A trade secret is just what the name would suggest, a “secret” related to some aspect of a trade or business. A more detailed “legal” definition of a trade secret might read something like this: “any formula, pattern, device or compilation of information which is used in one’s business, and which gives the owner of the trade secret an opportunity to obtain an advantage over competitors who do not know how to use it.”

In order to be valuable, a trade secret must be kept secret. In fact, much of the value of a trade secret arises from the fact that competition doesn’t know the trade secret and don’t have access to it. Accordingly, unless absolutely necessary, trade secrets should not be disclosed and even when disclosure is necessary, it should be minimized to the extent possible.

It is very important to identify your trade secrets and ensure that proper procedures are followed in order to safeguard these very important business assets. The Wright Law Group can help you identify your valuable trade secrets and put appropriate procedures in place to protect them.

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