During hard economic times, lawyer gets paid to travel

by Brenda Yun on

Forgive me for sounding schizophrenic, but this recent article in The New York Times, which explains how 36-year-old associate, Heather Eisenlord, has opted to accept $80,000, just one-third of her normal yearly income, to take not work for her New York law firm, Skadden, Arps, Slate, Meagher & Flom, and travel the world has gotten me thinking many things ranging from “I’m jealous” to “I picked the wrong profession” to “Couldn’t that money be better spent?”

A few details on Eisenlord’s situation: Over 1,000 Skadden associates were offered a similar one-year “salary” because of the firm’s outlook on hard times to come. There is no catch, no requirements for how the money should be spent during this year off, so Eisenlord plans to pack her bags and travel the world, which is clearly what I would do if given this offer. When she returns to New York next here, Skadden guarantees her job back.

So, am I jealous? Of course! $80,000 will allow a budget traveler like myself more than three years of healthy, worry-free travel! I’m right now dreaming, as I’m sure Eisenlord is right now, of the all the places I could go.

Did I pick the I pick the wrong profession? Maybe. But Eisenlord likely earned this paid leave of absence through considerable hard work at one of the toughest law firms in the nation. At least I wake up every morning in my modest one bedroom apartment thinking, “I love being a travel writer even though I’m getting paid next to nothing.” I’m sure Eisenlord wasn’t waking up every morning before work at Skadden thinking, “I love being a lawyer.”

The real question I can’t seem to find an answer for, though, is this: Couldn’t that money be better spent? If over 1,000 other Skadden associates were offered a paid year off, that is over $80,000,000 (that is not a typo; it’s really 80 million dollars!) that could be going to something like saving the economy, ending the war in Iraq, or feeding the whole continent of Africa for half a year. I’m sorry, but no matter how hard-earned that year-long vacation is, I hope-pray-beg for Eisenlord or others in her situation to do some good with at least some of that money during her travels abroad.

Carnival Cruise Line heiress is selling her yacht to make ends meet

by Jamie Rhein on

With the downturn in the world’s economy, no one is safe from hitting hard times. Even Shari Arison, the Israeli-American Carnival Cruise Line heiress, and former richest woman, is suffering. According to this New York Post article, poor Ms. Arison is having to cut corners. Because she’s down to her last two billion dollars, she wants to shed herself of her yacht.

If you can scrape together $103 million, Arison’s 211-foot vessel can be yours. If Arison can’t sell it, she ought to think about renting it out to folks. Maybe start a little tour company where she can sail people around the Mediterranean or where ever else she enjoys taking it for a whirl. I’ve read that some people who have decided they can’t really afford their vacation homes are renting them out to others instead of selling them.

I bet Arison would get some takers, particularly if she touted the trips as be rich for a day– or longer. She could serve cake.

Airline biz to lose $2.5bn, but more flights on time

by Tom Johansmeyer on

MSNBC continues to publish the same story, and I continue to reblog it. Fortunately, author Sholnn Freeman managed to sneak in some interesting stuff at the end.

It’s no secret that airline prices are dropping as fast as they possibly can. Broader economic conditions are responsible for this fact. How do we know? The fine folks at MSNBC have developed the unique skill of telling the same story over and over with different words.

So, here’s the reality: you can find domestic one-way fares for under $100. I’ve seen several international fares (one-way) for under $200, usually to Latin America. According to Rick Seaney, Chief Executive of FareCompare.com, “If you are paying over $300 for an airline ticket right now, you are probably paying way too much.” He continues that these prices do not occur outside a recession.

Nonetheless, passengers remain cautious. You know the drill … the savings may be great, but if you can’t afford to take advantage of it, you save nothing. A lot of people are canceling or scaling back vacation plans.

Thanks, MSNBC; we had no idea …

But, there is good news, and this is stuff MSNBC hasn’t reported before.

Airline on-time rates are at their best levels in years. Since there are fewer flights taking off, congestion has declined. So, all that time waiting on the runway last year is time in the sky this year. Of course, efficiency comes at a cost: the International Air Transport Association expects the global airline industry to lose $2.5 billion this year.

U.N. Predicts Substantial Drop in International Tourism for 2009

by Kraig Becker on

The United Nations has released a report indicating that they expect global tourism to decline in 2009 thanks to deteriorating economic conditions according to this story at MSNBC.

Overall, the international tourism market is expected drop as much as two to five percent, with Europe taking the biggest hit of all. But the highly diversified economies there are likely to weather the storm far better than smaller countries that are more dependent on tourism to fuel their own economy.

