In an article on its front page, the New York Times reports, “Looking to cut costs like everyone else, but not prepared to lay off employees,” law firm Skadden, Arps, Slate, Meagher & Flom “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.” While “other firms have adopted similar strategies… Skadden’s program is unusual in that it has no pro bono requirements.” Although “not everyone could cover monthly living expenses on a third of one’s pay, and naturally some skeptical lawyers grilled the partners about job security,” Matthew Mallow, a partner at the firm, said, “I think it’s fair to say that the numbers are in excess of our expectations.”
From the American Association for Justice news release.
