The first step in building a successful business relationship is to have a clear and fair basic entry level compensation structure pre-determined. Next, because the majority of associateships do end at some point, you need to discuss how you will theoretically end the business relationship should the situation arise. This may seem awkward, but no detail is too small to talk about.
Case in point, my associate agreement even details who pays the postage on the patient letters that we will both sign in the event the contract is cancelled. The less you have to negotiate down the road, the better. Remember, agreeing in advance on all details can go a long way to maintaining a civil relationship throughout this possible process.
Now that you’ve figured out the steps involved with a potential associate leaving, let’s consider what the future would look like if your new hire stayed long term. When an associate comes into my practice, there are a few options for the future that I consider:
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