The financial news could not be much worse! Bears Stearn died several months ago and now Lehman Brothers has run to the bankruptcy court for help. AIG is on life support!
This is truly a difficult time for America’s foremost financial institutions but the people I feel sorry for are the employees of these failing companies who signed noncompete or non-solicition agreements. Does this mean that not only do you lose your job at one of these reorganizing (or downscaling) companies but you also lose the right to work in the financial industry applying the same skills and knowledge you have built up over the years? It might.
In Virginia, as in other states, there are limitations on what type of noncompete agreement is enforceable. Make sure you know your options and whether your agreement is valid.
Know your options….Know your risks!