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- Thread starter Jagdaddy
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THEWOOD
"Greed Is Good"
Just found out I am losing my job. I am a Head Trader on a European bond desk. They said I am not approachable enough during tough times(severe drawdowns). They want me to step down as a leader and move to the stock team as a trader. That team is the lowest performing team in our firm. My bonus is correlated to team performance. Would be a severe loss for me, not to mention the raise I would be losing this 6months.
I am at a absolute loss on what to do. Our company makes all of us sign non-competes the day we are hired. I signed mine almost 5 years ago. I am scared if I refuse to make the move to the stocks team, I will lose my job and they will still hold me to my non-compete. Yet, they will not pay my salary for the year since they offered me a position inside the firm. Anyone have thoughts on this?
I am at a absolute loss on what to do. Our company makes all of us sign non-competes the day we are hired. I signed mine almost 5 years ago. I am scared if I refuse to make the move to the stocks team, I will lose my job and they will still hold me to my non-compete. Yet, they will not pay my salary for the year since they offered me a position inside the firm. Anyone have thoughts on this?
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Gatorubet
Loathing All Things Georgia
Well, regarding the non-compete, that is an issue. First thing is to find out which law governs the thing. Every state is different. Considering the nature of your business, I would think that the non-compete has some forum selection/choice of venue clause contained within it that governs which state law applies. Then, it is up to the law of that state and the wording of the document/non-compete contract to determine if the one you signed is enforceable or not.
I assume that you are an at-will employee, but you know what they say about "assume". I assume you are talking about some requirement that you get paid a year salary as severance in some sort of benefit package. Again, you can damn near contract to anything you want, so the wording of the thing is key - with all ties going in your favor as the ambiguity goes against the drafter of the document. That said, having a contractual right does not mean they have to honor it without being sued. You need to have someone look at your contract/severance and non-compete that knows the case law of the state that governs.
Tough deal man. Sorry to hear it. On a less complex note, even the less money you will get if you move is better than the no money you will get if you quit - at least while you weigh your options. But it is wise to nail down the one year severance issue before you decide to move. Your initial thoughts on that are good ones.
I assume that you are an at-will employee, but you know what they say about "assume". I assume you are talking about some requirement that you get paid a year salary as severance in some sort of benefit package. Again, you can damn near contract to anything you want, so the wording of the thing is key - with all ties going in your favor as the ambiguity goes against the drafter of the document. That said, having a contractual right does not mean they have to honor it without being sued. You need to have someone look at your contract/severance and non-compete that knows the case law of the state that governs.
Tough deal man. Sorry to hear it. On a less complex note, even the less money you will get if you move is better than the no money you will get if you quit - at least while you weigh your options. But it is wise to nail down the one year severance issue before you decide to move. Your initial thoughts on that are good ones.
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calibuck
Too soon old, too late smart
Gator's advice is solid. Wood, it's always better to have job as you are looking than to be a 'consultant'. Non-compete in sales is kinda dicey, as in are they saying you cannot perform your chosen field? Or are they saying you cannot take your 'book' of contacts with you to a new bond firm. Dunno, as Gator opines, the wording is key.
On another note, with the world situation (Greece, Ireland, etc) the world bond market is down, and the stock market should be on it's way up (it was until a bit ago). Maybe it won't be as terrible as you imagine it. You work in a close-knit world, so looking for another position with a rival will undoubtedly get back to your firm, which could terminate you then and there. Proceed cautiously. I'm truly sorry for the trauma you're going through. Been there, done that, did not like it one bit.
My organization has breached my contract, and several of us have a lawsuit being heard/decided as we speak. Will file for remedy called for when the judge rules, but it still limits one's actions. Lawyer friend said that as long as you've got a paycheck coming in, it's not a bad thing. Also remember if you bring up a settlement, then you have set the ceiling, and they will chisel you downwards. Let them bring up the settlement, and you'll do better. Tough advice to take, but it was worth it, at least for me.....I know it's hard to go into work with these things swirling around, but you still need to and keep a smile on your face. Hang tough.
:gobucks3::gobucks4:
On another note, with the world situation (Greece, Ireland, etc) the world bond market is down, and the stock market should be on it's way up (it was until a bit ago). Maybe it won't be as terrible as you imagine it. You work in a close-knit world, so looking for another position with a rival will undoubtedly get back to your firm, which could terminate you then and there. Proceed cautiously. I'm truly sorry for the trauma you're going through. Been there, done that, did not like it one bit.
My organization has breached my contract, and several of us have a lawsuit being heard/decided as we speak. Will file for remedy called for when the judge rules, but it still limits one's actions. Lawyer friend said that as long as you've got a paycheck coming in, it's not a bad thing. Also remember if you bring up a settlement, then you have set the ceiling, and they will chisel you downwards. Let them bring up the settlement, and you'll do better. Tough advice to take, but it was worth it, at least for me.....I know it's hard to go into work with these things swirling around, but you still need to and keep a smile on your face. Hang tough.
