New Law Narrows Scope of Prior Efforts
Earlier this year, the New York legislature once again took up consideration of a statewide law governing noncompete agreements. The State Senate and Assembly both approved a bill in 2023 that would outlaw virtually all non-competition agreements, but New York governor Kathy Hochul vetoed the statute, expressing concerns that it was overly broad. Among the concerns that Hochul voiced were that:
- Unlike other states that had enacted similar statutes, the New York law made no distinction based on salary or compensation
- The law as approved by the New York legislature did not allow for the forfeiture of incentives if an employee quit to go to work for a competitor
- The law as written did not allow for non-competes in the wake of the sale of a business, thereby serving as a disincentive for mergers and acquisitions
New Law Limits Noncompete Agreements to “Highly Compensated Individuals”
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