Hopefully it will be many years before the answer really matters. I am considering a new grad offer with a really long noncompete and was wondering how do people with them switch jobs? Are companies generally willing to wait several years? Or do people resign before having found their next role?
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Based on the most helpful WSO content, non-competes are generally enforced more aggressively for quants. When you join a company, you sign an agreement that grants them the option to enforce a non-compete when you leave. This agreement is signed by everyone, with basically no exceptions.
When you decide to leave, there is some discretion around how much of the non-compete to enforce, but in most cases, you should expect to serve the whole thing. If you're terminated, they might let you off the hook with a reduced term, maybe 6 months, if you've been there for a short time.
However, it's important to note that this can vary and I've seen people get stuck in tricky situations, so don't make any hard decisions assuming this will be the case.
As for switching jobs, it can be tricky if you have a long non-compete. Some companies might be willing to wait, but it really depends on the company and the specific situation. It's not uncommon for people to resign before finding their next role due to these non-competes.
Remember, every situation is unique and it's always a good idea to consult with a legal professional before making any decisions.
Sources: How do non-competes work when you want to quit?
My team generally will not make an offer to anyone with more than 6 months on their non compete. If you've got over a year to wait you will probably have to quit and interview after serving most of your garden leave.
In my experience you can recruit fine in quant with a year non compete. Team buildouts are expected to take a year+. However longer than that is rough
Interested as well for PM, possible to break - a non compete and DNAs, any lawyers or compliance that could shed a light would be great !
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