The Illinois Bar Journal recently reported that alternative billing arrangements for legal fees (other than by the hour) are coming to Main Street America. 

Everyone knows that high-tech businesses derive most of their value from their intellectual property (IP). However, all businesses can build and sustain their competitive advantage by properly leveraging their IP.

IT HAPPENS every day. A senior executive or employee leaves for the competition with valuable market strategies or ideas for new products. You discover a competitor selling a knockoff of your design. Here are seven ways to cut costs when litigating these crises.

Tip #10. Keep Your IP Lawyer In The Business Loop.  Keeping your IP lawyer current on your business developments with IP ramifications can help spot opportunities to leverage your IP. 

Tip #9.  Remember International Markets.  If you conduct business outside the U.S. you should take steps to protect your IP in those foreign markets.

Tip #8.  Ensure Proper Protection Against Employee Misappropriation.  Employees get access to proprietary information every day.

Tip #7.  Implement Cost-Effective Enforcement Procedures.  If you have to enforce or defend your IP rights, conduct a preliminary cost/benefit analysis to determine whether the IP is truly worth protecting or defending. 

Tip #6.  Staff Properly.  Most small businesses do not have in-house legal counsel, and many rely on smaller law firms or general practitioners to serve as their general counsel. 

Tip #5.  Develop Standardized Agreements.  The basic toolkit of forms for any effective IP program should consist of non-disclosure agreements (NDAs); employment agreements with restrictive covenants; IP licenses and technology transfer agreements. 

Tip #4.  Establish Policies and Procedures.  Policies and procedures provide a roadmap to help navigate around the potholes of IP infringement and IP protection. 

Tip #3. Implement Proper IP Protections.  Once your IP assets have been identified, evaluate and implement appropriate legal protections. 

Tip #2 Conduct an IP Audit.  Before making any further investment in your business that may impact IP, you should conduct an IP Audit.

Tip #1.  Educate Yourself.  Being well-educated on IP is critical to a successful intellectual property program.

Imagine one of your employees leaves for the competition or starts their own competing business with your market strategies or ideas for new products.

No sensible businessperson would leave money lying around the office or keys to the company car in the ignition. But sometimes the most important assets of a company, its “trade secrets,” are left completely unprotected.