Elvis Presley Enterprises is considering whether to directly petition the House of Lords for leave to appeal the landmark ruling rejecting its bid to register the musician's image and signature as a trademark.

The move comes after Lord Justice Simon Brown, Lord Justice Morritt and Lord Justice Robert Walker found in favour of London-based merchant Sid Shaw in the Court of Appeal last week.

Shaw's solicitor, Cameron McKenna intellectual property specialist Stephen Whybrow, said people on the cusp of fame would be well advised to register their most famous characteristics early rather than wait until they have already become household names.

Barrister Richard Meade, of 8 New Square, instructed by Whybrow, argued that because his client had been trading Elvis memorabilia for 20 years – and had even supplied the appellants in the 1980s – the image was in the public domain.

However, Peter Prescott QC of the same chambers, instructed by the estate's solicitor, Isabel Davies, partner and chairman of the IP group at Eversheds, argued that this would mean that the more successful an individual became the harder it would be for them to protect their IP rights.

The estate has until 9 April to make its petition.