JimIvey
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Re: During severance package time..
« Reply #10 on: Mar 8th, 2007, 10:38pm » |
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Like everyone else here said, it's realy hard to say without seeing the agreement, and you shouldn't post specific facts here unless you're not concerned about attorney-client privilege. In fact, forget that, I'm not sure I'd want to work under a spotlight where attorney-client privilege was gone. It's hard enough with the spotlight on my published work.
Things to think about: did the employment agreement specifically limit itself to innovations related to the employer's business or to any and all innovations? Does the state whose laws apply allow such clauses (any and all innovations)? I think my state (California) doesn't. My state is also pretty hostile to anti-complete clauses. Unfortunately, I don't do contract -- and specifically employment contract -- work, so I can't say. But contracts are creatures of state law. So, your friend's state matters.
If the start-up is expected to have any significant value whatsoever, a little paid time with an attorney experienced in these matters in the relevant state would be well worth it. Let's say the venture is worth several millions (8-9 figures over several years) -- most notable ventures are. Let's also recognize that litigation over such as issue is easily 5 figures and maybe well into the 6 figures. Now, let's compare $200-500 for an initial consultation. Is it really a hard decision?
Regards.
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