It has surprised me how many of our financial planning clients have only an offer letter spelling out the terms (we always ask for the contract), one a cardiologist who has worked at Baylor for decades. So, you may not get a formal contract, although it’s helpful as offer letters omit many details that contracts stipulate. otoh, not committing certain aspects to writing leaves the position open for flexibility for both parties.
I can relate that to the CPA profession. It’s always document, document, document. But when it comes to an IRS audit, you may wish there were a few things you didn’t document.
I think the decline in contracts has gone hand-in-hand with the decline in ability to negotiate contracts.
A big part of my job is helping our senior residents navigate the job hunt and I can tell you that the idea that "every contract is negotiable" is simply not true at least for EM docs. The BATNA for the big hospital chains and/or mega-groups is "best of luck in your future job search."
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