IPReg have issued a sanctions decision in respect of Aaron Wood, former principal of the UK trade mark firm Wood IP* and now with the regional law firm Blaser Mills. It seems that Mr Wood forgot to renew his professional indemnity insurance, which is a bit of a slip as IPReg’s rules of conduct require that PII cover is in place at a suitable level. It’s reassuring to see that IPReg’s own compliance processes brought the omission to light.
Some sympathy is deserved; it seems that the lapse took place during a difficult period for Mr Wood, and the absence of cover does not appear to have had an impact on any of his clients. However, compliance with deadlines and (indeed) attending to the renewal of IP rights is a central part of the work that clients entrust to their IP advisor. So remembering to renew your PII insurance should be fairly straightforward for those of us in the business.
IPReg’s decision was to impose a reprimand and a small fine – details are here. Together with the costs imposed, the total was probably more than he saved by not paying the premium. So that seems fair enough.
(*now closed, and no relation to the US firm of the same name in the Washington DC area…)