Leaving a firm soon after joining - non-compete repercussions?
I joined a prop trading firm in NYC very recently as a full-time software engineer. However, I'm also interviewing with a company in big tech, and if they gave me an offer, I would probably jump ship and go over there. My current contract has a one-year paid non-compete, where I can't work competing businesses. To me, that would not seem to include the big tech company that I'm interviewing at, because they have nothing to do with trading.
What might happen if I received and took an offer? Do you guys think it's likely that the prop trading firm would try to stop me due to the non-compete? Would they potentially pay me full-time for the next year just so I can't then jump ship to a finance company, say, 6 months from now? I have no intention of doing that, but this seems like a strange loophole where I get a year of pay after very little work (not why I'm leaving though, I just really want this big tech job and only learned of it after signing an offer).
Also, are there any other reasons this would be a bad idea, apart from burning a bridge with this one prop trading firm?
If you take a job at a big tech company you’re not competing with your prop trading employer so the non-compete shouldn’t apply. But you gotta talk with a lawyer to be certain.
If they choose not to enforce the non-compete, which seems likely, they would likely not pay you. However, you’d likely still be bound to the non-compete, so if you decided to join a competitor within a year after big tech they could still sue you.
It only sounds like a loophole, it is intentionally kept vague because it is at your employers discretion. The language is not a reliable indicator of having a paid non-compete. Speak to a legal advisor.
Non competes are effectively not enforceable anymore. Jsut leave nothing will happen except they might bug you about clawing back a signing bonus
Terrible advice. Varies a lot by jurisdiction. And in any case the new employer is never going to be comfortable with just throwing the dice like that.
Non-competes are now illegal in NYC, how does nobody know this?
That legislation didn't end up passing after all of Wall St lobbied against it.
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