URGENT! Quitting without two weeks notice

oliver13's picture
Rank: Orangutan | 287

Apart from common courtesy, does quitting without the two week notice have any legal repercussions? My employee handbook states that one 'should' give two weeks. My offer letter states it's required and to consult the employee handbook for further details. The employee handbook says one 'should' give the notice. I'm not exactly sure if that's a legal contract. As far as I know NY is an at-will employment state and my offer letter also states the at-will agreement.

Any help is immense as this is supposed to happen soon.

Comments (33)

Mar 5, 2014

i think u forfeit all unused vaca day pay

speed boost blaze

Mar 5, 2014
torchic:

i think u forfeit all unused vaca day pay

Yeah don't really care about that at all.

    • 1
Mar 5, 2014

dude give two weeks. chances they won't make you work it if you have a good relationship there. Always leave in good terms. Beside that you won't face any legal ramifications

    • 1
Mar 5, 2014
Angelus99:

dude give two weeks. chances they won't make you work it if you have a good relationship there. Always leave in good terms. Beside that you won't face any legal ramifications

I def would if I could. Just that my work situation doesn't allow me to. I'm on a work Visa and if my current firm cancelled my authorization (which they very well could - a lot of firm ask you to leave immediately) before the new firm process it, I'd be out of status and fucked legally.

To avoid that I can only quit once the paperwork for the new firm is processed. Also, the new firm wants me to start as soon as the paperwork is processed. Very silly overall, I agree.

Mar 5, 2014

Are you in banking? If so, you will be asked to leave immediately.

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Mar 5, 2014
duffmt6:

Are you in banking? If so, you will be asked to leave immediately.

I'm in a research, and technically in the S&T associate program.

Mar 5, 2014
duffmt6:

Are you in banking? If so, you will be asked to leave immediately.

not necessarily - depends if u r moving to competitor or not

speed boost blaze

Mar 6, 2014
torchic:
duffmt6:

Are you in banking? If so, you will be asked to leave immediately.

not necessarily - depends if u r moving to competitor or not

No it doesn't. Even if you're heading directly to a competitor, you will depart the building for the last time on the same day you announce your resignation.

Mar 5, 2014

If there's a circumstance that prevents you from staying the 2 weeks, they won't make you. I had to once leave a job because of a medical situation - I was out by the end of the week.

Of course, the *courteous* thing to do would be to give the 2 weeks. But there is no legally binding contract that puts it in stone (unless you signed off on it, but most salaried work is at-will nowadays....)

Currently: future psychiatrist (med school =P)
Previously: investor relations (top consulting firm), M&A consulting (Big 4), M&A banking (MM)

Mar 5, 2014
chicandtoughness:

If there's a circumstance that prevents you from staying the 2 weeks, they won't make you. I had to once leave a job because of a medical situation - I was out by the end of the week.

Of course, the *courteous* thing to do would be to give the 2 weeks. But there is no legally binding contract that puts it in stone (unless you signed off on it, but most salaried work is at-will nowadays....)

While the agreement is 'at-will', like most other banks and roles, there's also this clause in the agreement which says I am 'required to' provide advanced notice according to some policy in the handbook. When I refer to that policy in the handbook, it says the employee 'should'.

To me this is legal bullshit and very vague. But who am I know.

Mar 5, 2014
oliver13:

While the agreement is 'at-will', like most other banks and roles, there's also this clause in the agreement which says I am 'required to' provide advanced notice according to some policy in the handbook. When I refer to that policy in the handbook, it says the employee 'should'.

To me this is legal bullshit and very vague. But who am I know.

Should isn't must. You're good to go :P

Currently: future psychiatrist (med school =P)
Previously: investor relations (top consulting firm), M&A consulting (Big 4), M&A banking (MM)

Learn More

7,548 questions across 469 investment banks. The WSO Investment Banking Interview Prep Course has everything you'll ever need to start your career on Wall Street. Technical, Behavioral and Networking Courses + 2 Bonus Modules. Learn more.

Mar 5, 2014

Give your 2 weeks and if you are expected to work the full 2 weeks then just quit. Are you an H1B? If so, you are not in any jeopardy of being defined out of status even if they were to fire you.

Mar 5, 2014
fiftysixsports:

Give your 2 weeks and if you are expected to work the full 2 weeks then just quit. Are you an H1B? If so, you are not in any jeopardy of being defined out of status even if they were to fire you.

yes, I'm on a H1B. The new Visa just got approved this week and I didn't want to quit the current one before it did.

Mar 5, 2014

No legal repercussions. If you received a signing bonus make sure that you're meeting all of the terms to keep it. Give notice if you can though; finance is a very small world.

