Ólafur graduated in 1967 from the Law Faculty of University of Iceland. Postgraduate studies in Intellectual Property Rights (IPR) at the University of Iceland, the University of Copenhagen and London.
Ólafur was admitted to the Icelandic Bar Association in 1968. Practitioner of IPR and of general law from 1968. Chairman of the Association of Icelandic Patent and Trademark Attorneys 1985-2000. Founder and CEO of Patice since 1985.