Question:

Jennifer,

One of the offers I received is giving me a big sign on bonus.  Seems a little too good to be true.  Will there be a catch?

Thanks, Dr. L

Answer:

If it seems to good to be true...  Doc, you are right to be skeptical. Many offers flaunting a large sign-on bonus come with long and strong strings attached. Sometimes you do not catch a glimpse of the conditions until you are well into your "negotiations" or courtship with the potential employer.Then the contract arrives, and your glorious dreams of a family vacation to the Maldives with no strings attached are dashed once you get to page 24 of your contract and find a confusing promissory note requiring repayment of your sign on bonus and moving expense.  How do we avoid a potential employer reclaiming your sign on prize?  Negotiating your way out of a repayment obligation entirely can be tough. We may not be successful asking for the whole pie, but we may be able to sneak some extra slices by shortening your commitment period allowing for you to keep the entirety sooner, negotiating away interest, taking out "claw back" rights from base salary, etc.  

With all contract provisions the devil is in the details.  For all of our residents and fellows reading with offers in the works - do not stop receiving offers until  you sign a contract, and do not sign a contract until you have it reviewed by your healthcare attorney!

Call me with questions.  

 

 

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