Maybe work is booming at Schulte Roth & Zabel? The firm is changing its vacation policy to make it more stringent. Could it be that the firm wants all hands on deck? A tipster reports the major changes:
* Personal days are now limited to 5 per year (there was previously no limit). Any days in excess of 5 count as vacation.
* SRZ previously reimbursed attorneys for nonrefundable costs associated with vacations that the firm cancelled due to work obligations. The new policy states that reimbursement will now be considered on a case-by-case basis.
* Weekend trips will only be reimbursed when the firm requires them to be cancelled if the trip has been previously approved by the partner appointed to approve vacations. The firm previously did not require attorneys to request approval for weekend trips.
Another tipster quips:
Schulte Tries Increasing Egg Production by Choking the Chicken
But it could also be that Schulte’s new vacation policy has an eye towards layoffs.
Read more, after the jump.
We’ve reported that Schulte has conducted layoffs already. Are there more in store?
* If an attorney is let go, he/she will be paid by the firm for a maximum of 10 vacation days, regardless of how many they have accrued for the year. For vacation time carried over from the previous year, those days will be paid at the rate earned at the time that vacation time was accrued (the lower rate).
* If an attorney is let go, and has taken more vacation days for the year than he/she has accrued, the firm can seek reimbursement for those excess days.
Do you think that Schulte is laying the groundwork for future layoffs? Or do you think that Schulte is trying to increase worker efficiency? Either way, who is busy but still taking vacation days?
Earlier: (Dated) Nationwide Layoff Watch: Schulte Roth & Zabel