:gobucks3::gobucks4:
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PlanetFrnd
Head Coach
I would only add that, in my experience, non-competes often lack real teeth. I'd review the doc for specifics as well as a downside case for yourself if you took a new job.
Not sure what "approachable during tough times" means but have you thought of having talking to a labor lawyer? The spector of class action against your former employer may help to juice your severence or maybe loosen/remove the non-compete.
But, fuck man, sorry to hear it.
Not sure what "approachable during tough times" means but have you thought of having talking to a labor lawyer? The spector of class action against your former employer may help to juice your severence or maybe loosen/remove the non-compete.
But, fuck man, sorry to hear it.
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THEWOOD
"Greed Is Good"
Wanted to add that they have always enforced the non-compete with a severance package. Like Gator said usually 1 year salary. The reason we sign non-competes is because we are a proprietary trading firm. We have no clients, we trade house money. We get paid performance bonuses. I have built almost every fucking strategy on my desk. They do not want a person to leave and use the strategies created at another "shop".
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Gatorubet
Loathing All Things Georgia
For a retainer of - say - one year's salary - I will be happy to look into it for you. 
(When you say "enforced", do you mean the severance contract stipulates that if you are let go you get one year's pay - and that the severance package is coupled with a non-compete that limits you working in the same field for five years? Is it by profession, or geographical limitation - or both?)
(When you say "enforced", do you mean the severance contract stipulates that if you are let go you get one year's pay - and that the severance package is coupled with a non-compete that limits you working in the same field for five years? Is it by profession, or geographical limitation - or both?)
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PlanetFrnd
Head Coach
THEWOOD;1949408; said:
But if you don't take or stop taking pay you can do what you want?
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PlanetFrnd
Head Coach
with all due respect to the WOOD, and those with real work issues... today makes me feel very strongly like breaking things or walking the fuck out....
[ame="http://www.youtube.com/watch?v=ko3CW1pZQlI"]YouTube - The Peter Gibbons Syndrome‏[/ame]
[ame="http://www.youtube.com/watch?v=ko3CW1pZQlI"]YouTube - The Peter Gibbons Syndrome‏[/ame]
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Flew to Cali in back in less than 24 hours for one 45 minute meeting.....But damn it was a good meeting....
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calibuck
Too soon old, too late smart
Wood,
Unless what you have developed is trademarked or copyrighted, then it is called 'intellectual property'. You can take it with you, and utilize it as say, a consultant. Gator will undoubtedly (if he's as good an attorney as he alludes), confirm that a company cannot infringe upon your right to earn a living. Ergo, make sure you take plenty of thumb drives into the office with you, and take the 'fruits of your brain' with you when you vacate.
If it's some sort of stochastic model, just tweek some of the variables, and voila, you have a new model. I understand that bond trading and stock trading require the same, but different skill sets, but I'd highly recommend that you take the stock trading job, and start your job search from a position of employment. Besides a regular paycheck (bonus is gravy), it's always easier to get a job when you have a job, but if you can get a year's severance (and health benefits), you may come out ahead if you can pick up work as a consultant. That year gives you time to build a network of contacts, and smooze them for some work. You might also try teaching at a local junior college for pocket change (and adding to your resume). Hope I'm helping and not making things worse.......doing what you do (it sounds like a 'family business') is always volatile, and folks understand disfunction from places like that (especially if it's happened several times before), and you might find sympathy from potential employers. This actually could turn out to be a blessing to you, but it's still too new for you to see it......
:gobucks3::gobucks4:
Unless what you have developed is trademarked or copyrighted, then it is called 'intellectual property'. You can take it with you, and utilize it as say, a consultant. Gator will undoubtedly (if he's as good an attorney as he alludes
), confirm that a company cannot infringe upon your right to earn a living. Ergo, make sure you take plenty of thumb drives into the office with you, and take the 'fruits of your brain' with you when you vacate.If it's some sort of stochastic model, just tweek some of the variables, and voila, you have a new model. I understand that bond trading and stock trading require the same, but different skill sets, but I'd highly recommend that you take the stock trading job, and start your job search from a position of employment. Besides a regular paycheck (bonus is gravy), it's always easier to get a job when you have a job, but if you can get a year's severance (and health benefits), you may come out ahead if you can pick up work as a consultant. That year gives you time to build a network of contacts, and smooze them for some work. You might also try teaching at a local junior college for pocket change (and adding to your resume). Hope I'm helping and not making things worse.......doing what you do (it sounds like a 'family business') is always volatile, and folks understand disfunction from places like that (especially if it's happened several times before), and you might find sympathy from potential employers. This actually could turn out to be a blessing to you, but it's still too new for you to see it......
:gobucks3::gobucks4:
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