I heard another story today about a young DC who got taken in by an unscrupulous employer (another DC!). I won't give you the gory details, but I can give you the take-home messages:
1. NEVER sign on as an associate without a written agreement which includes a non-compete and which you have had reviewed by an attorney. Also make sure that you are correctly described a an employee and not an "independent contractor."
2. If you are joining the practice with the express intention to buy in as a partner or to purchase the practice, put some language about this into the employment agreement.
3. Check out your new employer carefully; ask lots of questions about the financial status of the practice and its legal structure. Although you are only an employee, you may be liable if something goes wrong. (I heard of another associate who had the misfortune to have the state insurance commissioner show up the same day as he started working there. OUCH!)
4. If you are attempting to buy a practice and the seller won't give you financials or other practice details, you DON'T WANT THIS PRACTICE, no matter how attractive the price.
In other words, as I always say, "PUT IT IN WRITING" and "TRUST, BUT VERIFY."
Jean
