Trade Secrets can best be described as customer lists, formulas, devices, know-how, data compilations, techniques, patterns, and processes by which a business maintains a competitive advantage in its industry. Trade secrets are not protected by patent law, which requires public disclosure in exchange for a limited monopoly, because their value lies in maintaining their secrecy.
In today’s upwardly mobile world where high level employees routinely change jobs, trade secret protection becomes all the more important to ensure that confidential company information does not find its way to a competitor’s boardroom. The key to solid trade secret protection is proper training of key personnel and adequate controls around sensitive information.
Watson LLP assists clients with a broad spectrum of trade secret services, including performing audits of business operations to identify protectable trade secrets, drafting policies and procedures to maintain their secrecy, implementing security measures to safeguard against misappropriation by employees, and managing employees’ use of social media to avoid inadvertent disclosure of proprietary information on the Internet. When trade secret violations occur, we aggressively seek injunctions and collaborate with law enforcement authorities to pursue federal criminal charges against wrongdoers.