Companies using noncompete agreements to protect their proprietary information need to pay attention to what’s currently happening in Washington. As the Biden administration takes over, Florida companies need to prepare for the possibility of national restrictions on noncompete agreements and other restrictive covenants.
This is significant and unprecedented, as it marks the first time that we are seeing a real prospect of the federal government addressing issues that had previously been left to the states, each of which has its own, unique laws. Florida companies in particular must be aware, as Florida has historically been one of the country’s most employer-friendly when it comes to noncompete statutes. Thus, Florida companies often use restrictive covenants as their front-line protections for their business-critical trade secrets. If the proposed legislation is adopted, there is no doubt that employers would have to dig deep and identify new ways to safeguard their information assets.
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