Technology

In Shaky Economy, Polsinelli & UnitedLex Team Up To Help Companies Monetize Existing Assets

Seeking out new revenue streams is the name of the game.

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You know that great idea you had that just ended up languishing half-finished in your basement? The one that probably would be worth something if you just took the time out of your already busy schedule to get it done and show it off to the world?

Well, statistically speaking, your idea is probably worthless. But there are big companies out there with some actual expertise who live out the exact same scenario on a higher level. For these companies, it’s all about intellectual property amassed over the years that they never really leveraged or that they used for their own very limited purposes without considering how others could deploy it for their own applications. But with the economy mired in the rough, it might be time to take stock of what’s down in the proverbial basement and see if it has any value.

But that’s easier said than done for these companies, which is where a new joint venture between Polsinelli and UnitedLex comes in. The idea is to take the IP experience of an established law firm and partner it with the technological advantages of a legal services company, with the result being a new approach to IP investment, management, and, where necessary, enforcement capable of bringing new revenue streams to businesses with under-leveraged intellectual property.

From a press release announcing the venture:

Providing a synergistic approach to patent drafting and prosecution, the partnership of Polsinelli and UnitedLex provides many business-level advantages, including: the ability to handle large patent prosecution projects; a coordinated process that ensures issuance and the strongest possible patent coverage; strategic advice regarding patent filings, including identifying the most impactful markets to pursue; and, the development of a large patent portfolio without a need for extensive in-house resources.

Polsinelli Intellectual Property Department Chair Patrick C. Woolley explained that companies should reconfigure how they think about intellectual property. “IP should be considered a ‘real’ asset with many advantages compared to traditional real assets. Our goal is to enable companies to protect and develop new assets while establishing a new way of leveraging valuable IP assets for years to come.”

Like many of the tech advancements hitting the legal industry these days, it’s unfortunate that it takes a global pandemic to spur changes, but if this leads to a revolution in how companies understand their own assets it should return dividends for years to come.

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HeadshotJoe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.

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