In-House Counsel

HAPPY LAW DAY

By Hanna

President Dwight D. Eisenhower established May 1 as Law Day back in 1958.

It’s a good to remember the importance the rule of law plays in our free market economy.  The rule of law codifies cultural norms.  It etches ethics in stone.  It establishes boundaries of right and wrong and in so doing creates certainty and establishes a fair playing field.

Knowing the rules lets businesses manage risks more effectively.  We can stay in bounds.  We can avoid legal problems by knowing which lines shouldn’t be crossed.  Similarly, we can defend our rights and protect our property by knowing when others have crossed the line.

When it comes to protecting ourselves, company trade secrets are one of the most important assets worth protecting.  Yet in today’s highly connected world there are more avenues for sensitive information to leak out.

Take for example the case recently filed by a group of Japanese magicians against Nippon Television Network Corp. and TV Asahi Corp. for revealing how magicians did certain coin tricks.  According to one magician, the broadcasters “instantly deprived professional magicians of their assets.”

A kindergartner can tell you that the best way to keep a secret is not to tell anyone or, if you do tell, to swear them to secrecy.  Unfortunately, we need to be reminded of these things as we get older and competing business interests play tug-of-war with our decison making.

So why not use Law Day to polish your organization’s legal literacy?  Reeducate employees on the importance of confidential information and show them how to protect it.

After all, no organization should lose its magic.

Full post as published by Legal Literacy on May 01, 2007 (boomark / email).