Corporate law firms aren't exactly known for doing things on small scales, and the law firm Skadden, Arps, Slate, Meagher & Flom is operating under the premise that you have to spend money to save money. Instead of trimming employee hours or creating shorter workweeks like other businesses, the firm has offered its associates (1,300 worldwide) the opportunity to take a year of paid leave.
As a cost-saving measure that allows the firm to maintain a full staff, the firm is offering its associates a third of their base pay to take a year off. Considering the amount these lawyers typically make, the firm is spending what seems like a ton of money in order to cut payroll costs — one associate profiled by the New York Times is getting about $80,000 for a year that she'll spend traveling around the world.
According to one of the firm's partners, nearly 125 associates have expressed interest in accepting the offer. What would you do in this scenario; would you accept a third of your salary for a year to do whatever you please?
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Well I don't make a lawyers salary so i couldn't afford that luxury though if I did I would jump at the opportunity! I mean who couldn't use a year off to get other things done, be it spending time with the family, traveling, taking some classes or finishing up school quicker? I would love to be able to have the time AND job security because its not like they are firing you! That would be fantastic.
1Well, if I actually got a salary and it was enough to live off for a year, then heck yeah!!! I don't see why not unless you have financial obligations (a kid's tuition, mortgage, etc) that you couldn't handle on 1/3 of your salary. Otherwise, of course! How often does a chance like that come along?
2For the salary mentioned in the article - YES. For my own, no. The ends wouldn't justify the means.
3YES!
4so i'd be making like 20K to do nothing, and would have all the time in the world....i would just get a part time job to supplement the lost income and would travel!
Uh, yeah. Without hesitation! Even on a non-lawyer salary.
5I agree w/skigurl about the travel and stuff... and I'd maybe get a consulting job to supplement the difference. But that'd be only if my income wasn't necessary, and at the moment it is.
6not with my current intern salary, but maybe with an actual pharmacist salary i might. and i could prob. plan on starting a family then too!
7At that rate if it's enough to live on or be supplemented by part time work I'd take off. It also depends on amount of debt, monthly bills, and how quickly the amount got spent while off. I'm not single so having another income factors into that decision. My salary wouldn't justify the means also dm8ri.
8Yes, yes, yes. I'd work at Starbucks part time and spend the rest having fun!
9Of course! That would be awesome! With my salary things would be tight.....extremely tight.....but manageable!
10if i made that kind of money then SURE! but based on what my current salary is, getting 1/3 of it wouldn't pay the bills for a year so i'd have to get another job anyway.
11I wish I could, but I can't live on 1/3 of what I make now. That would hardly cover essentials so no, unless I made much more I couldn't do it - as awesome as having a year to myself does sound. I wonder if I could get another lower paying job - working for a non-profit or something - so I could do that to get some additional income on top of my 1/3 salary. Hmmmmm . . . .
12Abso-freaking-lutely!
13My company has been offering the same kind of option for years. The terms are not exactly the same however. What they offer in my company is better explained with an example ...
14Let's say you plan this over 4 years ... you get 75% of your salary during the all 4 years but you work only the 3 first years, you get the last one off, while you can do whatever you want (including getting another job). Of course you can plan this over different durations.
During your year off, you keep all your benefits.
This is a very popular plan in my company, a lot of employee use it to explore career change or to go back to college.
HECK YEAH!!!! I'd be gone in a heartbeat!
15only if i was a lawyer ... cuz i can't do carp on my current salary.
16If I made more money, I'd do that in a heartbeat. That'd be so awesome...you could travel, spend more time with your family, volunteer, etc. Who cares if you're not making as much money--you don't have to get up and go to work every day! It'd be like mini-retirement.
17I totally would!
18I don't make anything near a lawyer's salary, but if I did, I'd take it in a heartbeat. I can't wait to graduate!!
19I dunno, $20,000 a year to sit around and do nothing sounds good, but I think I'd get bored. I mean, that would just be enough to cover the bills and stuff, so I couldn't go shopping, travel or anything. ... And I kinda like my job
20Hmm...that's my old firm. Maybe I shouldn't have quit last year. At that salary, I would definitely take it. At more current salary, no way. I wouldn't be able to pay my bills. oh well, I love my new job so much more though. corporate law is not for me.
21If I hadn't just bought a house, I would have said yes 100%. But now I need more thatn 1/3 of my income to live on.
22If I made that kind of money, then yeah, I would take a year off with out second thought! But I barely make enough as it is now, so a third of my pay just would not work...
23Of course I would.
Freelancing, traveling, visiting family/friends. It would be great.
24LOL. Law firms have funny names. I mean.. Yeah, that sounds like an interesting deal, but how many companies would go for that?
25Wow, I'd do it for 80k, but I earn well below that in a year, so no.
26Yes and YES! Even though I'm not making huge sums of money right now. All the cash I would get that year would go into savings, and I'd maybe get a part time job doing stuff I like (like walking dogs or pro-dom work) and live off of that for a while and enjoy many breaks and smaller vacations. Oh, please offer this to me!
27yes.
28HELL YEAH I WOULD! But I would still be a little scared about job security regardless of what they say.
29You could come back to work and they let you go after a month or a couple weeks. Who is going to do all the work for you? Someone younger-cheaper?
Ummm on their salary yes on mine I would end up on the streets for sure so no.
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