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Topic: During severance package time.. (Read 5403 times) |
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biopico
Full Member
Posts: 434
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Re: During severance package time..
« Reply #5 on: Mar 8th, 2007, 8:02am » |
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on Mar 8th, 2007, 7:01am, JSonnabend wrote:Wow! That's some succinct advice, Biopico! Have you read the agreement? Do you know what the terms are? Do you know how, if at all, the startup's business would be related to the former employer's business? Do you know what's involved in "start-up"?
The answer is "no" to all those questions, so your advice is worth about as much as my dog's.
To the OP: your friend's best bet is to speak with an attorney who can review the actual employment agreement and all the pertinent facts and advise him/her based on the facts, not supposition. Off the cuff advice from some anonymous on-line pseudo expert isn't worth anything.
- Jeff |
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Jeff, under the circumstances given in this forum, I don't need to know any of the details, which require special circumstances. You must have waken up on the wrong side of bed this morning.
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Registered Patent Agent Specializing in All Areas of Biotechnology
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JSonnabend
Moderator
Senior Member
Posts: 2251
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Re: During severance package time..
« Reply #6 on: Mar 8th, 2007, 8:27am » |
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on Mar 8th, 2007, 8:02am, biopico wrote:| Jeff, under the circumstances given in this forum, I don't need to know any of the details, which require special circumstances. You must have waken up on the wrong side of bed this morning. |
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Ok, but why give worthless advice? Without any of the details, that's all you're doing. What a waste of everyone's time that is.
- Jeff
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SonnabendLaw
Intellectual Property and Technology Law
Brooklyn, USA
718-832-8810
JSonnabend@SonnabendLaw.com
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biopico
Full Member
Posts: 434
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Re: During severance package time..
« Reply #7 on: Mar 8th, 2007, 8:38am » |
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on Mar 8th, 2007, 8:27am, JSonnabend wrote:
Ok, but why give worthless advice? Without any of the details, that's all you're doing. What a waste of everyone's time that is.
- Jeff
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I hope you will be having a nice Thursday morning and afternoon! If I invoke your annoyance this morning, I am sorry for it.
My whole point was/is: timing to fight or to start a business is important!
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Registered Patent Agent Specializing in All Areas of Biotechnology
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Wiscagent
Full Member
Posts: 843
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Re: During severance package time..
« Reply #8 on: Mar 8th, 2007, 9:22am » |
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I too do NOT know the details of this individual's contractual obligations to his former employer. Nevertheless, typical confidentially/proprietary information employment agreements involve on-going obligations for the employee. It is likely that the former employee must respect the former employer's IP rights even after severance payments have ceased.
Whether or not this should impact the former employee’s timing for a new business, I have no way of knowing.
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Richard Tanzer
Patent Agent
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jolly_cow
Newbie
Posts: 12
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Re: During severance package time..
« Reply #9 on: Mar 8th, 2007, 3:41pm » |
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Dear All,
Thanks a lot for jumping into the thread. I do appreciate
all your concerns and inputs.
My friend is _not_ stealing any from his former employer,
whether IP or copyrights or trade secrets. He never worked in the area (field) while employed that he is getting into.
Right now he totally cut off from company's resources,
though he will be under payrol for another 30-45 days.
All he is looking for is: when is the appropriate to launch.
Looks like at the minimum he needs to wait till all
formalities of severance package are over.
The agreement only asks for protecting company's IP,
tradesecrets etc. but does not talk about any non-compete in particular.
He will most likely follow up with an attorney to review.
Can you legal gurus shed some light on red flags that are
commonly seen in the severance package/agreements
that cause impediments to folks such as my friend, launching the start-up? More over, I "heard" that courts usually favor laid-off employees as they are let go by the company itself. Again I am not legal-guru!
Thanks once again to you all!!
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