FAQ  •   Login  •   Register  •   Subscribe 

Welcome to the Forum for InventorSpot.com, the most popular invention related website in the world. Read our welcome message.

Skip to content

Moderators: Michelle, Scrupulous, citizen


Partner Up With A Patent Lawyer?

Postby Curious George » Mon Jul 19, 2010 5:38 pm

Curious George
White Belt
 
Posts: 33
Joined: Fri Jul 02, 2010 7:57 am
Location: Halifax,Nova Scotia (Canada)
Are there any patent lawyers out there that would consider filing a provisional applications(or even Utility Patent if warranted) for 50% potential earnings in the event a licensing agreement could be secured.Some of us have plenty of great ideas that can make companies money and 50% of something is better than 100% of nothing(take the first good deal thats offered and move on to the next).I think its a great deal for both parties,of course you have to create idea,research idea, make sell sheet,make working prototype,and contact potential licensees.Has anyone done this and if so we would love that contact info. Thank you

Re: Partner Up With A Patent Lawyer?

Postby JoeWaisman » Tue Jul 20, 2010 3:37 pm

User avatar
JoeWaisman
Green Belt
 
Posts: 228
Joined: Tue Dec 29, 2009 4:10 pm
This is an interesting idea, and you're not the only one who has had it.

The vast majority of patents do not return a profit. If I were an IP attorney I probably wouldn't trust the business savvy of someone who wasn't willing to put their own money behind their product. If I thought you had the next HUGE thing I might donate labor in exchange for promise of larger payment later*. I would still require my clients to pay for the patent fees due the patent office.

I'm not an attorney, but that's my 2 cents.

*This might be 1)a percentage ownership of the patents revenue 2) a % of the patent revenue until 5x my normal fee had been paid 3)a discounted billing rate, but some combination of 1 or 2. Be flexible. There are a lot of possible deals that can be made to suit all parties.
___________________________________________
"The horse is here to stay but the automobile is only a novelty, a fad."
Fun links:
*http://www.scribd.com/doc/441708/Bad-Predictions-About-Great-Inventions

Re: Partner Up With A Patent Lawyer?

Postby Curious George » Wed Jul 21, 2010 4:28 am

Curious George
White Belt
 
Posts: 33
Joined: Fri Jul 02, 2010 7:57 am
Location: Halifax,Nova Scotia (Canada)
Thank you Joe,I appreciate your 2 cents.Its frustrating when money holds a person back but good things come to those that wait(and work hard).

Re: Partner Up With A Patent Lawyer?

Postby apapage » Fri Jul 23, 2010 7:11 am

apapage
Green Belt
 
Posts: 213
Joined: Tue Jun 23, 2009 6:30 pm
Location: NYC
I am a patent lawyer and have worked for equity on some inventions. The general rule that I follow is that the applicant pays all of the fees and part of my fee (generally enough to cover my overhead). The remainder of my fee buys equity into the invention. I don't do it for just any invention, there are some criteria that I am looking for, such as marketability, cost to produce, etc. I also prefer that the inventor have a track record of being able to market a product or that it is a product that I can market myself. For example, I recently worked on a similar arrangement for an inventor that produced an novel process for internally bracing guitars. I have a contact in the guitar industry so even though the inventor did not have any experience selling his inventions, I worked on a part contingency basis.

Re: Partner Up With A Patent Lawyer?

Postby Gizmo » Thu Jul 29, 2010 2:18 pm

Gizmo
 
This is a great idea to partner up with a patent attorney or agent. Never do it without a shareholders agreement ( Nothing Verbal ) & make sure there not listed as inventor if they didnt have any input in the idea. Also some attorneys want to be listed as assignee, this is a no, no. The shareholders agreement will be good enough.

Ive been gone for a while, nice to be back...

Gizmo
http://www.totalpatentsearch.com/

Re: Partner Up With A Patent Lawyer?

Postby kalens99 » Fri Jul 30, 2010 3:40 pm

kalens99
White Belt
 
Posts: 12
Joined: Fri Jul 30, 2010 3:03 pm
Good discussion yeah I think a patent attorney would be taking a huge risk here, which is the only reason the 50% might be thrown out as a figure. Still seems kind of high though unless they are going to be active partners in the business later. Nonetheless, I am sure that they would still charge expenses for their time at least.