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The devil is in the details.
Recently, the sequel for the Devil Wears Prada was released, and it is now playing on several streaming platforms. This story has many looking back to the original. The first movie was an adaption of the book written by Lauren Weisberger. People might think this movie, and the original, is about fashion, romance, or drama, but its not. It is a cautionary tale for business owners across the country on trade secret protection.
Context
In the book, Lauren discusses her time working as an assistant at Vogue for editor-in-chief Anna Wintour. She discusses colleagues, industry customs, and other uncomfortable work situations. Even though she worked at Vogue for less than a year, her published perspective has completely altered how people view the industry. People say a picture is worth a thousand words, so likely an entire movie must be viewed as a million. Most of those word are describing a former employer. Her boss is forever associated with being the Devil in Prada. At the time, when she was working as an assistant, she had backstage access to a multitude of processes and private information. Looking back, her employer likely would have preferred that to remain private.
How This Relates to Businesses
This movie, and book, show the results of failing to have proper documentation with your employees. A non-disclosure agreement, or at least a more detailed non-disclosure agreement, could have prevented her from telling private information and processes. Keeping trade secrets and certain procedures from being disclosed is how some businesses remain profitable and even scale. However, one bad and egregious employee fired for failing to meet standards without a proper NDA and protective measures can and has destroyed businesses.
Although in this situation, Anna Wintour has used the book and movie to her advantage, she went so far as to actually choosing to wear Prada to the premiere, most of the time a former employer bashing their previous place of employment could be devastating to the business. To protect what you have worked so hard to build, make sure that one disgruntled and bitter former employee does not have the power to make or break your business. You can limit their influence by setting up several protective measures.
What This Means in Practice
First, if you have any valuable information, recipes, formulas, or secret means of operation, you can protect that information as a trade secret by taking certain precautions and safety measures. Similarly, if you are hiring an employee, or even in the process of selling the company, you can have them sign non-disclosure agreements. This would limit what they can do with the information you show them. You can also have employees sign documentation, often called non-solicitation agreements, which can limit their ability to take your customers. Trade secret protection is important; don’t wait until your business is described in the next best seller.
If you would like to learn more ways to better protect your business, and your intellectual property, set up a consultation with Darkhorse Attorneys.
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