A "proactive" approach to legal issues can help companies reduce expenses, minimize risks and protect intellectual assets, according to industry expert George Siedel.
In a recent interview with Michigan in the News, Siedel suggested that a proactive approach to law involves two key factors. The first is a preventative approach that works to identify potential legal challenges in order to address them before they become problems.
The second aspect of proactive law, according to Siedel, is taking a positive approach that tries to turn legal challenges into new business opportunities.
According to Siedel, applying a proactive approach to intellectual property management requires gaining familiarity with all of the available intellectual property options, especially when operating in countries that have relatively lax intellectual property enforcement.
"For example, using a patent option requires public disclosure, so you might use a trade-secrets option instead, which is something many companies have used successfully over the years," Siedel said.
Siedel is a professor of business administration and business law at the University of Michigan's Ross School of Business. Together with co-author Helena Haapio, Siedel recently published a new book, Proactive Law for Managers: A Hidden Source of Competitive Advantage.