Answer
Intellectual Property
During the start of his career in 1979, John Wheat says that all of the Kentucky’s intellectual property attorney could perfectly fit into just a small room. Very few lawyers practiced in this field of intellectual property. Today, fifty to seventy attorneys specialize in intellectual property which is also commonly referred to as IP. As a matter of fact, Louisville Bar Association has a department that entirely focuses on IP. Intellectual property is a concept of business law which can be deemed as any idea that an individual develops so as to come up with products and services that they can offer to customers, and in return, the individual will generate income from those commodities (Bently, 2014). It involves products, services, trade names, trademarks and business ideas. Currently, this concept is applied in real life, and businesses work on ensuring that they safeguard their intellectual property from being infringed upon by other parties. This is done by filing requests for trademark, patents, and copyrights with the local government.
Although the IP law appears abstract, several real life illustrations show how it affects the local businesses. For instance, in January, General Electric Co. decided to place its Louisville-based GE Appliances division on sale to Qingdao Haier for $5.4 billion (Bently, 2014). Haier wanted to buy both the physical room and paid for the license for the trademark for forty years. This shows how the concept of intellectual property is applied in the real world. Businesses do not easily allow the secret of their success to be known by many others.
References
Bently, L., & Sherman, B. (2014). Intellectual property law. Oxford University Press, USA.
https://www.mmlk.com/newsroom-articles-Intellectual-Property-Law-Real-World-Impact.html
