A Trade secret is confidential business information that provides the trade secret owner with an advantage in the marketplace - If the trade secret does not fall into the hands of a competitor; it continues to make money for the owner. The most commonly known trade secrets include:
- Customer Lists
- Marketing information
Not all confidential business information is a trade secret, according to the Uniform Trade Secret Act, business information must:
- Not be "generally known or readily ascertainable" through proper means and
- Have "independent economic value due to its secrecy"
Additionally, the trade secret owner has to use "reasonable measures under the circumstances to protect" the secrecy of the information.
If you believe that someone is using your trade secret without you permission, we can help you determine whether you have grounds to bring a lawsuit. If you want to use information that you think may be someone else's trade secret, or if you have been accused of taking someone else's trade secret, we can help determine your potential liability.