This is definitely a trend: no “PTO” but unlimited time off. Unlimited time off goes with “as long as you get your work done it doesn’t matter”. The difficult part is that you can’t plan for when work is going to come in most the time. I planned a NYE trip for months and the night before I was supposed to leave town, my law firm had a major transaction to close. I wasn’t able to get my work done but it was one of the few days I took off in months and my partner had already requested the PTO and booked the trip. I would much rather have the power to plan trips, wellness days, or even just take off when a friend is in town than be able to leave early a random day because I got my work done (and really, when is the work ever done?)
The anxiety of asking for time off is real. It’s never resulted in a “No” but it is still so painful to ask. I am taking a 2.5 week trip to Asia in a few weeks and still haven’t formally set it in writing because the timing will never be right!