The 10 Biggest Legal Mistakes Physicians Make in Negotiating Contracts with Their Employers
By Steven Babitsky, Esq., and James J. Mangraviti, Jr., Esq.
Each year, tens of thousands of physicians, some just leaving residency and some with more experience, sign employment contracts. The key to the rights of both the employer and the employee are the terms of the written employment contract. Physicians need to be exceptionally careful about what terms the employment contract contains. Many physicians make serious mistakes when negotiating employment contracts, and such mistakes are likely to adversely affect them and their families for years.
Mistake 1 Consulting Counsel Too Late
Mistake 2 Failing to Conduct Adequate Research on the Prospective Employer
Mistake 3 Overlooking the Vague Term of Contract
Mistake 4 Failing to Understand the Legal Significance of Defined Terms
Mistake 5 Not Paying Enough Attention to Fringe Benefits
Mistake 6 Not Specifying the Conditions of Employment
Mistake 7 Not Having Adequate Information on Bonus Terms
Mistake 8 Failing to Consider Unduly Restrictive Covenants Not to Compete
Mistake 9 Failing to Recognize One-sided Termination Provisions
Mistake 10 Not Protecting “Additional Income”
The above has been excerpted from the SEAK text, The Biggest Legal Mistakes Physicians Make and How To Avoid Them.