Things every client should know about trade secrets

How much does it typically cost to secure a trade secret?

In most cases, the cost for enstantiating a sound trade secret maintenance program is driven by three factors:

(a) the hourly rate of the trade secret practitioner you’ve hired;

(b) the number of hours it takes that practitioner to identify the kinds of information sought to be protected and to assist in the preparation and implementation of the procedures and other tools necessary to protect and preserve the secrecy of the trade secret information; and

(c) the cost of any subsidiary services (e.g., physical access control mechanisms, etc.).

Thus, if you’ve hired a trade secret attorney to assist your company in the creation and initial implementation of a sound trade secret management program, and (a) he charges $200.00 per hour; (b) the creation and initial implementation of the program requires sixteen (16) hours of effort on his part; and (c) no ancillary cost-bearing services are required, then your total bill would come to approximately ($200.00 x 16) = $3,200.00.

Thus, if you want to control / minimize cost, then it is extremely important to do your best to communicate well with your trade secret attorney. If the two of you communicate naturally and effectively, and you are actively engaged in supporting the creation and effective implementation of the trade secret maintenance program, then it is likely that the two of you will generate a sound program that greatly reduces your company’s exposure to effective trade secret theft.