Hi there,
I just started a 3-months internship in a
It says that I shall not work for any other quantitative You should consult an attorney when you have questions about a legal document. Employment contracts are legally binding and employment law varies from state to state. Consider using a service like Ask a lawyer in your state to look at it. Different states are more employee friendly than others. For example, CA doesn't allow non-competes at all and I'm pretty sure if you move there an out of state non-compete is void so you could always look for new roles in CA (although I'm not 100% certain on that so don't pick up stakes and move there without looking into that). The good thing is that it's pretty easy to fight a non-compete but unfortunately it can involve legal dollars and tim Recommended Reading
Company A and Company B are rivals
Company A is a hedge fund that outclasses Company B because of their strategies. ROIs are out the roof.
Company B sees Company A making bank and hires a college student to get an internship at Company A to learn their tips and tricks.
Company B hires Company A's intern once he gets out of the 3 month internship.
Pays Intern 1.5x what Company A offers to keep the intern for the intellectual property.
See...I'm pretty sure things like that happen and the difference between comp A and comp B is only their intellectual property and talents.
point is, if there were no noncompete clause everyone would be hopping around like hot potatoes and the company that gave the internship would have to pay the intern higher pay to keep him from joining company B.
I would never hire someone like you
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Actually, it's extremely reasonable for the most part. I am certain that if you are concerned about the work restriction, you can ask for the term to be amended to cover you until graduation, however it's not crazy.
I would, however, have a lawyer look at it if you are concerned.
Unreasonable, but realistically you will have to sign it if you want to work there. For them to change it and tailor it, it would have to go to their lawyers at $500 p/hr and layers of red tape
They always say things like that. If it came down to it those things are never enforceable, especially at the peon level.
Cartwright, actually that's wrong. It is quite enforceable, however the employer can choose to not enforce it if they so choose.
Highly dependent on the state (banned in california...including if you are subject to a NCA and move to california).
Reasonableness is the general standard.....i don't think you're going to find many judges who enforce an NCA on a 25 year old (whatever) thus preventing them from gainful employment...as was the decision in my own case, and that of a friend who left another firm.
Executives are a different case but the reasonableness standard still governs (in most jurisdictions).
Thanks for the replies. I'll probably try to soften it until graduation then
Dude, work there and then start a Quant Fund in Canada, New Zealand, Brazil, Argentina, or the Bahamas. You're good to go.
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