008: The Hidden Impacts of Non-Compete Agreements (Part 1)

Aug 2, 2023

Non-compete agreements can have some intimidating language. Understanding what is actually enforceable is an important step toward neutralizing these fears surrounding your business or your employment.

A proposed bill in the U.S. Senate, the Workforce Mobility Act of 2023, would ban non-competes around the nation with limited exceptions. When considering non-compete agreements, you may believe they only apply to executives or high-paying, white-collar professions. But, in fact, they can apply to low-wage workers as well–workers who may not be able to attain another position of the same caliber due to non-compete agreements.

In part one of this three-part series of Private Practices in Maine, Michael explores the challenges of issuing non-compete agreements and why they may impede the free market.  He examines arguments that propose non-disclosure agreements as a viable replacement for non-competes when it comes to protecting trade secrets or intellectual property. You won’t want to miss this episode covering the ins and outs of non-competes to understand how the bill pending in the Senate could affect your business.

In this episode, you will hear:

  • What non-compete agreements are, and why you need to understand how they can impact you
  • The intimidating  legal language of non-compete covenants, why they invoke fear, and how you can reset your expectations about them
  • A pending bill in the U.S. Senate called the Workforce Mobility Act of 2023, the supporting arguments made by Senators in favor of the bill and its proposed new rules
  • Why many non-compete agreements are not enforceable, and arguments on how non-compete agreements can restrict the free market
  • How non-disclosure agreements may make non-compete agreements unnecessary in the effort to protect trade secrets
  • How non-compete agreements can impact a community’s access to services. 

Resources from this Episode

Website – malloyfirmmaine.com

Phone – (207) 333-6700

Senate Bill S.220 – https://malloyfirmmaine.com/wp-content/uploads/2023/08/BILLS-118s220is.pdf

FTC Non-Compete Clause Rule – https://malloyfirmmaine.com/wp-content/uploads/2023/08/FTC-2023-0007-0001_content.pdf

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