Paying Employees to Stay Away?
Things really are crazy out there . . .
The New York Times reports that some law firms are paying new lawyers as much as $80,000 to stay away for a year.
New York-based Cravath, Swaine & Moore is offering new attorneys $80,000 to delay their start dates for one year. Cravath isn’t alone — other firms have taken similar steps, including offering current lawyers a year off to work in a public-interest job in exchange for a salary cut.
Law firms continue to lose revenue, due to drastically reduced merger and acquisition activity — down 55% so far this year compared to 2008.
June 15th, 2009 at 2:33 pm
[...] “Cravath, Swaine & Moore LLP, the fifth-most profitable U.S. law firm, is offering $80,000 to incoming lawyers to defer their starting dates for a year, according to an internal memo obtained by Bloomberg News.” Bloomberg.com article here. The Business Insider has a story here. The Manpower Employment Blawg has a post about the topic here. [...]