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I guess Skadden thinks its economical to pay $80K as a retainer fee than to go out and recruit the same people with equivalent experience in a year. Another wa
by kqr2 18y ago
I guess Skadden thinks its economical to pay $80K as a retainer fee than to go out and recruit the same people with equivalent experience in a year. Another way to look at it is a generous severance package with an option to rehire.
The alternative is to lay off 2/3 of their associates.
- notauser 18y agoLaying off people in a large organization is often very expensive, especially if you only think you need to cover a temporary drop in demand. - Redundancy process fees including consultants. - Salaries for the length of the consultation period. - Stress and de-motivation in the retained workforce. - Severance or early retirement pay. - Recruitment fees and signing bonuses once/if the staff are needed again. - Loss of efficiency and experience of new hires compared to old staff. I can easily see that coming to a lot more than $80k per post.