Trade Secrets

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Under the Uniform Trade Secrets Act (UTSA), a trade secret is defined as information, including a formula, pattern, compilation, program, device, method, technique, or process that: derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. 

Similar to other forms of Intellectual Property (IP), trade secrets are arguably one of the most important assets an organization possess. As such, it is essential each business institute policies and pertinent corporate governance to ensure their trade secrets remain protected in order to safeguard their exclusive right of use. Representing clients in a variety of municipalities and industries, Baker & Company’s trade secret team works closely with clients to educate, advise, and establish internal policies and practices vital to maintaining their trade secret rights under the Uniform Trade Secret Act, as well as applicable state laws.