Olswang IP partner Campbell Forsyth has spearheaded new patent service HLP3, a process aimed at helping patent owners monetise their patents for a fixed fee, working alongside a group of insurers, funders and IP experts.
The five businesses involved are US patent and research company HLP Integration, media-focused Olswang, litigation funder Caprica, after-the-event (ATE) insurers Thomas Miller and funding broker The Judge. Each organisation will advise patent owners, who pay £3,500 to enter the process, on different elements of a procedure that evaluates whether or not an IP owner should pursue patent infringement in court.
“The HLP initiative is a game changer in that patent owners who would in the past have shied away from enforcing their patents because of the costs and risks involved can now have access to justice by using a solution that involves minimal costs and little to no risk,” IP lawyer and HLP3 consultant Peter Rouse told The Lawyer. “This is particularly important for SMEs [small and medium sized enterprises] who need to do all they can to bring in revenues.”
According to a spokesperson, Olswang will provide a legal opinion to the patent owner if HLP Integration decides the patent meets certain criteria to litigate. If Olswang then decides the case will stack up in court another risk analysis will be carried out by ATE insurer Thomas Miller, which will approve the case with funding broker The Judge. If the patent owner then decides to litigate Caprica will provide full funding.
“The HLP3 solution has aligned the interests of all involved enabling those with patent rights access to the courts to release the value from their innovations. HLP3 has been designed to fund not only High Court cases but also smaller Patents County Court claims,” said Forsyth.
HLP3 is urging patent owners to enter the process before the end of December as litigants bringing their cases on no-win, no-fee deals will no longer be able to recover the cost of ATE insurance premiums or success fees as of April 2013.