Hey monkeys, I came across It's The Season For Team Moves in Investment Banks by "Toby Browning" today. The author talks about investment banks hiring a whole team from another bank and his personal experience.
It's a ticklish subject to talk about because team moves are a grey area in legal terms. There's no such thing as indentured servitude in modern capital markets: anyone can change employers for any reason that they like. But while you're working for one employer, you generally owe that employer some duties of diligence and service, and one of those duties is that you shouldn't be inducing your fellow employees to resign and go somewhere else. Not only would that be a breach of contract, but there would potentially be a liability for the new employer for enticing you to breach your contract. This means that every team move needs to keep enough legal pretense that it's simply a series of five or six unrelated individual moves. And it makes the organization of the whole thing entertainingly cloak-and-dagger.
Given that an individual departure can already be an awkward and stressful situation, a departure of the whole team can send the whole department in turmoil. Personally, I would follow the team given that's the people I spent most of my time; however, I would still feel guilty for breaking the loyalty oath.
What do you think about this? Would you follow the team or stay with the firm?