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.
Whoa, Brobeck did something like that the year it went under…
Yes Amy, these are scary times for BigLaw attorneys. Pretty scary for a lot of us solo and small firm lawyers too. We’re all just feeling our way through the unknown and the uncertain.