Most businesses realize that intellectual property (IP) is a valuable asset worthy of investment and protection; yet many limit the potential of their portfolio by thinking too narrowly about the full range of IP that is owned and how best to leverage it. Having a clear IP strategy focused upon revenue enhancement can help avoid such limitations, and in-house counsel can play a key leadership role in this work by helping to develop and implement a plan that identifies, protects and monetizes their clients’ IP to the greatest advantage.

It’s no surprise that start-ups and small businesses are mindful of their budgets. Occasionally, however, cost-consciousness can lead a company to question the need for a contract or contract review, particularly when a transaction involves a small dollar amount or simple service offering. By assuming a lower risk of liability in these situations, the cost of hiring a lawyer to write, or review, a contract can seem unnecessary. This is a misconception.