As Florida continues to position itself as a national leader in pro-business policy, a new law quietly passed this summer could have a profound impact on the state’s talent landscape—especially in South Florida’s fast-growing finance and technology sectors.
The legislation, supported by Ken Griffin, founder and CEO of Citadel, allows companies in Florida to enforce non-compete agreements for up to four years for high-earning employees or those handling proprietary business information. That’s double the previous limit and significantly longer than what is allowed in many other states.
According to the new policy, workers making more than twice the average local wage—roughly $140,000 and above—could be bound to non-compete clauses for 48 months. The law is designed to protect trade secrets and prevent top talent from moving to competitors too quickly, a move hailed by some corporate leaders and criticized by worker advocacy groups.
Griffin, who moved Citadel’s headquarters from Chicago to Miami in 2022, has been a vocal proponent of strengthening business protections in Florida. With the billionaire investing heavily in real estate and politics across the state, his influence continues to shape key legislative decisions.
For South Florida business leaders, the implications are immediate. As more financial firms, fintech startups, and private equity offices set up shop in Miami, Fort Lauderdale, and Palm Beach, the law provides a new tool for retaining talent and safeguarding confidential strategies.
“Florida is drawing capital and companies from across the country,” said one legal analyst familiar with the legislation. “This new law reinforces its image as a haven for business—but it’s not without controversy.”
Indeed, the move comes as the Federal Trade Commission (FTC) is pushing a proposal that would ban nearly all non-compete agreements nationally. States like California already outlaw them. Critics argue Florida’s decision could stifle entrepreneurship and limit upward mobility among high-earning professionals.
Still, in a region now dubbed “Wall Street South,” some executives see this as a competitive advantage. For firms like Citadel and others managing billions in assets, the ability to lock in key personnel is crucial to long-term strategy. It also bolsters South Florida’s appeal to large firms seeking lower taxes, strong infrastructure, and a workforce tethered to innovation.
The legislation reflects Florida’s broader trend toward employer-friendly policies that prioritize economic development, even as debates continue over fairness, worker rights, and the future of innovation.
