Employment Law Questions? Ask an Employment Lawyer.
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There is nothing that would statutorily prevent them from contracting with you if their corporate Bylaws allow it. The only thing that I could see that might hinder them doing so is if they felt that your new job could be viewed as a conflict of interest with any work that you might do for the old employer.
But if there is no perceived conflict by the old employer, and they are willing to enter into a contractor/consultant relationship with you, then the only one who could object then would be your new employer if they felt that this could be a conflict of interest with your new job duties..
So before I entered into any contractor relationship with the old employer, I would make sure to clear it through the new one because you don't want to get fired from the new job for moonlighting at the old one..