Skadden is offering attorneys the chance to work somewhere else for a year, but then return. The same offer is being made to incoming associates.
In response to the current economic climate and the decreased demand for legal services, we are offering a supplement to our existing Sidebar program. During this period of diminished development opportunities, the program affords associates and counsel in US offices in good-standing the ability to pursue personal or professional interests for a one-year period with the option to return to the Firm at the end of that period. We are also offering a similar program to our class of 2009 incoming associates who may wish to defer their arrival until the fall of 2010…
Attorneys participating in the program will receive one third of their current annual salary in a single lump sum payment. During an attorney’s participation in the program, the Firm will also reimburse outstanding law school student loans (if any) at their current repayment rate to a maximum of $1,000 a month and COBRA costs… Fees for an attorney’s primary bar registration will be reimbursed during the program. Determination of class status upon return will be based upon the nature of the work done during the program.
Skadden, Arps, Slate, Meagher & Flom LLP, founded in 1948, is a prominent law firm based in New York City. With over 2,000 attorneys, it is one of the largest and highest-grossing law firms in the world. Forbes magazine called Skadden “Wall Street’s most powerful law firm.”