5 minutes with…. Marcus Rabinowitz

You've worked in both private practice and in-house at two major companies. How has seeing the patent market from these perspectives shaped the way you see investment opportunities?

Each role gave me a different lens on the same asset. In private practice, I spent seven years litigating patent cases, which taught me what it actually takes to build and win a case, not just what looks good on paper.

In-house, I saw two very different approaches. At one company, licensing was a highly developed part of the business, backed by significant R&D and a large standards-essential patent portfolio. I also worked on offensive and defensive litigation in federal court and at the ITC, so I saw how a portfolio can be used as leverage within a broader global licensing strategy.

At another, I ran a large defensive docket while looking to generate more value from an already significant IP investment. That also gave me a practical view of how a major corporate defendant thinks about risk, budgets, vendor relationships and indemnity.

Together, those experiences mean that I evaluate an investment beyond the legal merits. I am also thinking about cost, counterparty behavior, portfolio positioning and the best route to unlock value.

Recent research confirms that corporate patent owners are increasingly viewing their IP portfolios as strategic assets. What do you think is driving this trend?

Historically, companies thought about patents primarily as a way to protect their technology. But companies are going to keep generating IP, and there is often a lot more juice left in those portfolios than simply using them defensively.

Today, companies increasingly understand that their IP has value—the question is how best to unlock it. Legal finance can support enforcement without the company taking on the full cost and risk. Divestiture is another option: Selling patents outright can generate immediate value, reduce maintenance costs and skip the licensing fight entirely.

Underutilization is still common. Patent counsel often know which assets matter, but may lack the infrastructure, capital or buy-in to act on them. That is where legal finance can help turn those portfolios from cost centers into assets that generate real value.

What are the biggest financial and commercial challenges companies face when evaluating the value of their patent portfolio, and how can legal finance help address them?

Companies already pay for R&D, prosecution and maintenance, and licensing adds another layer through claim charting, negotiations, contracts and, often, litigation. The hourly cost of that work keeps rising. Associate rates at the largest firms are well into the 4-figures. Add a multi-jurisdictional campaign against a recalcitrant defendant with an 8 or 9-figure legal department budget, and the capital requirement becomes significant.

The commercial challenge is less obvious. A company can have a strong portfolio but limited licensing targets because the obvious targets may also be customers, vendors or other important counterparties. I have seen that directly. In those situations, value may need to come through better commercial terms, or spinning out or divesting the assets to an experienced third party may be the cleaner route.

Legal finance gives companies more ways to act on those opportunities. It can fund litigation, support a portfolio strategy or help structure a divestiture. For the GC or IP team, that can be a great outcome. You are taking IP the company already owns, turning it into real commercial value and doing it without putting much additional risk on the business.

Looking ahead, what developments could reshape how businesses approach patent disputes and monetization?

Venue is shifting. The Western District of Texas used to be a predictable plaintiff bet with a single judge; that's gone, and volume has shifted to the already busy Eastern District, which is now congested enough that cases take meaningfully longer to reach trial. At the same time, people are realizing how big a structural shift the UPC in Europe is—a single injunction can cover most of the European market, changing the settlement conversation entirely.

China is also driving significant growth in patent activity, while India is becoming a more meaningful enforcement jurisdiction. That makes patent monetization more global, more complex and capital-intensive.

Legal finance is evolving with that shift. We are moving from funding single cases to supporting whole portfolios and broader monetization strategies, making it increasingly relevant as a corporate finance tool rather than simply a way to pay legal fees.

Technology will shape the next wave too. AI infrastructure is driving investment in CPUs, GPUs, memory and chip architecture, while 6G could bring more industries into standard-essential patent disputes. Battery technology and life sciences are also seeing enormous R&D investment. At the other end of the spectrum,  older or expiring technologies such as 4G, Wi-Fi and legacy video standards can have a long tail of unlicensed use and meaningful back-damages opportunities.

5… Favorite ski resorts in the United States?

In no particular order (because narrowing it down to five was hard enough):

1. Snowbird, Utah: Some of the best terrain and snow in the world. If I'm booking a trip six months out and want the best odds of a legendary powder day, Snowbird is my pick. Not much to do besides ski, but that's kind of the point.
2. Taos, New Mexico: Small and hard to get to, Taos is a ski area, not a resort—all parts of its charm. Taos has some of the steepest and most exciting in-bounds and hike-to terrain I’ve skied. And the mix of adobe architecture, Southwestern charm, and ski culture is something you won’t find anywhere else.
3. Aspen, Colorado: If I could only ski in one place, it would be Aspen. Four mountains, each with their own personality, all within a 10 mile radius. Throw in everything the town of Aspen has to offer, and it is hard to beat for skiers and non-skiers alike.
4. Vail, Colorado: Vail is the mothership of the largest ski resort company in the world, and you can tell. The amenities are top notch, the lifts are modern, plentiful, and fast. And its massive footprint has terrain for everyone. Add in the charming village, and Vail is a great place for the whole family.
5. Deer Valley, Utah: Perfectly groomed runs, five-star amenities, and strictly controlled crowds. If you love cruising and appreciate the finer things in life, it's hard to beat. Skiers only, though.

Honorable mentions: Telluride (beautiful but hard to get to), Sun Valley (huge vertical but unreliable snow); Jackson Hole (great terrain but less reliable snow, limited beginner terrain, and big crowds); Mt. Bachelor (skiing on a volcano!); Purgatory (my “home mountain” and a great place for the family); Crested Butte (great terrain, fun town); Beaver Creek (free warm cookies); Brighton (great and accessible tree skiing); Arapahoe Basin (local vibes, extreme terrain).