What Are The Benefits To Mediating An Intellectual Property Dispute?
Brand matters. According to data cited by The Wall Street Journal, nearly 80 percent of the world’s total economic output comes from “intangible assets”, including intellectual property (IP). The global annual value of IP is in the trillions. Protecting intellectual property—patents, copyrights, trademarks, etc.—is critically important for business.
IP disputes can arise for many reasons—but a dispute does not necessarily mean that you are going to need to go to court. While litigation is necessary in some cases, there are many advantages to trying to resolve a matter through mediation. Here, our Florida intellectual property mediation attorney highlights five potential benefits of mediating a trademark, copyright, or patent dispute.
- Save Time (Mediation is Far Faster than Litigation)
Time matters in business. Mediation has the potential to save a lot of time. It is generally far quicker than the litigation process, with resolution often being reached within a matter of weeks or months. The efficiency can be especially valuable for businesses that are trying to resolve an intellectual property dispute quickly, in order to minimize disruption to their operations.
- Reduced Cost (Mediation is Far Cheaper than Litigation)
Mediation is also typically far less expensive than litigation, as it avoids the costs associated with the court system. There are usually lower fees associated with legal costs, court filings, and the cost of expert witnesses. Most often, the parties involved in the dispute will split the cost of the mediator, which can still result in a lower overall cost compared to litigation.
- Keep the Matter Fully Confidential
Confidentiality can be a benefit in copyright, trademark, patent, and other IP disputes. Mediation is a confidential process, and the discussions that take place during mediation are protected from being disclosed in court. It is a significant advantage for businesses that are concerned about the impact that public exposure could have on their reputation and/or the value of their IP.
- Preserve Business Relationships
Mediation can help preserve business relationships, as the parties involved in the dispute can work together to come to a mutually agreeable resolution. This is one of the great benefits to mediation that can be meaningful in some cases. In contrast, litigation can often lead to a breakdown in the relationship, which can have negative long-term consequences for both parties.
- Retain Your Option to Pursue Litigation
Finally, mediation allows parties to retain all of their other legal options. For example, the parties involved in the dispute retain the option to pursue litigation if they are unable to reach a resolution through mediation. It may be worth it to attempt mediation before litigation, even if your company is locked in a difficult IP dispute.
Get Help From Our IP Mediation Attorney Today
At Perkins Law, our Florida intellectual property lawyer has the professional skills and legal expertise that you can trust. If you have any specific questions or concerns about IP mediation, professional guidance and support are available. Give us a phone call now or connect with us online for a strictly confidential initial consultation. We provide IP mediation representation throughout South Florida, including in Broward County, Miami-Dade County, and Palm Beach County.