A Federal Trade Commission (FTC) rule banning non-compete clauses is set to go into effect on September 4, 2024. Under the rule, non-competes are broadly defined as any arrangement that prohibits, penalizes, or functionally prevents a worker from getting a new job or starting a business after leaving their employment, even if the agreements are not labelled as non-competes. In short, the rule bans employers from entering into non-competes with workers covered by the rule. It also imposes an obligation on businesses to notify former employees and contractors with whom they previously entered into non-competes, that these agreements are now unenforceable. There is an exception for agreements with senior executives related to the bona fide sale of a business and for situations where a dispute arose about whether the non-compete was breached before the effective date of this rule.…