Law firm offers a year off for $80k, no strings attached
Filed under: Extracurriculars, Career, Recession
As an investment banker years ago in New York, I knew a good number of associates at Skadden, Arps, Slate, Meagher & Flom (known simply as "Skadden" in the industry). The law firm's banking practice is huge and notorious for working its attorneys to the bone, for extremely good wages, of course. I knew them, but it's not like we ever had time to hang out, what with the grueling work schedules we both kept. A "hello" on conference calls was about the extent of it.
It's too bad I don't live in New York now, because I'd have plentiful time to hang out with any of my lawyer mama buddies. All 1,300 Skadden associates worldwide have been offered the chance to take a year off at one-third of their salary, between $60,000 and $80,000 for most of them. There are, truly, no strings attached; the company guarantees the year off won't affect their future, no matter what kind of work (or play) is done in the interim. Even better, associates taking a sabbatical will be protected from any layoffs that might occur in the interim.
As risks go, it seems a good one. And something I wish desperately could be applied to me. While I haven't been pulling Skadden hours these past few years, I've put in my nose-to-the-grindstone time in my life! Darn it all. If I could take a year off with (excellent) pay, I wouldn't know which of a thousand things to do. Spend a month bumming around Europe with my little boys? Write a book? Start a nonprofit teaching bread baking and canning? What would you do if you were paid $80K to clear out your desk for a year?
It's too bad I don't live in New York now, because I'd have plentiful time to hang out with any of my lawyer mama buddies. All 1,300 Skadden associates worldwide have been offered the chance to take a year off at one-third of their salary, between $60,000 and $80,000 for most of them. There are, truly, no strings attached; the company guarantees the year off won't affect their future, no matter what kind of work (or play) is done in the interim. Even better, associates taking a sabbatical will be protected from any layoffs that might occur in the interim.
As risks go, it seems a good one. And something I wish desperately could be applied to me. While I haven't been pulling Skadden hours these past few years, I've put in my nose-to-the-grindstone time in my life! Darn it all. If I could take a year off with (excellent) pay, I wouldn't know which of a thousand things to do. Spend a month bumming around Europe with my little boys? Write a book? Start a nonprofit teaching bread baking and canning? What would you do if you were paid $80K to clear out your desk for a year?
Reader Comments (Page 1 of 5)
4-14-2009 @ 4:02PM
Sharon said...
I enjoyed your article and shared it with others including some who are attorneys. In answer to your question what would I do?
I would home school my 9 year-old 4th grader!!!! A dream I've had since her birth! Also, I would work on destressing (enjoy no no traffic jams) completing a book I've started and search for money to produce a documentary on domestic violence.
sld
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4-15-2009 @ 10:29AM
Pineapple said...
I WORKED AT SKADDEN FOR THE LAST 17 YEARS AND I JUST LOST MY JOB. ALTHOUGH SKADDEN HAS SOME OF WORLD'S BEST ATTORNEYS AND ARE ONE OF THE TOP MONEY MAKING LAW FIRMS WORLDWIDE, BUSINESS HAS BEEN VERY SLOW. THE REVENUES ARE JUST NOT COMING IN LIKE THEY USED TO. IT'S VERY DIFFICULT FOR A FIRM TO CONTINUE TO PAY ATTORNEYS AND SUPPORT STAFF A SALARY WHEN THERE JUST SIMPLY IS NOTHING GOING ON. I KNOW BECAUSE I'VE WORKED FOR THESE ATTORNEYS.
4-15-2009 @ 1:17PM
Beverly said...
My only concern "IF" I were in this position would be is if my medical benefits would be affected. Eighty grand for the year to stay home is great, but one huge illness can wipe that out in a few days. My brother was recently diagnosed with Stage IV Cancer and his entire savings of 100 grand has been wiped out in less than two months. Like anything, there are "Pros & Cons" to the choices we make, and I hope that anyone who might be "lucky" enough to have this option.....look further into it before accepting that "paid year off". It may cost you more than you think!!!!
4-16-2009 @ 4:06AM
Everett said...
Sharon said...
I enjoyed your article and shared it with others including some who are attorneys. In answer to your question what would I do?
I would home school my 9 year-old 4th grader!!!! A dream I've had since her birth! Also, I would work on destressing (enjoy no no traffic jams) completing a book I've started and search for money to produce a documentary on domestic violence.
____________________________________________________
My reply on page 4 was directed to you. I forgot to hit reply...and instead just placed it in the comment box (Smile). In case you didn't see it, I said good for you. If it ever works out for you, I consider that time well spent. Hope you're blessed in all your endeavors.
4-15-2009 @ 7:08AM
john kalinoski said...
