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Businesses have many different types of property, not the least of which are trade secrets and intellectual property. Confidentiality protects what is yours, but not every secret qualifies as a trade secret. The Potts Law Firm has experienced trade secret attorneys that work to ensure your proprietary information is kept secret and confidential. When you do have a breach, speed is of the essence. Equally important is the way you handle information before it is threatened.
There are different legal factors that determine if your information falls under the definition of a trade secret. It’s not just whether the information is secret, but to what extent the information is known outside of your business and how much your employees know about the information. The amount of money that has been invested into the information is another key factor. Documenting the measures you take to ensure your data is kept secret will provide the proof you need to make a trade secret claim. Your trade secret attorneys with The Potts Law Firm work with you from the beginning to keep your trade secret a trade secret. Trade secrets can include, but are not limited to:
- Recipes and formulas
- Customer lists and contacts
- Business plans
- Any information you don’t want your competitors to get a hold of
In order to have a trade secret claim, three elements are required. Your trade secret lawyer can ensure that you have a claim and pursue it under the law. Use of a trade secret is not always illegal or considered misappropriation. You need these elements:
- The information must be the type of information the trade secret protection was meant to protect.
- The holder of the trade secret has to establish that they took precautions to protect the information.
- The holder of the trade secret must show that the information was misappropriated or taken illegally.
Information that is legally obtained through reverse engineering or inadvertent disclosure may not be a trade secret breach that is prosecutable. Your attorney will advise you on what does and does not constitute a trade secret.