Citadel Lobbies for Four-Year Non-Competes in Home State of Florida
Ken Griffin’s Citadel is putting its Florida lobbying muscle behind an effort to allow non-compete clauses and garden leaves of up to four years in its home state, tightening employers’ hold on well-paid staffers and executives considering defection.
The bill has cruised through the legislature and is awaiting the governor’s signature, with supporters saying it will make the state more appealing to companies at risk of losing an edge if key employees jump to rivals.
The measure allows four-year restrictions in contracts with people earning at least double the average local wage — typically more than $140,000 in urban areas. It also accelerates court orders blocking defectors from performing similar work elsewhere or barring competitors from hiring them.
Griffin’s lobbyists helped shape the bill’s language and have advocated for it alongside broader business groups including the Associated Industries of Florida, which supported it in legislative hearings, according to people with direct knowledge of the effort, who asked not to be named discussing nonpublic talks. The measure isn’t limited to the financial industry.
A spokesperson for Citadel declined to comment. A representative for the AIF, which doesn’t disclose its members, didn’t respond to a message seeking comment.
Very peak
A FOUR YEAR non-compete effectively kneecaps someone's career. This is insane.
This has to be for the PMs making 8 fig guarantees, who is going to survive for 4 yrs
facts lool
they still pay you base
Make indentured servitude great again!
The reason Silicon Valley has attracted so much talent is partially because non-competes are very weak in California.
I think this will scare away a lot of top tier talent from wanting to work in FL.
one thing i dont understand in general is why do some firms have a very intense culture (long hours/ high pressure etc.) compared to peers
for eg in the prop trading space - jane street and hrt are known to be pretty chill in terms of hours/wlb/non-competes (jane doesnt have one) vs citsec is none of those. all of these print money like nothing so u can clearly achieve very good results and keep employees happy. so why do some firms dont
there is that old adage - if u want a man to take off his coat u dont blow it off, if u make the room warm enough he will do it himself. jane doesnt bleed employees even though they dont have a NC because they made the deal sweet enough so that people dont want to leave
Despite being an intern, yes you’re not wrong. But you also have to realize that this noncompete is geared towards the pod PMs
so you can brag to your friends how hard you work
"last year i worked so hard i missed my kids birth, every birthday AND my own funeral!"
Bad sarcasm
Ken G.
the only person this would benefit is someone in the twilight of their careers, annother form of golden handshake. 4 years out of the market is a career killer geez.
That's fucking WILD
Criminal
How does this work again if you just move to New York?
Wouldn't it be unenforceable across state lines?
Dolor dolorum et magnam tempora odit facilis. Iusto eius eos et et iure voluptatum vel. Nemo deleniti est cumque vitae. Sequi et alias non omnis amet aut nobis. Eveniet reiciendis occaecati et quisquam et quaerat. Quo vitae ipsam neque in.
Dolores sed ut rerum qui. Repellat tempora nemo voluptatibus qui et. Nemo ad accusantium ducimus quo nemo aut aut. Autem similique at consequatur quo sit sequi. Nisi debitis et laborum velit mollitia nihil et. Qui placeat voluptas nisi.
Qui ut qui occaecati aut veritatis. Ipsam facere ducimus unde pariatur veniam repellat.
Alias temporibus quo qui in sed quis rerum minus. Ab earum soluta ea non illo sunt. Itaque at perferendis consequatur enim animi saepe. Ea veniam quo voluptatum ullam. Ut perspiciatis ipsum expedita voluptatum amet. Qui autem esse aperiam aut. Cupiditate voluptates corrupti fuga rem sed at.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...