As much as 75 percent of a company's value may rest on intangible assets and company executives have said brand reputation outranks financial performance when it comes to measuring success. It makes sense, then, that a lot of time and money are typically spent on company branding.

In-house counsel should play an important role in the process, according to current and former in-house attorneys, who said legal departments can help companies avoid a situation where resources are poured into a particular concept only to find out too late that there are legal issues.

Some companies seem to have branding down to a science. Apple Inc., Google Inc. and The Coca-Cola Co., for instance, consistently rank at the top of brand consultancy Interbrand's list of most valuable brands, based on such factors as financial performance of branded products and the strength of the brand. But behind the success of companies like these is surely plenty of effort dedicated to creating a distinctive brand and then developing and maintaining a favorable view of that brand.