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• W37698565 abstract "Managing business risk is a concept familiar to CPAs, who routinely encourage clients to protect themselves against many operational vulnerabilities. One risk every firm should manage is the possibility an employee who moves to a new job or starts a practice may try to use proprietary information or take clients of the firm away. A noncompete agreement can protect a CPA firm from potential losses caused by departing staff with access to business secrets. It even can clarify the situation for clients who wonder whether they can move with the employee to his or her new position (usually not for at least six months to two years, depending on the agreement and the interests involved). This article explains what issues may limit the effectiveness of noncompete agreements, says how state courts have ruled and gives tips on how to obtain an enforceable contract. CONSULT AN ATTORNEY Noncompete laws vary widely by state and our legal system places a high value on an individual's right to earn a living. Because the judicial climate is somewhat weighted against a firm or company, it's especially important to have a competent attorney draft a noncompete agreement informed by relevant regional laws. Whether a CPA wishes to protect his or her own firm, is employed in industry or is advising a client company, the following tips apply: * Review existing employee agreements and noncompete contracts, if any, to see whether the organization is adequately protected against employees' taking clients away. * To create noncompete agreements, obtain the services of a lawyer who has drafted and litigated them in the jurisdiction and who knows how courts approach the issues involved. * Lay out the facts in a consultation. Every noncompete should be tailored to protect the firm's specific interests, so help the lawyer gain a good feel for your business--describe who your clients arc, what types of services you provide for them and how your employees provide services to those clients. The attorney needs to understand fully what the interests are to know how best to protect them. * Have the lawyer prepare the agreement and draw it as narrowly as possible. Make sure you understand the provisions of the contract and that all of your concerns are covered. Don't be afraid to ask questions. WILL IT BE ENFORCEABLE? Under a noncompete contract, employees agree not to use specific resources or participate in a certain market for a set period of time following their termination or resignation. Enforceability varies by state, and courts generally uphold only those provisions considered reasonably necessary to safeguard a firm or company's protectable interests (see What the Agreements Cover, page 59). Be specific in terms of equipment, technology, strategy, sales prospects and other pertinent proprietary information, says the CCH Business Owner's Toolkit (see Recommended Reading, below). Courts closely scrutinize the noncompete document if you have to enforce it, and they are more likely to uphold agreements that limit * The length of the noncompete period. In general courts have found a time limit of two years or less after employment ends to be reasonable (Schulhalter v. Salerno, 279 NJ Super. 504, 653 A2d 596 (App. Div. 1995)). * The scope of the agreement. (Courts have found that to be enforceable a noncompete agreement's scope should not be overly broad. For a CPA firm, scope normally is stated in terms of the firm's client list or all the clients an employee had contact with during a certain period of time.) * The geographical area in which the employee is prohibited from competing. (A scope restriction based on a specific region may not be useful to a CPA firm if the employee services clients across a wide area, however.) FOLLOW STATE LAW Many states recognize that relationships between a firm and its clients constitute an important protectable asset, yet courts typically don't favor agreements that restrain trade (see Case Study, page 60). …" @default.
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• W37698565 date "2004-02-01" @default.
• W37698565 modified "2023-09-23" @default.
• W37698565 title "To Compete or Noncompete: A Noncompete Agreement Is an Important Tool to Safeguard a Firm or Company's Interests" @default.
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