QUESTION
What are the legal fees associated with selling a patent and how?
Asked on May 14th, 2015 on Patents - Massachusetts
More details to this question:
I am seriously thinking about selling a patent. I am looking for a patent law firm to help write the terms of the sale and to help in negotiation. How are the legal fees usually calculated in a situation like this? Will they take a percentage of the sale price?
3 ANSWERS
Intellectual Property Attorney serving South Jordan, UT
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Pearson Butler
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It is usually just done hourly.
Answered on May 15th, 2015 at 10:55 AM
There are no legal fees associated with selling a patent unless you or the other party choose to hire an attorney to help you. Most attorneys I know charge by the hour although some may have flat fees for certain jobs like reviewing a contract.
Answered on May 15th, 2015 at 1:28 AM
Appellate Litigation Attorney serving Boston, MA
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Banner & Witcoff, Ltd.
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If you already have a buyer for your patent - the legal fees will be small - based on the hourly rate for the lawyer. Negotiations of the price to be paid can take some time - and again, the hourly rate would apply. You and your lawyer can agree to a maximum fee if desired. If you do not have a buyer - then shopping the patent can be much more expensive. There are commercial brokers that you can use - check our GOOGLE for such parties. Ocean Tomo is one that I am aware of.
Answered on May 14th, 2015 at 3:35 PM