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The NY Times article about Skadden Arps' program allowing associates to take a year off—no strings attached (just a suggestion to do good works, but no requirement) and their jobs in tact when they get back—and get paid $80,000 is attracting envy from others (perhaps those who didn't put in the hours to become an associate, whose base pay is closer to $240,000, at the competitive law firm). Skadden's strategy is to save money in these tough times—here's the memo outlining the "Sidebar" program—and Above the Law gives an assessment: "In a normal economy, mid-level and senior associates who aren't likely to make partner would be leaving the firm for less intense pastures. But because of the market meltdown, those people have been desperately trying to hang onto their jobs... Instead of forced attrition, Skadden's program starts to look like a mercy killing. Skadden is giving people who want to get out an opportunity to leave in spite of the terrible economy."
Big Law Firm Offers $80K/Year Paid Leave To Associates
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It's the same media that NEVER mentioned Muslims' hatred of Israel as a possible motive for 9/11.
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where do i sign up?
For corporate law associates wanting keep their skill sharp and become publicly recognized experts in corporate governance and shareholder activist situations, you may want to think about the new INSTITUTE FOR CORPORATE GOVERNANCE AND SHAREHOLDER VALUE. They work with top flight law firms, academics and fund managers to take on live shareholder fights. Pro bono associates can play a leading role and get a lot of visibility.
Please feel free to contact mcrockett@vicicapital.net for more information.
But how will she survive on a paltry $80,000 a year?
You're kidding (I think), but it really is a problem for many law firm associates who live in the city. This city ain't cheap, and housing can be insanely expensive -- even for someone making six figures. If your housing costs are fixed (lets say you're paying mortgage on an apartment you can't sell), then you may not be able to take a 66% reduction in pay, even if it still leaves you with $80,000. (If they're not fixed -- if you rent, for example, and can move to an outer borough -- then it may be less of a problem.)
It's the bargain you make living in New York -- you can make an insane amount of money here, but to live here these days you pretty much HAVE to make an insane amount of money.
You're kidding (I think), but it really is a problem for many law firm associates who live in the city. This city ain't cheap, and housing can be insanely expensive -- even for someone making six figures. If your housing costs are fixed (lets say you're paying mortgage on an apartment you can't sell), then you may not be able to take a 66% reduction in pay, even if it still leaves you with $80,000. (If they're not fixed -- if you rent, for example, and can move to an outer borough -- then it may be less of a problem.)
It's the bargain you make living in New York -- you can make an insane amount of money here, but to live here these days you pretty much HAVE to make an insane amount of money.
to live in this city you have to make an insane amount of money? my salary would beg to differ, but it can't afford to.
Yeah and I bet you have 6 figures worth of student loans to pay off too.
Creative way to keep employees. Win/Win.
It's not just Skadden, it's many of the country's largest law firms. Some firms are offering incoming associates delayed start dates with a $50K salary, others are giving them $75K with the caveat that they put in pro bono hours at a nonprofit. Regardless, it gives the firm the opportunity to hold onto these associates while cutting their overheard (lower salary for the associate, fewer support staff needs, etc.) at a time when work at these firms has drastically slowed. These associates are lucky they aren't being laid off like the thousands of other associates and staff at many of the nation's largest firms.
Yeah to be honest this is really just old news.
Yes it is true that there are now thousands of lawyers who have been given the chance to do pro bono work for a year.
The best of the jobs I have seen offered to this group is the following - offers a chance to do pro bono work, and at the same time get experience with hedge funds and private equity firms
Hedge Fund & Private Equity Opportunity for Top-Performing Associate Taking a Year Off from the Legal Profession
A number of the best law firms in the world have decided to encourage their Associates to take a year off and are paying them during the year away (see: http://travel.nytimes.com/2009/04/13/nyregion/13bigcity.html).
We are a multi-fund management company with a group of very highly performing value-oriented hedge funds, private equity funds and activist funds. In addition to managing these funds, our firm spends a great deal of time on public policy issues that impact the hedge fund and private equity industries. We work closely with professors at top business schools and law schools on these public policy issues.
We seek a law firm associate to work with us on pro bono matters that help society by improving the standards of corporate governance and enhancing shareholder rights.
This position offers a law firm associate the chance to work side-by-side with some of the finest minds in value investing. The associate will spend considerable time communicating with portfolio managers located all over the United States. The relationships built up with leaders in the investing industry should pay dividends for the law firm associate over the course of his or her career.
This position is only open to law firm associates that have demonstrated creativity and out-of-the-box thinking. We are only able to consider candidates who have been offered the chance to take a year off and be paid by their law firm during that year off.
All expressions of interest will be treated with the utmost confidentiality.
Please send expressions of interest to: managingmember@summitpeakcapital.com