Trade secrets are any device or technique used by a business that gives them a competitive edge. Trade secrets can be the most valuable piece of intellectual property a business owns, so protecting trade secrets is crucial to the success of your business. Unlike copyrights, patents, and trademarks, you do not have to register a trade secret to receive protection, but there are certain conditions that must be met in order for something to be considered a trade secret.
In order for a piece of information to be considered a trade secret, it must meet three criteria: (1) the information is not generally known or readily accessible to the people that normally deal with the type of information, (2) it must have commercial value because it is a secret, and (3) the information must have been subject to reasonable methods to keep it secret.
Information that could be considered a trade secret can include:
- Sales strategies
- Distribution methods
- Consumer profiles
- Advertising strategies
- Lists of suppliers
- Lists of clients
- Manufacturing processes
- Business plans
- Chemical formulas
Having the appropriate protection in place will not only keep your trade secrets from being stolen, but it will also help establish legal precedent for enforcement. The knowledgeable Houston intellectual property attorneys at Adair Myers Stevenson Yagi can help you implement trade secret protection plans to put your company in a strong position to reduce unauthorized use of its trade secrets.
If your trade secret becomes misappropriated, you may be able to seek compensation for lost profits, monetary damages, statutory damages, equitable relief, and attorneys’ fees. Trade secret law is incredibly complex, and you will need an experienced attorney by your side.
Houston Trade Secrets Attorneys
For more than 40 years, the attorneys at Adair Myers Stevenson Yagi have helped businesses protect and enforce the trade secrets they rely on. Don’t wait until it’s too late; contact our attorneys today to learn how we can help you protect your ideas.