Illinois Clauses Relating to Venture Opportunities, competition
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FAQ
Under the new law in 2022, employers may not enter into a covenant not to compete with any employee who earns (or is expected to earn) $75,000 or less per year, and may not enter into a non-solicitation agreement with an employee who earns (or is expected to earn) $45,000 or less per year.
Sec. 10. Prohibiting covenants not to compete and covenants not to solicit. (a) No employer shall enter into a covenant not to compete with any employee unless the employee's actual or expected annualized rate of earnings exceeds $75,000 per year.
In Illinois, a non-compete agreement can be enforced only if it meets certain criteria and the employee earns more than $75,000 annually. Additionally, a covenant not to solicit must be linked to an employee earning over $45,000 per year.
A potential ramification of a restrictive covenant is that you may be precluded from working (not just with or for certain clients, but you may also be precluded from working in your chosen profession) in a certain geographic area (e.g. 5 mile radius, 10 mile radius, Chicago, or even all of Illinois or the entire ...
Ing to the statute, adequate considerations is either: The employee worked for the employer for at least 2 years after the employee signed an agreement containing a non-compete agreement. The employer otherwise provided consideration adequate to support an agreement not to compete.
compete agreement entered into on or after January 1, 2022, is void unless: The employee receives adequate consideration. The agreement is ancillary to a valid employment relationship. The agreement is no greater than is required for the protection of a legitimate business interest of the employer.
Although it is not an established rule, some Illinois courts have held that an employer must provide some benefit other than a job that you can be fired from at any time for a non-compete agreement to be enforceable.