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Guest pushup

Patents: trading question

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Guest pushup

Hi,

 

I'm in some unfamiliar territory right now. I applied for a patent a couple years ago and am going to prosecute it with my lawyer soon. And I'm applying for another patent with the same lawyer. He has offered to accept a part of the profits of the product in exchange for doing the current work and some future work (filing the new patent and prosecuting both patents). He also wants a percentage of ownership in both patents as a contingency plan. I already know he will not accept a percentage of the new company I'm setting up for this product -- he will only accept a percentage of the profits from the product, and a percentage of the patent.

 

I'm aware that this kind of exchange is a bit thorny, having read some articles on joint patent ownership. I am attempting to cover all the potentially difficult issues in my contract.

 

My big question right now is how to determine the percentage of profits to give my lawyer, and the percentage of the patent to give him. A different, objective lawyer has valued my lawyer's work at 30-40k. And I currently value my idea at 500k.

 

Has anyone here done this before? Is there some kind of formula I can use as a guide? Also, I need to figure out at what stage I'd be giving him what percent -- for instance -- 1% of net vs 1% of gross?

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Guest Kunkler

Yea, I have the answer!

 

Apply for the patents yourself. It would be a very costly mistake to give this "stranger" a percentage of anything you are the sole inventer of. If I was that lawyer I would rob you blind.

 

heres a helpfull website:

 

How to get a patent.

 

as for prosecuting on a patent, do you mean filing a lawsuit against someone for using your patent? if you do then it seems you have your order all mixed up.

 

1. make sure noone else has the same patent

2. apply for patent

3. get patent

4. sue someone for patent infringment

5. hope they can't prove that they were marketing that idea before you applied for your patent.

 

 

you cannot sue anyone if you haven't already applied for a patent AND they were using that idea before you applied.

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