In the new Louisville Business First Legal Forum Column, BGD attorney Reva D. Campbell discussed trade secrets. Read her advice below and don’t miss our monthly Legal Forum Column in Louisville Business First.
I need to implement a plan to protect my company’s trade secrets. How can an attorney help?
A trade secret is information used by your business or a procedure, method or technique that your business employs that is not generally known to others and contributes to the success of your business. A well-known example is Col. Sander’s Original Recipe of 11 herbs and spices. Trade secrets may also include customer lists, manufacturing processes, supply chain information, revenue and production costs, business plans and future products.
Activity trackers Jawbone and Fitbit are currently embroiled in litigation over Fitbit’s hiring key Jawbone employees who allegedly provided such trade secrets to Fitbit. Implementing a plan to protect your valuable trade secrets from inappropriate disclosure or theft is essential to continued success. An attorney can help decide how best to protect your proprietary and confidential information, as well as draft company agreements and implement policies and procedures to safeguard the future of your business.