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IP creativity is vital in the
post-Brexit worldCOMMENT
Wright, Johnston & Mackenzie LLP is a full-service, independent Scottish
law firm, with a history stretching back 165 years, operating from offices
in Glasgow, Edinburgh, Inverness, Dunblane and Dunfermline. Further
information on WJM can be found at wjm.co.ukAngus MacLeodINTELLECTUAL property
(IP) is the legal protection
for something you create
using your mind, such as
a story, an artistic work,
an invention, or a trading
symbol.
People are becoming
increasingly aware of the
value of IP, but they’re
still not particularly
good at protecting or
exercising their rights
and collaborating with
others to create something
greater. There’s a real need
to encourage businesses to
look at their IP creatively
and to consider the various
avenues they can take in
order to bring it to market.
Recently, there has been
a degree of anxiety about
the impact of Brexit on IP
rights as many depended
on European law. During
the transition period
these remain in place,
and after transition new
equivalent UK rights will be
established.
Companies who share
data with Europe must
exercise due diligence inthe coming months. As
it currently stands, data
transfers from the EU to the
UK are permitted as they
are between EU member
states. After the Brexit
transition period, this will
change. Therefore, care must
be taken when buying a
business which exchanges
data with customers in
Europe or gathers data from
individuals across the EU.
At Wright, Johnston &
Mackenzie, our team of IP
law specialists helps people
prepare their business
for sale, taking IP into
account. We also help those
purchasing a business look
into what they’re actually
buying. How does the
business use its data? Where
is it getting its IP from?
Might they be affected by
Brexit in any way?
There’s a lot to consider
and that’s where WJM can
step in. Often, you need
an independent set of
eyes to assess the situation
and advise you through
the process to avoid any
potential pitfalls.Wright, Johnston & Mackenzie LLP is authorised and regulated by the
Financial Conduct Authority. FCA reference number 231170.Angus MacLeod, corporate partner
at law firm Wright, Johnston &
Mackenzie LLP, discusses current
trends in intellectual property and the
impact Brexit will have on your rights
and the transfer of data.