How do people move from one firm to another?
I'm wondering about how people in this industry move from one job to another. Most trading firms have you sign non-compete clauses. Suppose you work at the firm as a software engineer or any discipline that does not directly involve trading and you got a job opportunity at another firm. Will trading firms enforce the non-compete clause in this kind of situation?
Probably a case by case basis. I assume they wouldn't enforce if you weren't essential/high up etc, but don't take my word for it. I know for PMs etc firms will want to enforce, but if you're a star and another firm really wants you they can indemnify you/buy you out basically, and in doing so render the non-compete void.
Case by case as mentioned above. A variety of factors can come into play, including if they paid you any guarantees up front (invested in you), whether the new shop is a direct competitor, how much business they would lose if you left, essentially how much damage would be incurred upon your departure. If you really wanted to get out, had a new offer, but current shop wouldn't let you go, you can always get yourself fired for "cause", which should render the contract void. Always best to negotiate your way out on peaceful terms - litigation would be your last resort.
What would be the worst case scenario? That I would not be employed at either place as a result of all of this?
I don't think it would be that bad, but you should probably talk to your firm/a lawyer/your potential employer to find out what would happen in your exact scenario.
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