The number of lawsuits surrounding patent and trademark filings are piling up for many attorneys and not just those law firms in Salt Lake City Utah. The Obama administration and eager businesses concur that this new suing trend is making entrepreneurs and investors nervous and in turn hurting the economy and the previously well-built platform for advancing new ideas. Utah lawyers are seeing this economic shift first hand as new growth, while being pursued, is met with apprehension, especially in Salt Lake City and surrounding areas. Additionally, many lawyers are claiming that businesses are purposefully spending money to retain interests in a patent or trademark in order to reap the benefits of an inevitable lawsuit against another business in the future, a trend any lawyer Utah businesses can trust would frown upon.
When dealing with another person’s idea and their potential livelihood it’s understandable to assume that these payouts can be astronomical, say many Utah lawyers that practice patent or trademark law. The past three years have really seen a rise in what many are referring to as “patent trolls”, those who buy rights and then reap the benefits later and these individuals often seek an attorney Utah provides to achieve their financial goal. These “trolls” have had a massive jump in the past two years alone and account for over half of all cases of this nature. As stated, the Obama administration has taken aim at this trend and is attempting to stop its perceived negative effect on commerce and economic growth. According to them, the patent restrictions abuser’s greediness will only perpetuate stifled growth by instilling unnecessary financial risk and fear in business developers, which will inevitably put a back-pedaled motion in the process of re-growth following the great recession. Law firms in Salt Lake City are already seeing a rise in business, from potential “trolls” and the businesses defending against them.
Because of Federal Law, businesses in Utah could trust that being the first to invent a product would provide such a business with the sole ownership and ability to utilize the rights to that product, as long as everything was filed correctly which usually require the assistance of Utah lawyers. That’s a thing of the past however, says Joshua D. Freeman, a lawyer Utah gives trademark business to. The new law states that whoever is the first to file for a patent, is the owner of the rights to its future use. New rules have been set forth regarding grace periods and special circumstances, which keep law firms in Salt Lake City Utah, on their legal toes. Many fear that this new rule, which is, as stated, being placed to prevent stifling of new growth may instead benefit large entities that have the economic resources and hired expertise to quickly achieve their trademark or patent goals. Many Utah residents, including any lawyer Utah depends on for current knowledge of such patent and trademark issues, are seeing this from various points of view. Regardless of where one points his or her eyes, he or she will see one undeniable fact: retaining a lawyer Utah businesses can trust is your best chance at obtaining a patent and not having to worry about patent trolls.
As most big businesses know, and unfortunate businesses have realized too late, only law firms in Salt Lake City Utah experienced in patent and trademark laws should be retained as an essential foundation for your business or idea. Joshua D. Freeman, Esq., is one of our apt and knowledgeable Utah lawyers, with vast experiences in establishing businesses from the ground up. To inquire whether you have a potential suit for trademark violation, or if you need to defend against claims associated with such, contact our Salt Lake City office at (801) 478-8080.