Understanding the complexities of veterinary contracts is not just beneficial, it’s empowering for veterinary professionals. Whether you’re a seasoned veterinarian or fresh out of vet school, mastering the nuances of your employment contract can safeguard your career and financial well-being.
Include a Clause Discussing Your Compensation Structure
Your veterinary employment contract should include detailed information about how and when you’ll be compensated. The clause should state your base salary, which is the guaranteed income you’ll receive regardless of the number of clients you treat or surgical procedures you perform. Including a base salary will ensure financial stability, especially if you are a new veterinarian. Some veterinary contracts state veterinarians receive payment via production-based pay, also called “pro-sal.”
Under this structure, veterinarians will be paid a percentage of the revenue they generate for the practice. Consulting with an attorney can help you decide the best type of pay structure in line with your goals and career trajectory. An attorney can also negotiate the contract clause to increase your base income and pro-sal percentage.
Non-compete Clauses in Veterinary Contracts
Non-compete clauses can significantly impact your ability to earn a living as a veterinarian after you stop working for your current practice. Understanding these clauses and their implications is crucial. They limit how and where a veterinarian can practice after leaving an employer. Non-compete clauses should balance an employer’s business interests with the associate’s right to continue practicing as a veterinarian. Being aware of these clauses will help you make informed decisions about your career.
Will you be required to move to continue practicing if you leave the practice? Veterinarians should carefully consider the scope of restrictions. Suppose you are a specialist in an area of veterinary practice. In that case, an attorney can help you negotiate for the non-compete clause to apply only to your specialty rather than practicing veterinary medicine as a whole.
Employment Benefits and Time Off
As an employee, your benefits are an important aspect of your total compensation package. In addition to your base pay, the contract should include a clause discussing your health insurance, retirement plans, and continuing education allowances. These benefits are essential to your long-term professional development and financial health.
As health insurance premiums are at an all-time high, negotiating a comprehensive and robust retirement plan will help you and your family financially secure. The contract clause discussing benefits should also clearly state the policies for paid time off and parental leave. You should also ensure the contract clearly states that you are covered by the veterinary practice’s malpractice liability insurance.
Renewal and Termination Clauses in Veterinary Contracts
Veterinary clauses should include a clause discussing when your employment contract can be extended or terminated, laying the groundwork for your employment relationship’s stability and longevity. It’s crucial that the clause clearly states the reasons for termination, such as misconduct or poor performance, as understanding these reasons can help you protect your job security. The clause should also specify how much notice either party needs to provide before termination, allowing adequate transition time.
When renewing the employment contract, pay careful attention to any details regarding criteria that need to be met for the contract to be extended. An attorney can help you negotiate for an automatic renewal clause with predefined increases in salary or employment benefit enhancements based on your performance.
Contact an Experienced Veterinary Practice Attorney
Understanding important Clauses in your employment contract can help you make an informed decision when you begin working for a Veterinary practice. Discussing the contract with an attorney can help you understand your rights and obligations under the contract. Your attorney can also negotiate in pursuit of more favorable terms. Contact Mahan Law to schedule a free consultation.