Nowadays, the risks faced by a patent lawyer goes up as compared to few decades ago. The PTO has set standards about the patent law during 1960’s. These standards that were set in the areas of patent prosecution and litigation were quite simple and didn’t change often. Complicated aspects like re-examination, business methods, duty of disclosure, Festo and reverse doctrine of equivalents were not there during those days.
Risk factors for patent attorneys
The malpractice protection can be about multi-million dollar claim on your investments or assets which can eat up your entire savings and this could be for just a single patent. In case your malpractice insurance doesn’t take care of these claims, then your assets will be at stake which is a huge risk. Therefore, you need to be very careful while preparing or prosecuting patent applications.
However with the change in time, the risks involved for patent attorneys have increased. The standards have become complicated especially in terms of preparing and prosecuting a specific application related to patent. The court also was less strict in terms of the CAFC or other judicial entities. But currently the court is under the pressure of professional knowledge and experience and the standards are strict making some of the patents invalid.
There is also certain amount of risk in the future for Australian Patent attorneys. They should have good malpractice insurance which needs to be maintained throughout the tenure of their career. The insurance amount should be quite sizable as the malpractice protection can be very huge amount when the current patent applications are considered to be invalid or unenforceable a few decades from now.
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