25,000 jobs in offing for IP professionals

Rising awareness and growing competition in the corporate world is expected to boost the requirement of Intellectual Property professionals in the country, with up to 25,000 jobs likely to be created for them in the next 2-3 years, experts say.

"We expect over 25,000 jobs for Intellectual Property professionals will be created in the next 2-3 years. With need for IP professional increasing significantly in law firms, knowledge and legal process outsourcing companies and other corporate houses," Global Institute of Intellectual Property CEO Atulya Nath told PTI.

The Intellectual Property (IP) space in the country is warming up with increased awareness about patents, trademarks etc due to increasing competition among companies and growing cases of infringement of IP rights, experts said.

They believe the need for IP professionals would increase considerably in the coming years and may also lead towards IP becoming a lucrative career option for youngsters in legal or management fields.

At present, the country is experiencing a shortage of IP professionals as compared to global IP law firms and indicate towards the huge growth potential of the industry in India.

"In the next few years, IP industry, including practices at law firms and in-house corporate counsels, could see a marked rise in the number of people engaged," law firm Lall Lahiri & Salhotra Partner Rahul Chaudhry said.

At present, the estimated number of IP lawyers in India could be roughly around five to six thousand, including those involved in IP related activities within corporate houses, Chaudhry added.

The jobs of IP professionals include drafting, implementing and enforcement and can also be divided in three spheres -- legal, technical and management fields requirement IP professionals.

"Enforcement of IP issues is an area which would generate so many jobs in the coming days, as we all are witnessing an increase in the number of cases related with the infringement of intellectual property rights," law firm Kochhar & Co IP expert Rodney D Ryder said.

Intellectual Property (IP) laws in the country have been in a transition phase over the last decade as the country complies with its obligations under Trade Related aspects of Intellectual Property (TRIPs). The IP industry includes patents, trademarks, design, geographical indications and copyrights.

"The role of IP professionals would further increase in the coming days as the issues related with patent, trademarks, design and copyrights are becoming more vital," Ryder added.

However, Legal Process Outsourcing (LPO) service provider CPA Global country head India Bhaskar Bagchi said, "We estimate around 4,000 people are working in different areas of IP and should double in the next 2-3 years."

Currently, the IP industry is growing at a pace unseen before and experts believe that in the near future the country could face a shortage of trained IP professionals.

"IP, particularly trademarks and patents are considered vital in growth strategy of businesses and this can be seen from the increase in the number of patent and trademark filings in the recent years and the increase in litigation related to IP matters," Chaudhry added.

Besides, companies that have substantial reliance on IP, like pharmaceutical companies and IT companies where there are large, diverse and complex trademark and patent portfolios, the need for IP professionals involved is greater, experts said.

Further, Bagchi, who is also CPA Global's director global IP support services, said "someone joining the field today can expect excellent compensation or benefits, intellectually simulating work and a career path enabling vertical and horizontal growth."