Mar 5, 2014
Dying's For Fools:

No legal repercussions. If you received a signing bonus make sure that you're meeting all of the terms to keep it. Give notice if you can though; finance is a very small world.

thanks man. I unfortunately can't keep the signing bonus as I haven't completed a year yet. The new firm however has agreed to pay the current firm. The only issue seems to be that I'll pay back the pretax amount while receiving the post tax amount from the new firm. From what I understand I get a tax refund this filing season of the remainder.

Mar 5, 2014
oliver13:

thanks man. I unfortunately can't keep the signing bonus as I haven't completed a year yet. The new firm however has agreed to pay the current firm. The only issue seems to be that I'll pay back the pretax amount while receiving the post tax amount from the new firm. From what I understand I get a tax refund this filing season of the remainder.

That's a pretty sweet deal. Last time I left before a year was up they were relentless about the payback and my new firm barely even knew what a signing bonus was :(

Currently: future psychiatrist (med school =P)
Previously: investor relations (top consulting firm), M&A consulting (Big 4), M&A banking (MM)

Mar 5, 2014

Damn you got a sweet deal!

Mar 6, 2014

I've seen more than a dozen people quit unexpectedly - both from IB and S&T - during my time. And I've never once seen a person asked to stay even one day after they tender their resignation. You let your staffer / head of the desk know you plan to resign, they pick up your corporate devices, you say your goodbyes and head out the door.

Mar 6, 2014

If it were me, I would at least give them two weeks and see how they react. You could luck out and they ask you to go ahead and leave. Is there a specific reason that the new firm won't allow for a later start date? I'm not a pro on jumping ship on Wall Street, but I would think that a company would be willing to adjust a start date if there were such dire circumstances around it (potential work Visa issues). Most companies understand giving notice in my experience and don't mind a few weeks adjustment. But that may be deriving on a conversation that you had with them where they said, "When can you start?" and you said, "As soon as you want me to."

Mar 6, 2014

If you are in research, ever heard of garden leave? You won't be able to start the next day anyway.

Also, if you quit you won't lose your Visa if it is transferred to your new company. Just because they ask you to leave immedietly does not mean they are firing you.

Mar 5, 2014
yeahright:

If you are in research, ever heard of garden leave? You won't be able to start the next day anyway.

Also, if you quit you won't lose your Visa if it is transferred to your new company. Just because they ask you to leave immedietly does not mean they are firing you.

Yes, definitely have heard of that. However, that's usually reserved for VPs and above. Also, I'm just doing a rotation of the research desk, but really belong to the S&T program. Also feel if anything was 'required' it should have been in the contract.

Doing this tomorrow. Will keep this site updated. Might help out future quitters!

Mar 5, 2014

Just for future reference: Just quit - no two weeker. Starting new gig in two days.

Mar 6, 2014
oliver13:

Just for future reference: Just quit - no two weeker. Starting new gig in two days.

Absolutely shocking.

In all seriousness, though, good luck with the new gig!

Mar 8, 2014

For research or midoffice I have seen them ask you to spend the two weeks at the firm, training the next person or your colleagues. For trading, you better of had your desk clean because other than a few handshakes - you are out of there.

Mar 8, 2014

Here in Chile we give four weeks notice before quitting a job. If it's less, it doesn't look good.

Mar 5, 2014

One more questions to anyone still checking this out. My old company's HR is demanding the sign on bonus back. This is fine and I'm willing to send a check, but they want me to address the check to a Director in HR. Is that how it works? I wasn't really comfortable sending a check addressed to a person. Wanna make sure this isn't a scam.

    • 1
Mar 5, 2014
oliver13:

One more questions to anyone still checking this out. My old company's HR is demanding the sign on bonus back. This is fine and I'm willing to send a check, but they want me to address the check to a Director in HR. Is that how it works? I wasn't really comfortable sending a check addressed to a person. Wanna make sure this isn't a scam.

I've had HR request my signing bonus back in this form. I would write it out to "[company name] ATTN: [Director's name]" - that way it's still in care of the company, but you're addressing it to the Director because s/he is probably in charge of processing the check.

Currently: future psychiatrist (med school =P)
Previously: investor relations (top consulting firm), M&A consulting (Big 4), M&A banking (MM)

Mar 18, 2014

Just make sure you keep a good record of the check, amount, date sent, tracking #, picture, etc. Kind of weird how it would be made out to them, but I guess could be the case at smaller shops. When I had to quit at a BB, they made me make it out to the company.

Mar 5, 2014
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Mar 6, 2014