Trade Secret Attorneys in New York, NY

Basics of Trade Secrets

A trade secret is confidential and proprietary information that one uses in a business to gain a competitive advantage over others. It must be confidential and have economic value, and the business must take reasonable efforts to maintain its secrecy.

In New York, to be considered a trade secret, the following factors are considered:

• the extent to which the information is known outside of the business
• the extent to which it is known by employees and others involved in the business
• the extent of measures taken by the business to guard the secrecy of the information
• the value of the information to business and its competitors
• the amount of effort or money expended by the business in developing the information
• the ease or difficulty with which the information could be properly acquired or duplicated by others

Because the nature of a trade secret requires that a business goes to a certain extent to protect the secrecy of the information, a claim of trade secret misappropriation with courts can only be successful if proper systems are in place in the business that safeguard the trade secret.

Identifying Trade Secrets

The first step in successful trade secret litigation is being able to identify trade secrets within the business and treating it as such. Not all confidential and proprietary business information can be considered a trade secret. Trade secret lawyers like us can help businesses identify trade secrets, which can range from formulas and recipes, manufacturing processes to software algorithms, and provide programs and policies designed to maintain its secrecy.

Programs and Policies for Trade Secrets

For a claim of trade secret misappropriation to prosper, the party must show that the business exerted reasonable efforts to protect the secrecy of such information. For this reason, it is important to show courts the policies and programs that the business has implemented to protect the trade secret. We advise businesses on policies regarding:

• the confidentiality of information
• training of employees to educate them on the importance of protecting the trade secrets of the business
• implementing access controls, restricting employee access to trade secrets on a need-to-know basis
• encrypting information and using firewalls to limit the exposure of electronic trade secrets
• implementing physical secure locations that prevent unauthorized individual from entering and access confidential information
• monitoring, reviewing, and auditing the programs and policies on a periodic basis to ensure the continuous protection of the trade secret

Drafting and Reviewing Contracts

As trade secret lawyers, we prepare confidentiality and non-disclosure agreements with the employees, vendors, contractors, and other third-parties who may have access to trade secrets to define the limits of the use and to provide the safeguards in protecting confidential information.

Trade Secret Litigation

A successful claim for trade secret misappropriation must show:

• An unconsented disclosure or use of a trade secret by one who
  • used improper means to acquire the secret, or,
  • at the time of disclosure, knew or had reason to know that the trade secret was acquired through improper means.
• Plaintiff possessed a trade secret;
• Defendant is using that trade secret in breach of an agreement, confidence, or duty, or as a result of discovery by improper means.

Trade secret lawyers like us understand how important it is to timely protect trade secrets. For this reason, injunctive relief in the form of a temporary restraining order may be requested, even without a hearing, to enjoin a person from revealing or divulging trade secrets. A preliminary injunction may also be requested prohibiting a person from publishing your trade secrets to another pending resolution of the case. Damages can also be requested based on economic harm that the client suffered due to the disclosure of the trade secret.

Trade secret matters can be complex, ranging from the protection of the information internally within the business and externally with its stakeholders to trade secret litigation. Should you need legal representation or advice, we, at the law offices of Albert Goodwin, can help. We are located in New York, NY. You can call us at 212-233-1233 or send us an email at [email protected].