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Private practice
Hi you guys! I was wondering for private practice, if you interview with a job and they tell you the base salary and the buy in and how much profit sharing you get paid per quarter but you are given an initial contract for 1 year which is an employment year salary, can you negotiate the partner salary too?
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2 Replies
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OK, there are a lot of your answers already on this forum, but i’ll try to offer something useful.
You listed Year 2 twice.
Is it Partnership year 2 or year 4?
Equal partner or tiered partnership?
When can you vote?
Buy in is taken pre-tax from your pay 1/3 per year for 3 years.
Is that correct?
What is the difference between a ‘bonus’ and ‘partner profit sharing’?
-How are those two numbers determined?
-How are those two numbers different for a partner?
-What is your vesting period?
-What assets are you buying with your buy in?
-Make sure the contract spells out when you will be made partner and what are the requirements.
-Make sure the contract spells out the specifics of the buy in.
-Make sure the contract spells out the specifics of the buy out.
-Make sure you understand what you are buying into and you see the books. If you don’t understand the books, have someone that you trust that does understand, like an accountant that works only for you, review them and explain their opinion.
-Avoid signing any meaningful non-compete.
Depending on the work frequency, type and volume, a NH position paying mid 7s is good.
how many nights and what are the times/hours?
What is the avg wRVU per night and per year?
You can try to negotiate anything. Negotiating your base salary after year 1 isn’t meaningful because you should be making the same total amount regardless of where your base is set, unless I am misunderstanding or unless you are paid on production and your production is less than your base salary.
-Make sure your group knows you want to move around when you’re working, because you will need a license in the state from which you are reading (as well as the state you’re reading for).
-Some states, like CA, have different laws that make additional pain/expense for your group, make sure you discuss this ahead of time if you want to read from CA and your group is not in CA. Having this understanding spelled out in the contract may be good (’employee may perform their duties from any location within the US and US territories’).
I’m sure there will be other helpful, and probably unhelpful, comments added by the smarter people but this should get you started.
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