Partner John Siegal spoke with The New York Times for a Nov. 12 article titled “Should Your Ex-Boss Get a Say in Your New Job? Wall Street Says Yes.”
The piece concerns a bill that would outlaw noncompete agreements in New York state. Such agreements “have long been used by big-name companies to prevent top employees from working for a nearby competitor, typically for six months to two years after leaving, allowing firms to protect intellectual property and deter brokers and consultants from poaching clients,” according to the article. After the New York state legislature passed a bill outlawing noncompete agreements five months ago, lobbying against the bill has been intense.
If instituted as currently written, Siegal says this ban will represent “a sea change in the employment markets” of real estate brokers, insurance brokers, investment bankers, private bankers and consultants in New York.
“We have a people- and relationship-based economy,” he adds. “The major assets of these businesses come in the door in the morning, they go up the elevator and at the end of the day, they take the elevator down and they leave.”
Read the article (subscription required).