Career in Intellectual Property Law

Intellectual property law (IP) is a field that is rapidly expanding. We’re seeing a trend away from organisations and companies pursuing real assets like land and machines and toward acquiring intellectual assets. India is becoming a hotbed of intellectual developments such as startups and R&D centres.

Let us know about Career in Intellectual Property Law!

What is Career in Intellectual Property Law?

Inventions, literary and artistic works, designs, and symbols, names, and pictures used in business are all examples of intellectual property (IP). Individuals can claim exclusive rights and financial advantage from what they innovate or create thanks to intellectual property law, which benefits both innovators and the general public.

Different work profiles

Because there’s a good chance you’re reading this as a law student getting ready to enter the world of IPR as a lawyer, let’s take a look at the various roles that persons in this profession can play:

  • Creating (here, understanding the invention, strategizing protection, articulating the inventions and understanding nuances of language is very important)
  • Litigation
  • Prosecution & Filing
  • Teaching, training, and raising awareness are all important aspects of the job.
  • Strategy and Analytics
  • Technology evaluation and promotion
  • Policy, philosophy, and advocacy are all aspects of research.

This is not an exhaustive list. The goal is to demonstrate that in the Indian worldview, a single person can fulfil more than one of these functions.

Eligibility

Following is the eligibility criteria that a person aiming for this career is required to meet –

  • Class 12/intermediate and graduation from a recognised board of education and university are required of the applicant.
  • The qualifying examination must have a minimum aggregate score of 50 percent.
  • A common law entrance examination must have been taken and passed.
  • Interning or working with an intellectual property lawyer is a must for anyone interested in getting a taste of the legal profession and gaining experience.

Career opportunities

Career in Intellectual Property Law

Competition Law – Competition law is understood to discourage monopolistic behaviour where IP is known to achieve a monopoly over innovation or invention. The TRIPS Agreement allows for competition law enforcement in the face of anti-competitive licencing practises and circumstances. In-depth study of a company’s strategies and policies, as well as the formulation of new ones and the drafting of agreements, is thus a rising possibility.

Audits and Valuation – Intellectual Property Auditing is a tool that is commonly used by businesses to account for the intangible assets that they have generated through time. Intellectual property is extremely important because it accounts for a company’s goodwill and is one of the reasons why firms seek protection.

Corporate Law -The creation of confidential information agreements, licence agreements, assignment agreements, and franchisee agreements are all examples of agreements in Intellectual Property law (to name a few). As a result, an ambitious lawyer should be familiar with issues of Intellectual Property and related agreements, as this offers up a wealth of business prospects.

Investigation and Enforcement Advisory – Discovering IP infringement is one of the most important aspects of IP enforcement. In such cases, investigators who are familiar with IP laws are better qualified to investigate and provide suitable advise on whether or not enforcement action should be taken.

Media, Fashion and Sports – These are the specialised areas of law where intellectual property law is crucial. These industries rely heavily on intellectual property. They not only require patent, copyright, and trademark registration, but they also generate a significant amount of labour in the areas of licencing, franchising, IP assignment, IP prosecution, and IP enforcement around the world.

Market demand

The most valuable asset of a company is its intellectual property. New breakthroughs in science and technology have created a demand for lawyers with specific backgrounds in these fields to assist enterprises, authors, inventors, musicians, and other owners of creative works in protecting their intellectual capital.

The demand for intellectual property lawyers is increasing in today’s competitive environment. IP lawyers will be required to get the rights to fresh ideas and defend the ownership of old products as long as invention and innovation exist. Even when other law firms suffer from the recession, intellectual property law thrives because people never stop dreaming.

Average salary

In 2017, the average yearly income for an IP attorney was more than $159,000. Of course, your salary will be determined by your practise location—salaries in metropolitan areas are often higher—as well as your reputation and track record, which might make you indispensable to firms and clients. Salary ranges from roughly $142,000 to $173,000 on average.

Resources for Intellectual Property Law

Before you can become an expert in desired areas, you must first build a solid base. Before you can move on to practical teaching, you’ll need to have the right applied skills. To gain a full understanding of the domain, you can use the following tools:

  • Firstly, Online Tutorials for Intellectual Property Law
  • Law degree from a reputed Law college or NLU
  • Also, Certification Courses from verified sources such as Vskills, Coursera, Udemy and so on.
  • In addition, Online communities
  • Moreover, Blogs and study material from experts in this field and many more.

Here are some examples of how you can improve your abilities:

  • Freelancing
  • Internships
  • Apprenticeship programs

The above steps will help you to get this domain started. It’s a long way to go, however. You can take an advanced course to reach a new level of skills.

Some resources offered by Vskills

Vskills offer Intellectual Property Rights and Legal Manager certification for all those interested in working in this field. This certification course covers the following topics –

  • Copyright
  • Patents
  • Trademarks
  • Geographical Indications of Goods
  • Industrial Designs
  • Protection of undisclosed information
  • Control of Anti-Competitive Practices in Contractual Licenses
  • IPR in the 21ST Century

Vskills also offers free practice tests and online tutorials to supplement the learning process. You can check them by clicking on the following links –

Discover the career opportunities and other prospects of career in Intellectual Property Law. Hurry up and start preparing now with Vskills.in!

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