For those of you who have worked in multiple firms or know of people who have worked in multiple firms, just how often are non competes enforced? The little information available on reddit suggests they’re usually enforced for non juniors but as far as I can tell from Linkedin, many developers have been able to jump from firm to firm that directly compete with each other with no break between jobs. And these are developers who seemed to work on execution teams / desks, not just middle/back office. Are non competes just not enforced often or are they not as binding as the language suggests? Thanks for any insight! Cheers
It’s usually for execs and a lot of them pay out during the non compete
How's SIG? A recruiter pinged me the other day? What's the TC like for L4?
My firm waived their non-compete when I left. But you generally need to discuss this with them or get fired for that to happen. Personally, I think noncompetes are awesome. You get paid to sit on your ass. Also, an open secret is that many people actually do get started working somewhat with their new firm during non-compete on an informal (possibly unpaid) basis. In the trading world, this is so common that your new firm is probably expecting you to encounter this issue, and already have standard procedures for handling.
For better or for worse I’m at the point of my life where I can’t sit on my ass for more than two weeks at a time. Though the terms of my current NC seem to be quite good WRT industry standard. Thanks for the input!
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