Things to Know Before Hiring a Patent Attorney

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Things to Know Before Hiring a Patent Attorney
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Never hire an attorney without an end-to-end cost
estimate
Patent rights last for up to 20 years from the
date the idea was first filed. And it could be 3
or more years before a patent is granted. Given
such long time frames, it is in your best
interests to ask your patent attorney to give a
ballpark estimate of the costs that you would
incur during this entire period.
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Dont Fall for Cheap Hourly Rates
Lets say you have two attorneys, one charges
250 an hour while a more experienced attorney
charges 500 an hour. Often the higher rate comes
with better efficiency such that a better draft
might be done in far less time. Both options
typically will promise a similar writing cost of
8K-15K depending on technology area and
complexity or lack thereof.
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Look for Innovation Attorney Fit
Now, you would want a patent attorney who has
experience dealing with blockchain financial
services to quickly understand your innovation
over what the big financial firms have already
filed in this space and, if so, what should your
filing strategy be.
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Know Your Attorneys Strategy
A good attorney would listen to all of the above,
ask questions about your business model, review
the landscape to find out what your competitors
are doing, what kind of patents are they filing,
and would then come up with a pragmatic patent
strategy to provide the most value for the least
cost.
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Choose an Attorney Who Success Rate is Greater
than Industry Average
In terms of costs, most counsel are within 20 of
each other when writing a patent and doing each
round of argument, but the better performing
attorneys will always cost less when yield is
taken into account.
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