going indy

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newnew's picture
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Joined: 2007-02-23

my understanding isthat you need 3 years in before you are free and clear from Jones - no training cost issues, etc. After that point, is there still a noncompete for a certain amount of time and a certain geog area?

troll's picture
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Joined: 2004-11-29

Read your contract.  Your answer lies in there.
Further proof that you don't know what you don't know.

newnew's picture
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Joined: 2007-02-23

wow-what's with the 'tude? it is just a question- since the contracts are boilerplated similarly, I thought someone with experience in this could respond. I did not say i was about to quit- if I was I would not get my legal advice here- JUST A QUESTION FOR A FORUM DISCUSSION.  is this how it works here- look for ways to point out perceived mistakes, talk down to folks at each opportunity? lifes too short....
yes, I know that I forgot the apostophe in "life's". geez.
 

bspears's picture
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Joined: 2006-11-08

New, after 3 years from can sell date the contract ends.  You will still have a 1 year non - solicit in place.  You really shouldn't go Indy for at least 5, or manage at least 30mil. 

newnew's picture
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Joined: 2007-02-23

thank you

IndyEDJ's picture
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Joined: 2006-12-13

Newnew,
 
Hey, the 3 years are just to cover the training costs.  They will still sue you and get approx 15% of trailing 12 months gross even after that for the non compete.  That is a fact of life in this day and age.  WTF,  save your money and go for it.
 
 

now_indy's picture
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Joined: 2006-07-28

I left Jones after almost five years. I did get the official letter reminding me of my 1-year non-solicit, but I didn't have to pay Jones anything.  They are on their second Rep since I left, and I took a little over 80% of my book.

newnew's picture
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Joined: 2007-02-23

seems to me that non-solicit and non-compete are two different things...

Indyone's picture
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Joined: 2005-05-30

Yes, Sherlock, they are.  The non-compete is much more restrictive aqnd difficult to deal with.  I've had attorneys tell me that some judges are much more reluctant to enforce a non-compete because it makes earning a living in your chosen field so much more difficult.  A non-solicit is a cakewalk in comparison.

newnew's picture
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Joined: 2007-02-23

that was my point--hard to read my sarcasm above--the point is that to walk out on Jones is NOT gong to be as tough at all as IndyEDJ states above. IndyEDJ called it a non-compete and it is not.

IndyEDJ's picture
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Joined: 2006-12-13

As a former EDJer, they did not come after me because I was hired before they had those contracts.  I personally know of two people that EDJ did come after.  It really depends on how much money they can get out of you.  If you went to Merrill, then they will come after you.  (the deep pockets theory)  If you go Indy, basically they will leave you alone.
 
 

Broker7's picture
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Joined: 2007-02-23

from what I have seen, the more you piss them off,(at the point of quitting and while you are acating accounts) the more likely they will come after you.  They will contact your old clients and check to see if they have been soliciated. If you go to ML..they will definitely come after you.

newnew's picture
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Joined: 2007-02-23

really? the training costs are paid at 3 yrs. Are they seriously going to spend $ (other than a form letter or two) going after someone afterthe 3 years? -- the 6 year Jones rep that left here last year took 90% of a good size office with him. he personally told me that the non-solicit was a piece of cake.

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