Dewey & LeBoeuf has introduced a new vacation policy, giving associates and counsel unspecified, possibly increased, paid vacation time. Sounds promising, right?

Here are the key points from Dewey’s memo dated December 30, which the firm e-mailed to me Thursday:

Historically, senior counsel, counsel, and associates have accrued vacation days on a monthly basis for a total of up to 20 paid vacation days each year in addition to personal and sick days. In recognition of the flexibility required of you by our clients, we have revised our policy so that it better reflects the realities of life as a practicing lawyer.

Effective January 1, 2011, you will be entitled to take a reasonable amount of paid time off (i.e. vacation, personal, and sick days) over the course of the year, subject to client demands and your other professional obligations and responsibilities. While you will no longer accrue vacation days on a monthly basis, we would expect you to be able to take no less time off than you have been accustomed to.