Question here for the mor senior bankers in the room (if any exist).
I’ve received an offer to jump up to Director and effectively start a new coverage area. My coverage area is tangential to their current areas, but there is no direct crossover. I have a couple questions on customary terms of agreements at this level.
- The offer has a 6 month post-termination unpaid non-compete. My previous understand is that a post-termination non-compete should come with your base salary continuing to be paid. Is that understanding correct? Also, I’m under the impression that 3 months is a more typical length for this type of non-compete. Am I in the right ballpark there as well?
The people that I know that have gone places to start new coverage have gotten 1 or 2 year comp guarantees to account for the fact that its probably a 12+ month ramp-up to start generating revenue. Am I within bounds asking for a guarantee?
Happy to have this conversation via DM as well if anyone doesn’t want to post about this publicly. Really appreciate any insight.
Doesn’t sound like you’re at a top 20 Bb / EB / MM firm
For #1 - I’ve never heard of an unpaid garden leave
For #2 - Director level moves are rare - guarantees are typically for MDs with a Rev gen history. Hot markets you’ll see non MDs (juniors) get guarantees like 2020-2022
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