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For physicians who are in their last year of training, you have made it past the half-year point, and the light is clearly at the end of the tunnel! So a sigh of relief is in order; and if you're in the midst of considering which job to take, then so is a legal review of your offered employment contracts.
In order to kick off the contract review season, we wanted to pass along a few helpful thoughts and pointers in this series of blog articles: Physician Contract Review Tips - 2015.
Our first tip: Look out for unfavorable termination provisions. When it comes to the termination section of a physician employment agreement, there are many ways the contract can be more or less favorable and fair to the physician employee. As part of our comprehensive legal review, we like to tear these sections apart to make every suggestion possible so that the terms end up more favorable to our client. In some instances, the termination provisions are very one-sided and allow the employer to terminate with and without cause, while leaving the employed physician with only very limited termination rights. Additionally, some agreements provide the employer with huge discretion in terms of reasons for which they can terminate the physician's employment. In relation to non-compete covenants, tail coverage, and bonus repayment provisions, any termination event can lead to negative consequences for the physician if the agreement as a whole is not drafted properly. While it is sometimes hard to think about your potential employment arrangement ending even before it has begun, the termination provisions are among the most important in any physician employment agreement.
Stay tuned for our upcoming articles on our next physician contract review tips! And for information about how Lauth O'Neill can help you in your job search and contract review process, please call or email Leigh Ann O'Neill at 317-989-4833 or loneill@lauthoneill.com.
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