Welcome to Thompson, Crawford, Brown, and Smiley, where we’re committed to helping business owners adapt to the changing legal landscape. With the Federal Trade Commission (FTC) scrutinizing non-compete agreements more closely, it’s essential for businesses to explore alternative strategies to protect their interests.
Here are some actionable legal strategies we recommend:
- Embrace Confidentiality and Trade Secret Protections: Instead of relying on non-compete agreements, prioritize confidentiality agreements to safeguard sensitive information and trade secrets. Our attorneys can help draft agreements that clearly define protected information and establish protocols for its handling and disclosure, reducing the risk of unfair competition.
- Leverage Intellectual Property Rights: Protecting your intellectual property assets is crucial for maintaining a competitive edge. By strategically managing your intellectual property portfolio, you can create barriers to entry and preserve the value of your innovations.
- Implement Non-Solicitation Agreements: While non-compete agreements may face challenges, non-solicitation agreements remain a viable option for protecting your client base and workforce. Our attorneys can draft enforceable agreements that restrict departing employees from soliciting customers or fellow employees for a specified period, safeguarding your business from the poaching of valuable assets.
- Develop Comprehensive Employment Policies: Beyond specific contractual agreements, comprehensive employment policies are essential for protecting your business interests and minimizing legal disputes. Our firm can assist in developing employee handbooks and policies that address confidentiality, non-disclosure, and restrictive covenants in compliance with FTC guidelines, fostering a clear understanding of expectations among employees.
The FTC’s ban on non-competes was to go into effect on September 4, 2024, but is stayed by court order while the validity of the ban is litigated. While the future of non-competes is uncertain, they remain enforceable for now. Despite the increased scrutiny on non-compete agreements, there are other effective legal strategies available to protect your business interests. From confidentiality and trade secret protections to intellectual property rights, non-solicitation agreements, and comprehensive employment policies, our team at Thompson, Crawford, Brown, and Smiley is here to provide expert guidance and support.
Contact us today at 850-386-5777 or use our contact form to schedule a consultation and safeguard the future success of your business.