The last two years have been recording breaking ones for intellectual property law. The latest World Intellectual Property Organization (WIPO) report stated that patent filings grew by 9.2 percent or 2.35 million applications filed in 2012. And at the top of that list for the U.S. was a high number of filings based on computer and mobile device technology like smartphones and tablets. Needless to say, if you are an intellectual property lawyer, business has been good.
Consider the legal fees that incur on high-profile, multi-million dollar cases that are stretched over an extended period of time. Take Apple and Samsung for example, two companies that have long been in a battle over patents on their products. In fact, with the complexity behind mobile technology, patent suits can be dragged out for years, sometimes long after a product has been taken off the shelves to be replaced by “the next best thing.” The longer any lawsuit is drawn out, the higher the legal fee bill becomes, and while the final payoff will surely benefit the winning party, the real victor is the legal team in the winner’s circle.