Non-Compete Agreement - Moving from Prop Trading firm to HF
I am currently working at a mid-large size well know market-making company and have been thinking of moving to work at a smaller hedge fund in the southeast. I have networked heavily to find this position...but I have a noncompete to worry about. The non-compete is for 1 year. If I end up leaving and am held liable for my non-compete, what are the consequences of leaving? What is the best way to go about leaving my firm so that I am paid during my 1-year non-compete and leave on good terms? Looking for any advice from someone who has gone through a similar process.
First of all, it's wise to lawyer up. The non-compete may not even be enforceable in your state. Second of all, inform the new firm about it. They'll want to know the text of the non-compete, maybe a buy-out is possible. Otherwise, it can always be challenged in court, hence you should retain an attorney. But the best thing would be to stay on good terms with your current firm, maybe they'll waive the non-compete (or perhaps in-house counsel will conclude that it's not enforceable).
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