How does buying a nice nice comfortable 20 grand motorcycle and seeing the counrty surely if you have been make 60 grand a year you have enough for the bike or boat. you can fish all summer ride to warmer places in the winter. Not tot much to ask
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4-15-2009 @ 10:13AM
Chel said...
After paying 25% to income taxes, 5% to social security, and 1% to fica, that 80K would be a lot less and then that 20K Harley has 7% or more sales tax to pay on it, you are now looking at 30K to live for the whole year on. You must be a camper, because you're gonna need a tent to sleep in at parks for $10 a night for that money to stretch for a whole year and have food and toilet paper too.
4-15-2009 @ 11:08AM
Gary said...
Sounds great, either one!
Fishing and or puttin' around on my bikes are two of my favorite things to do............ and Chef?
Bull cookies, Even after taxes you could buy a slightly used HD Ultra Classic and live quite well touring the country for a year on LESS than $80K.
I just took a 5 day trip fro Northern In to Central OK via Ky, Ill, Mo, and Ar on my KTM. Total miles a little over 2800, total bill fuel, meals, and motels, around $650. No 5-stars but good chain motels and nice "Mom & Pop" restaurants so I got to meet the "locals". A REAL good way to see America and get to know our neighbors....... for CHEEP!! On some trips I do the tent and bag method for most of it.....LUV IT.
I'll see places and people you guy's in your tin 4 wheeled coffins never know existed........
4-15-2009 @ 11:49PM
Maegan K said...
That sounds like a grand idea! And to chel, you know, there are many many MANY people living and raising families on LESS than 30 grand a year. Try having three kids, sending one to college, and having a special needs child too, and the government telling you that you don't qualify for aid. 60 grand to to take a year off sounds great to me. Trust me, there are ways to save on any salary
4-15-2009 @ 7:18AM
melanie said...
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you can paste that link in your browser or email me at mkernea@gamil.com
Reply
4-16-2009 @ 8:48AM
melanie said...
im still looking for people to join my team if you think its a scam or not realy dont even copy and paste my link in your browser
www.moneyformom2.com
4-15-2009 @ 7:39AM
Mike said...
Why do they charge too much in the first place? Paying someone not to work shows the company has more money than they should, and are overchargeing their victoms (customers). Another arrow pointing to the fall of our economy. Quit Paying ridiculous prices America.......
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4-15-2009 @ 9:57AM
R said...
A big firm like that probably has disgustingly rich corporate clients anyways. They can afford to pay the fees and feel that they are not being effectively represented if they are not billed the expected amount of hours. Plus the company is saving money in the short term by reducign their employee salaries to a third and as such get free publicity as a result of their unconventional tactics. This could turn out to be a steller marketing venture and draw in new clients while actually saving money
4-15-2009 @ 12:52PM
Mike said...
Good point!
4-15-2009 @ 1:30PM
Red white & YOU said...
Perhaps when you want the BEST to represent you, it's going to cost more money. If you needed a heart transplant would you go to just any Dr. or would you seek out one of the better ones? You can buy a steak at your local supermarket or you can buy a good steak at a good butcher shop. We both know whats gonna taste better. In other words YOU get what YOU pay for.
4-15-2009 @ 7:52AM
hmmmm... said...
..guess who is a senior partner? william frank!! need i say more
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4-15-2009 @ 8:13AM
sgentilejr said...
Actually if you were employed by this law firm in NYC you would be very lucky if you could pay the rent on your apartment if you accepted $60k to sit home Vs the $180k for going to work.
The costs of living in NYC are extremely high as are related costs such as NYC income taxes, state income taxes and parking costs if you own a vehicle. The average rent for any apartment in Manhattan any lawyer would find suitable to live in easily exceeds $3,000 per month or $36 k per year, which makes the $60k income before federal state and local taxes not look so great.
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4-15-2009 @ 8:18AM
jymeen said...
i would find another job and work part-time
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4-15-2009 @ 3:13PM
moni said...
yes, that is a very good idea:) you could even do something that you thought would be fun or cool, or partime at a non-profit, but didnt pay what you wanted it to and enjoy it!!!!
4-15-2009 @ 8:20AM
Chad Slack said...
Well while to most of us 60 or 80 grand is a remarkable bone, but to these folks it is only 1/3 of what they currantly make, so depending on how they live they are used to 180- 240 grand rolling in, so i am sure few would take it, as they most likly are living well beyond thier means, even making that much.
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4-15-2009 @ 8:36AM
May said...
$60k to take the year off. I'd just like to find a job. I've been out of work since 2006 and I can't even get jobs that are paying $7.00 an hour because I'm over qualified. It is a sad world we live in and it's going to be a long time before it gets better.
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