Why Your Job Contract Should be Reviewed Both by a Financial Planner & a Licensed Attorney?
As a highly paid and highly sought-after professional, having a high level of confidence comes with the territory. Most, if not all people who work in higher positions, such as physicians or analysts can boast a vast knowledge bank. However, that body of knowledge does not always extend to the realm of employment contracts. When negotiating a job contract, you should always have an attorney and a financial planner working to secure your interest. Here are our top 6 reasons why.
The Importance of Having Your Job Contract Reviewed by an Attorney
When you have a specific health concern, you probably go to see a specialist; the same methodology should be used for contracts. An attorney will have the experience needed to negotiate on your behalf based on their experience. They will have negotiated hundreds or even thousands of job contracts which gives them the tools they need to succeed.
An attorney will also be able to spot what is missing from a physician contract, in addition, to fully comprehending what is provided. There are often several different clauses that offer or remove employee protections. They will be able to negotiate your job contract in a way that is favorable for the physician, and fair for the employer.
The most important reason to work with an attorney when crafting a job contract is that they are able to play hardball. Attorneys are expected to take a rigid stance in defense of their clients. For the physician, this means you can push for better terms without harming the employer and employee relationship. A buffer in the form of an attorney is a strong line of defense and also ensures employee interests are protected.
The Importance of Having Your Job Contract Reviewed by a Financial Planner
A job contract will contain vital information such as what duties are expected, enumeration to be offered, termination clauses, and more. Working with an attorney will ensure your rights are protected and working with a financial planner will ensure your income is secured. It is important to have a financial planner go over your job contract so that you can plan your savings, insurance coverage, retirement plan, and even your taxes.
Depending on the field of work, physician bonuses can be a big part of the job contract. A financial planner will be able to discern if you are losing out on long-term benefits due to a front-loaded bonus or if it comes with no strings. In some cases, bonuses or hiring fees may need to be refunded if a job contract is canceled. A professional financial planner will be able to decipher what this means in terms of future financial obligations.
Most job contracts also have clauses that prevent local employment or running a similar practice within a short time after a job ends. A financial planner will be able to properly explain the compensation offered, if any, in the job contract. In addition, a professional financial planner will be able to help demystify bonus structures, equity awards, commission structures, profit-sharing plans, and general salaries within the contract.
Protecting Yourself Now and In The Future
As a highly sought-after professional, it is important to surround yourself with a team of experts that can support your career. Avoiding common job contract traps and making sure you are properly compensated is critical. Hiring a competent attorney and financial advisor to review your job contract will ensure that your future is as secure as possible.
Author Bio:
Heather Blacksmith has a Bachelor’s Degree in Finance and works at a finance firm based in Seattle, Washington. She specializes in small business finance, credit, law, and insurance. When she is not working, she spends her time in her favorite coffee shop writing on various finance-related topics. Other than that, she enjoys adult coloring books, recycling, and running.
