What restrictive covenants do you have or have seen? Not work for 3 month, 6 months, 12 month for competition? What was your position? Paid (garden leave) or unpaid? Did you have or positive or negative experience? Did it hinder in any way your career transition? Was the restrictive covenant very general (industry wide) or specific?
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The terms vary quite a lot, depending on the particular fund policy and the person's seniority. A typical set of terms I've observed is 3m paid gardening leave, followed by a 12m (could be concurrent w/the gardening leave) non-comp. The non-solicit parts can vary a lot in terms of the duration.
OK, so assuming the numbers mentioned are for a senior portfolio manager role at an established organisation. Effectively a 12-3 = 9 month non-compete. The non-solicit (not take our customers, employees) part makes sense, but how is the employee meant to not work for 9 months for competition (that is effectively stripping 9 months of compensation)?
Well, the non-compete restrictiveness is of a different sort, so to speak. You're free to compete, if you're willing to forego your deferred compensation.
I thought it is possible to legally issue an injunction to prevent you from taking a new job.
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