Tuesday, November 13, 2007

Wow...paid sabbaticals...

I recently wrote about the impact of the CMBS slowdown on firms that have a lot of this type of business. One of them was McKee Nelson, who said they were not laying anyone off and that they hoped to some lawyers to other practice areas. Here's the latest effort to get associates to think about a change, courtesy of Above The Law: (1) depart with a full 2007 bonus plus four months' pay, or (2) take a year's sabbatical at 40% pay plus a full 2007 bonus (which is not chump change), but with no guarantee that you'll have a job in a year's time.

Personally, I'd take option 2, and, since I'm supposed to spend the time making the world better, I'd probably do (more) volunteer work for my local community and take music lessons to improve my skills. (I still may do the latter.) Oh, and I'd write a blog on commercial real estate...oh,never mind, I do that already.

Most firms would just can people. They sure did about the time I got out of law school. So I say kudos to this firm for doing something unique, even if it hits partners in the pocketbook. (Trust me, I'm sure they are doing all right.) P.S. The PR will also be tremendous.