I am a cell/molec PhD with post-doc experience and a year of work under by belt at a biotech company. I decided to pursue a career in the patent field during my post-doc. However, during the past few years it has been very difficult to break into this field...even with a PhD. It would be even harder to break in with only a MS or BS. The thing is that there are many PhDs looking for Scientific Advisor or Patent Agent-training positions, so why would a firm hire a MS or BS with so many highly qualified/experienced PhDs around? For example, I interviewed at a major IP firm about 6 mo ago. There were about 200 applicants, 40 of which were granted interviews...all PhD. I got down to the final 5 but later found out the job was given to someone with prosecution experience. Again, it is hard to break in! That is not to say it can't be done with a BS or MS, but you'd probably have to have a JD. For example, I personally know the head of IP at a med-large biotech company who left her PhD program with a MS. Having only a MS didn't hurt her, but she also had been working as a scientist at the company where she now works (i.e. she had a connection). If you want to go into patenting, I would suggest meeting with as many local IP professionals (lawyers, agents, people in TT at your university) you can find and drill them on how they got to where they are. Not only will you learn more about the career path, but you will build connections. With the market for newbies as tight as it is, networking is invaluable. I've built up enough connections to where there are about 6 firms that have promised to call me when they have a need, but until then I'll be plugging away at the lab bench and saving up for law school starting this fall. Good luck to all who are searching.
One more thing, DO NOT go to grad school for a PhD if your only purpose is to get a piece of paper. It is hell unless you are dedicated to science. Heck, it is hell if you are dedicated. In the program I went through EVERYONE who was doing just that, and many others, dropped out within 2 years.