Trade Secrets Law Firm
When you do something differently or better than the competition, protecting this intellectual property becomes your competitive advantage. It’s what sets you apart from the competition and is what allows you to thrive. Therefore, safeguarding this information is a vital component of securing the long-term health of your company.
At IPS Legal Group, we are experts in all areas of intellectual property law, including trade secrets. We are standing by ready to help you protect your ideas, formulas, designs, etc. so that they don’t fall into the hands of the competition and harm your business.
Get in touch today to find out how we can help and to keep your business moving forward.
What Are Trade Secrets?
Although they sound like something out of a James Bond novel, trade secrets are fairly straightforward to understand.
According to the Uniform Trade Secrets Act, a trade secret is “information, including a formula, pattern, compilation, program,, device, method, technique, opr process that derives independent economics value by remaining unknown.”
In other words, anything that you know that others don’t, that helps your business, is eligible to be designated as a trade secret.
Examples include Coca-Cola’s formula, KFC’s chicken recipe, Google’s algorithm, and the New York Times’ criteria for determining best sellers.
Trade secrets are similar to patents in that they prevent others from copying you, but there are several key distinctions, mainly:
- Trade secrets are protected forever — Patents run out after 20 years and must be renewed otherwise the information becomes available to anyone who wants it.
- Trade secrets remain secret — When you file for a patent, although your intellectual property is protected, you still have to disclose your secret publicly. Then, when the 20-year period runs out, anyone can access this information and begin copying you.
- Trade secrets are easier and cheaper to get — Trade secrets are a type of “classification,” which means all you need to do to make something a trade secret is classify it as such. Of course, there are some legal proceedings involved, but it’s nothing like the process of filing for a patent. And because it’s easier and less-involved, it’s also quite a bit less expensive.
- Trade secrets don’t prevent accidental discovery — If you invent something and designate it as a secret, and then someone else accidentally discovers the same thing, they have not stolen your secret in the eyes of the law. However, if you have a patent and this happens, you would be protected.
Should You File for a Trade Secret or a Patent?
Which route you pursue will depend on the specific type of intellectual property you want to protect, as well as the nature of your business and your willingness to deal with the relevant legal procedures.
When you contact IPS Legal Group about trade secrets, we will walk you through the process to determine if this is indeed the best path forward. If it is, we will help you prepare all the necessary paperwork so that you can protect yourself from the competition.
Trade Secrets Services Provided By IPS Legal Group
If you’re thinking about filing for a trade secret, get in touch with IPS Legal Group today. Our experienced team is ready to help you determine what protections you need as well as manage the process of getting them. In addition, we will also help you with the following:
- Issues related to the violation of trade secrets. For example, what should you do if an employee quits and starts working for the competition?
- Non-disclosure agreements for employees.
- Potential violations from the competition.
- IP Litigation services in the event we find someone who is stealing your trade secrets. Normally these go through the state courts.
- Defense services in the event someone else has charged you with stealing their trade secrets.
Overall, we have been handling cases related to trade secrets for well over a decade and across many different industries. We know intellectual property laws like the backs of our hands, and we’re ready to put that knowledge and experience to work to help your company stay safe from cunning competitors and remain profitable.
Contact us today to see how we can help. We’re looking forward to working with you!