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$80,000 for a Year Off? She’ll Take It! (article)

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SVP
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Joined: 04 Dec 2007
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Schools: Kellogg '11
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$80,000 for a Year Off? She’ll Take It! (article) [#permalink] New post 13 Apr 2009, 07:57
Interesting article.

Quote:
Only in a financial world turned upside down would an arrangement like this one make sense. Looking to cut costs like everyone else, but not prepared to lay off employees, Skadden has chosen instead to offer all of its associates — about 1,300 worldwide — the option of accepting a third of their base pay to not show up for work for a year.


That could be kindof awesome.

http://www.nytimes.com/2009/04/13/nyregion/13bigcity.html?em
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SVP
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Joined: 05 Aug 2007
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Re: $80,000 for a Year Off? She’ll Take It! (article) [#permalink] New post 13 Apr 2009, 08:28
In addition to a third of their base salary, these folks also get to keep their health insurance fully paid by the firm, as well as up to $12,000 a year to meet student loan payments.

A good deal, perhaps, but only for senior lawyers with solid work experience behind them who were looking to transition out of law firm life anyway. It's a bit to hard to be out of the picture for a year, and then come back after chilling out in Asia or wherever and expect to get the same quality of work as someone who chose to stick it out.
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Re: $80,000 for a Year Off? She’ll Take It! (article) [#permalink] New post 14 Apr 2009, 03:19
True solaris1, but given the choice between $80k + health insurance + student loan payments or the unemployment line, the former is a pretty good deal.
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Re: $80,000 for a Year Off? She’ll Take It! (article)   [#permalink] 14 Apr 2009, 03:19
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$80,000 for a Year Off? She’ll Take It! (article)

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