Lewisville Trade Secret Misappropriation Lawyer

Lewisville Trade Secret Misappropriation Attorney

Many businesses thrive on their trade secrets. They are the backbone of companies, ensuring that businesses stand out from the competition. Software companies operating in downtown Lewisville or restaurants near Castle Hills rely on secret formulas, recipes, and processes to keep their business unique and set apart from others. When these trade secrets are stolen or misappropriated, a Lewisville trade secret misappropriation lawyer is here to help.

At Alagood Cartwright Burke PC, our legal team is passionate about protecting the rights and interests of our clients. For more than two decades, our award-winning attorneys have been aggressively advocating for those who have suffered a violation of their trade secret protections and are proud to offer trustworthy and dependable service to achieve the results that you most desire.

A little healthy competition is good for businesses, but when your intellectual property is stolen, our law firm is here to seek justice.

Defining Trade Secrets in Lewisville, TX

In recent years, trade secret litigation has been on the rise across the United States. In 2020, trade secret disputes resulted in $3 billion in damages, with 68% found in favor of the plaintiffs. For many business owners in Lewisville, you might not even realize you are dealing with a trade secret misappropriation case. In order to truly understand your rights and options in these cases, it is important to first understand what trade secrets actually are.

Certain companies keep their business practices close to their chest. How else could they succeed? If everyone knew how their products were made or how they went about offering certain services, there would be no need for their company; people could just do it at home. That’s where the value of a company’s trade secrets comes in. A trade secret is a formula, recipe, design, or process that is unique to one company.

While not every single thing made by a business is considered a trade secret–lots of restaurants make burgers, lots of phone companies sell the same phones–the ones that are considered to be trade secrets are protected. In order for an object or practice to be considered a protected trade secret, it must meet the following requirements:

• The secret must come with a high commercial value, and the competition of the owning company must be actively seeking out a secret in order to capitalize on it and either create the product themselves or cause harm to the company creating the product or offering the service. However, trade secret misappropriation cases can also be caused by a trusted business owner or partner.
• There is only a set number of individuals who are privy to secrets. They are also typically legally bound to maintain the secrecy and are prohibited from revealing the secret at a public level or selling the secret to a competitor.
• The individual or company who owns the secret has worked hard and taken the necessary legal steps to keep the secret protected or from being revealed to the general public. These kinds of protections often come in the form of confidentiality agreements, which are crucial when sharing sensitive information with partners or employees.

One example of a protected trade secret might include McDonald’s Big Mac sauce or Pepsi’s soda recipe. Without these recipes kept a secret, the companies could lose everything. If you have suffered the misappropriation of a trade secret regarding your business, you need a Lewisville trade secret misappropriation attorney who is willing to do whatever it takes to ensure you, your company, and your hard work are protected.

How Are Trade Secrets Misappropriated in Texas?

Under the Economic Espionage Act, or the EEA, misappropriating a trade secret is actually illegal, and those convicted can suffer severe penalties. Trade secrets are protected under this federal piece of legislation, and when an individual misappropriates them by stealing them, leaking them, or otherwise circulating them without the permission of the owner, they can face legal claims and several consequences, not to mention the loss of their job.

In Texas, there are two main ways that trade secrets can be misappropriated. These cases are typically prosecuted at the federal level, so you will need an attorney who understands how the federal courts work in Lewisville, Texas. The ways trade secrets are misappropriated include the following:

• Trade secret theft. This is the most common way trade secrets are misappropriated. Instead of selling the secret to a foreign entity, these secrets are violated or stolen with the intention of harming the company they originally belong to or their owner. When an individual is convicted of trade secret theft, they can find themselves facing long prison sentences and millions of dollars in monetary fines.
• Economic espionage. Though this is a rarer occurrence, it is still very much a widespread issue for business owners in the United States. Economic espionage happens when someone either intentionally misappropriates or steals a trade secret with the intent of revealing the secret to a foreign company, government, or other entity. If an individual is convicted of this crime, they can find themselves in prison and facing massive fines.

Over the past several years, 52% of filed trade secrets cases were awarded monetary damages. The success of obtaining both this compensation and justice in a trade secrets case ultimately depends on the skill of your attorney. You need a dedicated attorney who is ready to uncover all evidence, help you file your trade secret misappropriation claim, and fight for your rights and interests in court should the need arise.

Hire a Trade Secret Misappropriation Lawyer Today: Contact Alagood Cartwright Burke PC

Every owner of a company in Lewisville, TX, has the right to preserve the secrets and integrity of their business. This often means that you will do everything to protect the formulas, recipes, or processes that make your services or products unique to you. Losing your trade secrets through misappropriation could be the end of everything you have worked so hard for. The law firm of Alagood Cartwright Burke PC is here to build you a solid case. Contact our offices today.