Traverse Legal’s Trade Secret Attorneys understand that trade secrets give businesses a competitive edge and are experienced in protecting them. A Trade Secret Lawyer is ready to support you.
Whether your trade secrets are based in software, technology, manufacturing, product design or otherwise, securing trade secret protection of your business solutions is important.
As a founding partner of Traverse Legal, PLC, he has more than thirty years of experience as an attorney for both established companies and emerging start-ups. His extensive experience includes navigating technology law matters and complex litigation throughout the United States.
Not to be confused with trademark protection or patent law, a trade secret is, essentially, knowledge. Wikipedia defines a trade secret as “a formula, practice, process, design, instrument, pattern, or compilation of information which is not generally known or reasonably ascertainable, by which a business can obtain an economic advantage over competitors or customers.” Under trade secret law, this can span a wide range of practical business assets including, but certainly not limited to, customer lists, customer needs and wants, marketing data and development processes that are specific to said company. Anything that derives independent economic value from the fact that it is proprietary knowledge can be considered a trade secret.
There are several ways in which you can secure trade secret protection, such as the enforcement of employee non-compete agreements or confidentiality agreements. Trade secret laws are a state court matter, therefore the laws governing a Michigan trade secret may differ from a California trade secret or Texas trade secret; however, most states have adopted some form of the Uniform Trade Secret Act.
Yes, you can take legal action against someone for misappropriating your trade secrets by filing a civil lawsuit. This can help you obtain remedies such as injunctions to stop further use of the secret and monetary compensation for any damages caused by its disclosure. Such cases are typically handled under the federal Defend Trade Secrets Act (DTSA) or relevant state laws. Key Considerations When Suing for Trade Secrets:
Proof Requirements:
To succeed in a trade secret lawsuit, you must demonstrate that:
Available Remedies:
Courts may:
Federal Protection:
The Defend Trade Secrets Act (DTSA) allows businesses to file trade secret misappropriation claims in federal court, provided the secret is connected to interstate commerce.
A trade secret does not have a direct registration cost since it doesn’t require official filing with a government agency. However, the expenses associated with protecting a trade secret come from the security measures used to keep it confidential, such as non-disclosure agreements (NDAs), security systems, and legal fees if enforcement becomes necessary. These costs can vary depending on the complexity and value of the trade secret. Key Factors Affecting Trade Secret Costs:
No Registration Fees:
Unlike patents or trademarks, there is no upfront cost to register a trade secret.
Protection Expenses:
The primary costs involve implementing security measures, such as:
Legal Costs for Enforcement:
Legal expenses can be significant if a trade secret is misappropriated, especially when pursuing litigation or obtaining injunctions.
Factors That Influence Protection Costs:
A trade lawyer, or international trade lawyer, is a legal expert who helps businesses navigate laws and regulations related to importing and exporting goods and services. They ensure compliance with trade agreements, customs procedures, and export controls and represent clients in trade disputes before government agencies or international bodies like the World Trade Organization (WTO).
Traverse Legal’s Attorneys are globally recognized for their experience and results in the legal areas of Complex Litigation, Internet Law, Trademark, Copyright, Intellectual property, Airbnb and Amazon claims, NFT, Metaverse, Technology Law, Blockchain, Cybersquatting, Trade Secret, Non-Compete Law, Artificial Intelligence, Social Media Law, SAAS and Business Law.
This page has been written, edited, and reviewed by a team of legal writers following our comprehensive editorial guidelines. This page was approved by attorney Enrico Schaefer, who has more than 20 years of legal experience as a practicing Business, IP, and Technology Law litigation attorney.
