Bergen County Trade Secret Attorneys
Helping protect NJ clients’ trade secrets
Trade secrets are a crucial part of many businesses’ success in the corporate world. A trade secret is one of the most interesting topics of intellectual property we address. Simply put, a trade secret is something that gives your business a leg up on the competition that is not generally known or reasonably ascertainable. For example, Coca Cola’s formula is unique to them. Over the years, thousands of other companies have tried to replicate the soda with little to no success. To that company, the formula is what gives them the advantage. If Coca Cola’s formula was to get out, their profitability would suffer because there could be identical copies at a fraction of the price. Trade secrets can include practices, processes, formulas, instruments, patterns, designs or any mode of production. If you have a trade secret that needs to be protected, having the right representation when legal matters arise is in your best interests. Contact our firm for a consultation.
Defining a trade secret
To be considered a trade secret, it must meet some conditions. It can be protected without registration or procedural formalities. Simply, a trade secret must be a secret, have commercial value because of the secrecy, and the owner must take the necessary steps to keep it private. What you do to protect your secret will mean a lot to any legal actions you need to take in the future.
How you can protect your trade secret
The Law Offices of Richard E. Novak, LLC appreciates the necessity of a trade secret. If you have a secret that benefits your business, the first thing you should consider is to limit access to this information. The fewer people with access to the trade secret, the better the chance that it won’t fall into others’ hands. Many businesses draft confidentiality agreements with employees that are granted access. These agreements function to grant access to the trade secret, install policies to keep others from gaining this information and detail what would happen if the employee was to breach the contract.
The life of a trade secret
The life of a trade secret is as long as it stays a secret. As long as your policy, process, formula, etc. stays a secret and no one gains access to the information that shouldn’t, the information is considered a trade secret. Legal action can be taken against those who commit industrial espionage. One example of industrial espionage includes when a person’s sole purpose of taking a position with a company is to steal information for a competitor. This is illegal because the information was not gained by conventional means, like reverse engineering. When your trade secret is stolen, you need quality legal support to protect your business’s future.
Contact our NJ trade secret litigation law firm
The Law Offices of Richard E. Novak, LLC understands how important a trade secret is to a company. When information that is crucial to your success is attained illegally, it is time to consider your legal options and fight for the future of your company. If you need quality legal support, contact The Law Offices of Richard E. Novak, LLC for an initial consultation.