Fair competition is the foundation of the American Dream, the catalyst that fuels the yearning to build a better mousetrap. Fair competition incites entrepreneurs to leave the security of a regular paycheck and follow their passion to build something great. Fair competition allows the US economy to flourish.
Fair competition requires that we protect intangible assets — the ideas, innovations, and relationships that bring value to a business. By definition, these invaluable assets cannot be seen, heard, smelled, touched, or tasted. But their importance cannot be underestimated in the pursuit of fair competition.
Noncompete agreements and other restrictive covenants are critical tools in the quest for fair competition. When used properly, restrictive covenants prevent departing employees from engaging in unfair competition and foster fair competition. But of all stripes politicians across the country — including President Biden — seek to outlaw or restrain these important protectors of fair competition.
I’m pleased to join with 72 of the nation’s foremost attorneys and paralegals in expressing our concern about the attempts to abolish restrictive covenants. These practitioners represent all types of clients ranging from Fortune 50 companies to “mom and pop” shops to individual employees in the area of fair competition. Their opinions come from real world experience.
I invite you to read our joint letter to the FTC: Joint Submission of Trade Secret Lawyers. From time to time, I’ll be citing excerpts from that letter.