On August 14, 2012, the USPTO issued four final rules packages to implement the new trial proceedings that the Patent Trial and Appeal Board (Board) will conduct under the Leahy-Smith America Invents Act (AIA). The new trial proceedings (inter partes review, post-grant review, and transitional program for covered business method patents) offer competitors new opportunities to challenge granted patents within the USPTO. While this article highlights specific aspects of the rules, patent holders and competitors also will want to consider strategic issues, such as those we have addressed in previous publications (Foley.com/patentreform). The four final rules take effect on September 16, 2012. The USPTO has not yet issued final rules for derivation proceedings, which will go into effect on March 16, 2013.