In April 2024, the FTC issued a final rule banning non-compete agreements in most employment contracts across the US. Though new businesses, raised worker wages, lower healthcare costs and boosted innovation are set to result from the new measure, the rule would nonetheless eliminate a tool many businesses have used to protect trade secrets. With litigation set to explode, companies are indeed increasingly concerned about the risk of trade secret misuse and of breaches now that employees are able to work for competitors. Patent filings are also set to increase, be it from former employees starting their own business or companies choosing patent protection over trade secrets. Though nondisclosure and non-solicitation agreements remain available, it is imperative companies equip themselves now with a strategy to tackle this new law and protect their assets.

• Discover the importance of working closely with IT professionals in order to implement measures to restrict access to trade secrets now
• Assess key documentation to update and review now, including trade secret-related contracts as well as employee and training materials to ensure those entrusted with trade secrets are aware as to how to handle them
• Discover ways in which other jurisdictions, such as California or North Dakota, are navigating trade secrets protection without non-compete agreements in order to determine best steps going forward