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Not knowing what I was signing as a brand new PA, I signed a contract where I have to cover my own salary or I am in a deficit with the practice. My contract states only 20% of my collections goes towards my deficit. I was placed in a very slow office in which I was bringing in $20k to $35k each month. The first few years I worked with the practice I was digging myself in a large hole. I was thinking this "hole" was just to get me to a point where I would reach a bonus. I was not aware that I would actually owe this money. Now I am in the process terminating my employment with them and now the practice is coming after me for a significant amount of money. I have worked my butt off for this practice for years, how is possible ?? Any suggestions on how to handle this? Has anymore else signed themselves up for a nightmare of a situation like this?

From now on, I will have a lawyer read my contracts so this does not happen moving forward. 

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2 hours ago, GRACE89 said:

Not knowing what I was signing as a brand new PA, I signed a contract where I have to cover my own salary or I am in a deficit with the practice. My contract states only 20% of my collections goes towards my deficit. I was placed in a very slow office in which I was bringing in $20k to $35k each month. The first few years I worked with the practice I was digging myself in a large hole. I was thinking this "hole" was just to get me to a point where I would reach a bonus. I was not aware that I would actually owe this money. Now I am in the process terminating my employment with them and now the practice is coming after me for a significant amount of money. I have worked my butt off for this practice for years, how is possible ?? Any suggestions on how to handle this? Has anymore else signed themselves up for a nightmare of a situation like this?

From now on, I will have a lawyer read my contracts so this does not happen moving forward. 

This sounds insane.  I have read a lot of contracts, seen a lot of offers posted on here and haven't run across this.  Check with a lawyer regarding the enforceability of this as it MAY be state dependent?

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Take a deep breath.

You 100% need to talk to a lawyer, but if you are W2 I don't this is enforceable.

 

The numbers don't even make sense to me though, at minimum you are pulling in $240k and this doesn't cover your salary? Maybe not the first year but again you could be "paying back" at least $48k/year. 

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From what I'm understanding they were expecting you to cover 5 times your salary? That would be hilarious if it wasn't so sad. You should never sign a contract without a lawyer reviewing it, especially since you didn't understand it.

Seek an advice from a lawyer, NOW. Without someone reading your whole contract and knowing the laws in your states, nothing anyone says on here is going to help you.

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