Skadden Offers Big Money for Voluntary Furloughs

New York’s Skadden is offering all its associates, about 1,300 worldwide, the extraordinary option of taking one-third of their base pay not to work for a year.

The associates are being encouraged to use that time to work in public service law, but this is not a requirement.

The firm last month laid off an undisclosed number of staff attorneys and 50 support staffers. It has also launched a litigation program for its deferred incoming associates.

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.”