New York noncompete law continuing to edge forward

New York is continuing to inch closer to some type of a wage-baged threshold for the use of noncompetes.

According to Bloomberg reporter Zach Williams, New York Senate leaders offered a compromise from a full ban on noncompetes to an exemption for “workers earning more than $300,000 per year . . . .”

The numbers bandied about before were $200,000 and $250,000.

The article also mentions efforts to (clearly) permit noncompetes in connection with the sale of a business, which presumably will be in a final bill, given the importance of the issue. Indeed, the use of noncompetes in the sale of business context is permitted in every other state in the country – even California.

It’s now up to the Governor.

If she can reach an agreement with the bill sponsors, the process for finalizing the law will run into next year and will involve her approving the original version of the bill, which will then be amended early next year.

We should know more later today or tomorrow. We’ll keep you posted.