In 2008, international travel actually rose by two percent, but the second half the year saw a steep decline as the global economic crisis spread. That growth is in sharp contrast to the previous four year when growth averaged more than seven percent.

Still, Talib Rifai, the Secretary General for the U.N.’s World Tourism Organization, says that this is not a crisis for the tourism industry per se, but instead reflects the general economic trends from around the world. He says that the interest in travel is still very strong, but those who would generally be taking an international vacation are electing to save their money or take trips closer to home.

For those still intending to travel abroad however, this means travel deals should be abundent throughout the year, and likely into 2010 as well. A competitive travel market is a boon for travelers, so take advantage of the deals while you can.

Are you going on vacation this year?

by Tom Johansmeyer on

The answers seem to be all over the map.

Few have extra cash on their hands, and those who are working are still worried about what the future will bring. It’s tough to dash off to somewhere exotic – or even somewhere that’s not home – when you don’t know if your income will be there when you get back.

But, sometimes you just have to get out of town. There is some truth to the fact that layoffs are hardest on the survivors. Those left behind have more work than before and are unlikely to be rewarded handsomely. All the extra stress is made worse by the fact that the next round of cuts may be around the corner. It may make sense to hoard cash just in case.

So, how do you choose? Do you give yourself the break that you need and spend a few bucks on satisfaction, or do you take the safer route financially and suffer silently?

I decided to conduct a very unscientific survey, posing this question to the members of Helpareporter.com. The responses varied widely.There is one common theme. For almost everyone, the decision of whether to stay or go is a tough one. Money is tight, and nobody knows where the bottom of the market will be. Travel plans were not made lightly. Budget travel is on the agenda almost universally.

Melody Brooke and her husband normally take three weeks of vacation a year, but her business folded this year due to the tough economy, and her husband’s had a tough time here. So, their “timeshare sits empty.”

Lisa Brock is a small business owner, making today’s economic conditions particularly worrisome. Nonetheless, she and her husband are heading out to Egypt. “While we considering NOT spending the money – we decided we have earned it and we can manage – even if we have to give up eating out or theater/concert tickets to do so.” Making cuts elsewhere can give you the elbow room you need to decompress.

Like Brock, Jennifer Tipton is self-employed, and time away from work means that money isn’t coming in (I can relate; I’ve been there. Yet, she says, travel is very important to me. If I do not take a break from working and my daily life I will not be the best I can be at my job.” Working in personal fitness, she needs to keep her energy up and is planning a big trip for the end of the summer.

Christel Hall has seen clients in her writing/consulting business cut back this year and thus calls herself “employed and cautious.” She’s combining her vacation with a three-day conference for work, adding three days to the front of the trip to relax.

Kathryn Rippy and her husband “need a vacation very badly,” but they are “holding onto our money right now.” She hasn’t had a real vacation since before the birth of her child more than a year ago, and her job as an independent management consultant is both demanding and “lumpy” (hey, my old gig, too!). Her husband’s a consultant as well, and a tough market is magnified in that line of work. But, they need a break and are using frequent flier miles and hotel points to take a short trip out to Key West. Several others responded that they are hitting the road but scaling down their plans.

“Some R&R is definitely in order,” for Ty Mays, who was laid off twice during the Bush administration. To unwind for a little bit, he’s driving to Jacksonville and then taking a bargain cruise to the Bahamas … “and there will be no souvenir or duty free shopping for me!”

Carmen Shirkey and her boyfriend are headed to Amsterdam, despite the fact that her boyfriend’s plant shut down last week. They had already booked the trip and are following through with it. “Lots of people at his company said they were taking a trip to blow off post-layoff steam,” she says, “and I think it’ll do him a world of good to just forget about things for a week.” This isn’t the first I’ve heard of this situation. Many choose to get away and relax … and worry about the real world when they get home.

Perhaps the most interesting story came from Anna Broadway. She writes, “I’m employed in a fairly stable industry, but certainly not immune to all the economic anxiety in the air these days.” She hasn’t budgeted for a vacation but did want to head to the Isle of Man for her 30th birthday last summer. To go this year, her plan is to use her tax return to finance her wanderlust, “since I had not included that money in my financial planning for the year.”

“I hear it’s supposed to be a good year for travel bargains,” Broadway continues, “so it seems like the timing might not be so bad for a vacation after all.”

Well, come back to Gadling from time to time, and you’ll see where the deals are!

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