WhatsApp messages: a treasure trove of evidence in team moves
While restrictive covenants can have some success if there is a strong relationship the client will often follow a departed employee. In the age of social media the focus of litigation has moved on from the protection of client lists and a well-designed deferred compensation scheme which gives employees an economic interest in securing the client relationship may well be more effective in practice.
The article talks about the recent impact on Walker Crips of the departure of a team to Dowgate Capital and the impact on Quilter of 12 investment managers moving to Vermeer taking more than £1.2 billion of assets under management with them. The article talks about the contractual hurdles faced by the departing employees including a notice period during which they could not speak to clients and a period of post termination restraint.
Kingsley Napley often advises on post termination restrictions and on team moves in the wealth management and wider financial services industries.
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