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volasmiler
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Posts: 3
Joined: December 30th, 2010, 10:26 am

Gardening leave and notice period

July 27th, 2017, 10:27 am

Hi,

I work as a quant in a hedge fund in the UK and am still fairly junior (less than three years experience). My contract says that I have 6 months notice period and 6 months non compete period after resigning. The contract also says that if they decide to take away my access to the office this already counts as the non compete time.

So if I understand this correctly they could prevent me from joining a competitor for 12 months after I resign if they insist on full gardening leave and notice period ?

What is the usual industry practice? would they, after I resign, insist that I work the full notice period before starting the gardening leave? That would be quite awkward... I have heard from someone else who recently left a hedge fund that they immediately took away his access from the office and he could immediately start his six months non compete. Is this the normal way?

Thanks for your help!
 
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outrun
Posts: 4573
Joined: January 1st, 1970, 12:00 am

Re: Gardening leave and notice period

July 27th, 2017, 11:00 am

"insist that I work the full notice period" is not going to work for them. They might end up having to pay you, you not being productive because it conflicts with your interests, and they run the risk that you might take value information with you that get generated in the next 6 months.

The most likely scenario is that you tell them you want to leave, they'll ask you to finish things you're doing and hand things over so that they won't experience and disruption (maybe 1 month), and then you're free to go. I bet they won't like the fact that you might move to a competitor and so they will keep you to the non compete time. .. but on the other hand they should understand that people move for all sorts of reasons. You might also get a counter offer if they are pleased with you.
 
frolloos
Posts: 752
Joined: September 27th, 2007, 5:29 pm
Location: Netherlands

Re: Gardening leave and notice period

July 27th, 2017, 11:23 am

12 months (in theory) is ridiculous. I'd never have accepted those conditions to start with - and maybe you won't anymore either after this?
 
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ISayMoo
Posts: 2332
Joined: September 30th, 2015, 8:30 pm

Re: Gardening leave and notice period

July 30th, 2017, 3:43 pm

Virtu non-compete is 18 months.
 
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tags
Posts: 3162
Joined: February 21st, 2010, 12:58 pm

Re: Gardening leave and notice period

August 1st, 2017, 11:43 am

It is usual practice that people understand the terms of their labor contract and agree with them before they sign it up.
 
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ISayMoo
Posts: 2332
Joined: September 30th, 2015, 8:30 pm

Re: Gardening leave and notice period

August 2nd, 2017, 11:58 am

Sometimes they get changed during your employment when the company "restructures", "simplifies" or "makes uniform" employment contracts :)