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Especially if you’re thinking of leaving. And something I learned in business law class at school, even if you were a horrible employee, they can’t give you a bad reference to a future employer, or you can sue them.

True but be very careful depending on this as an umbrella to allow you to do whatever you want as a "parting gift." There are ways around this that are incredibly difficult and expensive to prove in court.

Especially be careful of this action, depending on the industry. There are only 4-5 places to work in each city for my specific job title and only two of these positions in each place. Consider roughly 200 metro areas in the US (DMA- Designated Market Area) and that I couldn't make enough to make the transition worthwhile to move to one of these positions in anything but the 75 largest DMAs. I'm in one of those eight positions in St. Louis which is the 21st largest market.

Trust me... in many fields if you goof around, you make a name for yourself through the grapevine and will find yourself unemployable. Legal ethics won't completely dissuade the human desire to gossip; especially if you make yourself... memorable.