NON-COMPETE BUY OUTS IN VIRGINIA

I signed a contract yesterday that basically said, I would not hire Virginia Corp, Inc.’s employees, or the employee and I would face a lawsuit. The contract gave a dollar amount – which was an indirect buy out number.

For the low low price of $6,000 – I could hire their employees privately.

In some ways, it’s good to know the price of a non-compete buy out. If you are an employee and you know you want out, start saving and you may be able to buy yourself protection from enforcement of your non-compete agreement.

In most industries however, there is no defined number. So should you offer a buy out?

Each situation is unique. In some cases, a buy out is appropriate. In others, I do not recommend the employee offer his company a lump sum.

If you are considering leaving your employer, and you want to know whether a buy out is an option, we are happy to help evaluate and advise.

Lauren Ellerman
Lauren Ellerman

In 2011, Lauren Ellerman was named "Young Lawyer of the Year" by the Roanoke Bar Association for her work in the community. To speak with Lauren about your personal injury case, contact her at lellerman@frithlawfirm.com.