<p>There is really no benefit in attending a top tier law school if you want to get into patent law. It is your TECHNICAL expertise that matters not your legal training. Patent law firms are nearly always speciality law firms. Big firms may have an IP practice but typically it is focused on litigation not patent law. Don’t waste your money on accruing a lot of debt at a major law school, it just won’t pay. I have personally never met a patent attorney with a degree from Harvard or Stanford. They may exist but I would bet they are mostly involved in litigation working for BIGLAW. On the other hand, I have met a number of patent lawyers with engineering and science degrees from leading research universities. You have to talk the talk to be credible!</p>
<p>Experience does matter and most patent attorneys I know have some industry experience either working in a lab in the biotechnology field or in R&D for some major corporation. Many get their degrees at night while working at their regular jobs during the day. </p>
<p>How much can you make as a patent attorney? Right now, I would say quite a lot and I don’t see the picture getting worse for a long time. If anything most indicators are very favorable:</p>
<p>First, realize there a very few patent attorneys in a vast sea of lawyers. Less than 20,000 for the entire US out of 1.2 million are registered with the USPTO. Most IP lawyers are actually not patent attorneys but just handle trademarks and licensing which pays much less and does not require passing the patent bar. 99% of law school graduates are just not technically qualified to become patent attorneys. </p>
<p>Second, patents is the main asset of most fast growing as well as established tech firms and unless companies stop innovating, they will need to continue protecting their inventions. Even companies in fields that did not emphasize patents a few years ago such as software are scrambling to build patent portfolios. Facebook just spent a billion dollars buying fewer than 1,000 patents from Microsoft. That is more than a million dollars per patent! So, spending $20,000, $50,000 or even $100,000 for a patent is a worthwhile investment. </p>
<p>Third, patent work is not limited to just a few areas of the country. I work with companies in many parts of the country and not all are in hotbeds of technology such as Silicon Valley or Boston. I don’t know of any patent attorney, in small or big firm who charges less than $300/hr and most charge way more. </p>
<p>Fourth, patent law is nice recurring business not a one time deal. A typical patent will take 40-50 hours of work (in biotechnology much more!) so that is $12K to $15K just for the initial prosecution not counting filing fees. If you include follow on prosecution fees, $30K is a reasonable expected income per patent. Also, a single invention often requires multiple patents: you may have a apparatus patent, a method patent and several material patents. In the end you may easily charge over $100K to protect a single invention. Also, companies generally don’t have a single invention, but a continuous flow of inventions. </p>
<p>Right now, with the heavy demand and limited supply, most patent law firms are billing out every working hour of their associates and partners. Nobody is stting on their thumbs waiting for business. </p>
<p>The hardest part is probably getting initial traction with clients, especially if you are on your own. But that is not different from many other professions including physicians. Building a practice takes time and effort. If you have network of contacts acquired during your experience in industry, then your work is a lot easier. You can also hook up with a bigger law firm that does not handle patents but has clients who need the service. I get half my referrals that way. You can also work for a boutique patent law firm for a few years and then go out on your own. Most of the time if you are any good, your clients will follow you. Frankly, at this point in time, with the tech sector really picking up, getting customers is about as hard as shooting fish in a barrel! </p>
<p>If you stick to perennial IP fields such as ChemE, EE, medical devices (mostly MechE), biotech and now software, you simply can’t go wrong. Of these biotech is probably the most cyclical field and the only ones that demands a PhD.</p>