Peter Steinmeyer and Brian Spang, Members of the Firm, co-present “Your Non-Compete Agreements May Not Comply with New Illinois Law: Learn What You Will Need to Change,” to the Illinois Chamber of Commerce.
Over Memorial Day weekend, the Illinois Legislature unanimously passed a bill comprehensively reforming the law governing non-compete and non-solicitation agreements in the state. The Governor has signed the bill into law, which apply to all such agreements signed on or after January 1, 2022 with the result that every employer with Illinois employees must revise their form restrictive covenants before January 1, 2022 to ensure compliance with the law’s requirements.
The highlights of the new law include:
- Increased wage threshold
- Wage threshold for non-solicitation restrictions
- Due process protections
- Clarification of (some) ambiguities in the case law
- Consideration alternatives
Understand the details of this new legislation and what you need to know to ensure your company’s agreements will pass muster in 2022 and beyond.
For more information and to register, please visit ILchamber.org.