.
We consider all types of IP that might be used – patents, copyright, trade marks, design rights and confidential information (including trade secrets) – to product a report which identifies all important IP, as well as a list of recommended actions.

Recommendations could include potential exploitation of your IP at an international level, looking at which markets it is best to register your trade mark in. They could also cover contracts with clients and suppliers, and the issues you need to be aware of to ensure they get appropriate product use rights and you get any necessary rights from them.

Data Protection

Your IP audit could also cover your database rights and issues with data sharing. Under the General Data Protection Regulation (GDPR), it is crucial you have the processes and systems in place to ensure GDPR compliance. Our GDPR specialists can advise on you this.

How can Thorntons help?

We can help you recognise and protect the value of your intellectual property. Through a thorough IP audit focused on your individual business needs, we can check your IP rights are registered and protected, and you are in the right position for effective IP development.

If you are a start-up business, we understand the importance of being proactive about IP protection and support at an early stage, helping you build solid IP foundations and become investment-ready.

Our specialist Intellectual Property team is one of the largest in any law firm based in Scotland. We are highly experienced in IP audits across a wide range of sectors and businesses, with clients including design and marketing agencies, software developers, furniture designers, literature brand licensees, and food and drink businesses.

Call the Thorntons Business Law team on 03330 430350 to find out more about our intellectual property audit services for businesses, or complete our enquiry form and we will contact you.