The position of IP practitioners in the value chain, Matthew Yeates told Lawyers Weekly, is to be there at the very early stages of technology development, and growing them with partners and R&D teams.

As such, patent attorneys are “at the forefront of knowledge management and the capture of this”, he proclaimed.

This, he said, is a clear opportunity to assist clients in integrating commercial pathways for their IP.

In conversation with Lawyers Weekly, Integrated IP managing director Mr Yeates – whose new firm recently launched – said that advisory and insurance segments are emerging for lawyers in this space.

An emerging practice area, he outlined, is the scope for consulting-style models that allow firms and their executives to identify, manage and then monetise intangible assets.

“Historically, IP assets are often registered, then not understood and utilised – we think this is a limiting approach. We want to help our clients reimagine how to think about their intangible assets and support them to think more strategically about their IP portfolio – and how to best align it with business objectives,” he explained.

“For example, organisations traditionally run a target analysis through a classic business plan approach – not many consider using IP Data. Through our lens we see analysing IP data is a more direct way to find similar technologies and therefore strategic opportunities (or threats).”

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Similarly, he sees the insurance market growing for those in IP.

“You would insure your house, why not patents? We work with policymakers and have seen insurance cover for patents from as low as $5,000 per year offering $1m worth of offence and defence cover. An important strategic tool if you are a growing firm with active or litigious competitors,” he said.

Vocational options for IP attorneys

Reflecting on where his cohort of the legal profession is at as Australia turns its attention to life after coronavirus, Mr Yeates said that, traditionally, IP firm models have operated without disruption, and have probably done so, for much longer than other industries or even conventional law firms.

“More recently, the IP industry has begun to consolidate with two listed firms on the ASX owning a significant proportion of the patent attorney market. Platforms and other technologies have also improved, and in more recent times, I see this as the ‘enabler’ for smaller IP firms trying to start making their mark, while larger firms also benefit from the efficiency,” he detailed.

"Patent attorneys are the direct link to the client’s latest technology and can often act as gatekeepers to this knowledge."

“The rise of intangible assets as an asset class is also pushing larger customers and their executive teams towards consultants who have both the IP and real IP business experience. Modern-day client clients expect more value, and they want to know what, how and when their intangible assets can be maximised.”

Whether these developments will see IP attorneys moving away from bigger practices and towards boutiques is not yet clear, Mr Yeates mused. It is something, he said, that will become more apparent in the coming years.

This said, the pandemic has “influenced lifestyle choices and challenged the status quo of how businesses arrange themselves”, he said.

“I think this is prevailing across all industries, not just ours. We’re rethinking how and where we work and the pandemic definitely accelerated some of our thinking,” he said.

Opportunities ahead

When asked about the outlook for practitioners in this space, Mr Yeates said that the nature and role of patent attorneys are evolving, particularly in conjunction with the emerging generation.

“Like the legal industry, the partnership model has been challenged, with many talented up and coming attorneys not offered partnership positions as soon, or if at all at larger firms,” he said.

“Traditionally, an accountant would provide you with a model for your historical accounts and some tax advice; most now provide far more services than just that. I feel this is analogous to the next generation patent attorney. They are able to provide more guidance on ‘what to do next’ and benefit from a network of advisors.”

IP attorneys “love being at the forefront of innovation”, Mr Yeates submitted, noting that there is much to be excited about work in this space moving forward.

“We recognise the advantage of having some of the best patent attorneys in Australia that produce consistent, high-quality output, aligned with the right commercial advice to put intangible assets in a strong position,” he said.

“I have sat on both sides of the fence, as a client of two prominent patent attorney firms and then an employee of one of the largest. I understand patents are just a small part of the puzzle, yet are so fundamental to enterprise value. It’s how we integrate IP that will push our customers and industry ahead.”