Are you about to sign your first physician contract? Congratulations on making it through years of hard work and finally seeing your efforts pay off! You are now about to step into this lucrative career field, and a plethora of opportunities and benefits await you.
But before signing your physician contract, you must go through every single clause of the agreement and make sure you are well aware of all the conditions. Should you do this yourself or hire someone like a contract lawyer to go through your physician contract?
This is one of the most crucial decisions you’ll make because signing lousy contracts can legally bind you to terms and conditions you may disagree on, leading to severe consequences. This article will explain why every physician must hire a lawyer or ask a trusted person with legal knowledge to review the contract before signing on that dotted line.
Here are the top 3 reasons why physicians need someone to review their physician contracts.
1. They are well aware of the contract
All employment contracts are not the same, and a physician contract has various aspects that you might not be aware of as a newbie.
Hiring a lawyer or reviewing the contract by a fellow physician means they know precisely what the agreement should entail and can quickly spot any missing clauses. They can also guide you on what clauses are unnecessary and what can be negotiated to get the best deal possible.
Your reviewer will also ensure that the contract has every detail about the job in writing because verbal commitments can be misleading or may not be fulfilled later. In addition, they will ensure that your contract is a comprehensive guide about salary, schedule, and every other important detail.
2. They have better-negotiating skills
Even if you understand contract language and know what the document should entail, you cannot have as much information and data as contract attorneys, so seeking their help is always the best option.
They will offer you impeccable legal advice and ensure that the deal you’re receiving is fair and well-deserved. As an excited new physician, you might sell yourself short or settle for a lower salary, but the lawyer’s negotiating skills and experience will ensure you’re getting a fair deal.
The lawyer can do some research about the employer, and they might also have access to the employer’s previous documents and hiring methods, so they can confirm that you’re not being exploited.
3. They can review Non-compete clauses
Before you sign any contract, remember that it has been drafted by an employer, which is why it’s likely to favor the employer more than you and can include some non-compete clauses which may be lethal to your career.
A non-compete clause, in simpler terms, is any condition that may restrict you from finding work elsewhere. For example, it could suggest that you cannot work for a specific time after the contract ends, or you cannot seek employment in the same vicinity as your current employer.
Not adhering to the clause may lead to legal issues and eliminate your chances of finding a new job. Therefore, it’s crucial to hire a lawyer who can carefully review your contract and ensure there are as few limitations as possible so you have a fair opportunity.
The Bottom Line
While there are many other reasons for getting your physician contract reviewed by someone else, these are the top 3 and most important explanations you should hire someone.
Hiring a contract lawyer is the best option in any of the cases because they possess more insights and experience than anyone else. However, if you can not afford one, reviewing the document by a physician with experience and legal knowledge may also suffice.
I am a CFP® (Certified Financial Planner).
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