NYC to 200k Forum

[Anonymous User]

It seems pretty clear that Cooley intends to match the bonuses at the end of the year. People are losing out on interest, but that seems like about it.

Yeah no. 90% of Cooley associates will never see this summer bonus. Those who make hours will get regular market bonus, some associates will leave, others will not make hours. Clever, shitty, and transparent move on the part of Cooley partners.

It seems like if you're on track to hit your hours, you're pissed, but if you're not on track to hit your hours, you're happy because it at least leaves open the possibility of getting extra money.

[Anonymous User]

Cooley match but no bonus:

In regard to the summer bonuses being paid by some firms, we have chosen a different course
consistent with our long‐standing commitment to awarding merit‐based bonuses. In the Management
Committee’s view, the only basis upon which to decide who would receive a summer bonus and who
would not would be year‐to‐date billable hours averages through June. The variability of work flow and
the timing of leaves of absence and vacations across a given calendar year aside, the simple fact is that
our bonus system is not based upon productivity alone. As we have consistently demonstrated, we
differentially reward an attorney’s total contribution to the firm, to include performance, productivity
and non‐billable contributions which demonstrate behavior that is consonant with the Firm’s values.

Rather than pay bonuses based on productivity alone at this stage in the year, our 2018 bonuses will be
paid with a clear understanding of the total compensation being paid within the market at the
conclusion of the year. Consistent with prior years, our differentiated bonus payments will provide total
annualized compensation for our top performers which materially exceeds the total compensation
received by attorneys at other firms.

what's standard bonus practice for cooley? is it black box or standard full bonus for hitting hours and then extra for top billers?

[Anonymous User]

V&E matched Cravath scale + bonus

[Anonymous User]

V&E matched Cravath scale + bonus

Houston, we have movement.

[Anonymous User]

V&E matched Cravath scale + bonus

Houston, we have movement.

Just made my day!

[Anonymous User]

V&E matched Cravath scale + bonus

Houston, we have movement.

lol at V&E matching before Latham and GDC

[Anonymous User]

V&E matched Cravath scale + bonus

Houston, we have movement.

lol at V&E matching before Latham and GDC

^This. Is there any real chance Latham and GDC don't match tomorrow?

[Anonymous User]

V&E matched Cravath scale + bonus

Houston, we have movement.

Just made my day!

The question now is whether BB and other Texas firms like HB would follow suit...

[Anonymous User]

V&E matched Cravath scale + bonus

Houston, we have movement.

Just made my day!

From one disgustingly hot swampland where millions of people stupidly decided to settle to another--congrats Houston! Now DC really has to step up.

[Anonymous User]

NY to 200k. We can't be on par and effectively below TX compensation

[Anonymous User]

NY to 200k. We can't be on par and effectively below TX compensation

Milbank TTTweed is so far below Texas now. Pathetic excuse for an AmLaw 20 firm.

[Anonymous User]

Associates at Cooley--a firm with profits per partner over $2 million--should be very unhappy about this, not least because of the disingenuous language attempting to justify or excuse it.

Now that so many firms have matched the raise (or adjustment to keep pace with inflation) and bonus, talented and hard working associates at Cooley don't need to look far to see many peers at many peer firms making more than them. Those firms place greater value on their associate attorneys. Simple as that.

Students at Harvard, Stanford, Yale, and everywhere else should consider this in weighing whether or not to interview at a firm like Cooley at OCI. Sure, Cooley matched the salary adjustment. Next time there is a bonus at peer firms, however, do you expect Cooley to match it?

And for current associates considering a lateral market that is doing very well, why stay, when you could go to a firm that will compensate you for all of your efforts at the going market rate? What does it say about Cooley and the extent to which they value their associates that they won't match what most other big firms already have? Is their $2,000,000 in profits per partner not enough?

I tend to agree with most of this. At my firm meeting your hours = market bonus. If I wasn't hitting my annual rate, I'd know by now, and would be expecting the resulting lower (or no) bonus come year end. It's my own fault for missing the hours (or my practice group's, in which case I'd be more concerned about work drying up than bonuses), so missing the summer bonus isn't going to be a shocker. Other firms say "in good standing" and that's what I assume they mean. So their justification is flame.

I'm not, however, 100% with you on your recommendation to consider lateraling. If I had been doing well at the firm (read: above market bonuses) and was on track for more of the same this year, I would probably want to wait it out to see what my firm did. We'll know whether to trust Cooley in December/January.

With that being said, for those outside of Cooley (i.e., OCI bidders), you may want to take this into consideration. You won't know until later in the year where Cooley stands, at which point changing your summer firm will be futile. I'm not saying don't bid, but it's something to consider seriously when you're balancing your final list, callbacks, offers, etc.

Cooley hit 100-200% of Cravath bonus last year for people who hit minimum hours last year, 75-100% for people below

Short sighted not to pay separate summer bonuses this year though, because even if they beat the market again this year, it'll be taken with a grain of salt given that summer bonuses werent paid

[5ky]

Sounds like Cooley is the place to be

[Anonymous User]

Sounds like Cooley is the place to be

Sounds like a hell of a lot better place to be than Hogan HarTTTson Lovells

[Anonymous User]

Where are LaTTTham and Gibson, Dunn & CruTTTcher?

[cocobyrum]

Sobbing into their caviar that they have to forgo that second vacation home this summer.

[Anonymous User]

Na chill they all took long weekends to chill at their Hamptons homes....had to be at the US Open all day yesterday, today is a travel day.

[Anonymous User]

Can't believe I didn't know Cooley paid above market bonuses. WTF Fenwick/WSGR...?

[Anonymous User]

V&E matched so NRF tomorrow right?

[Anonymous User]

Can't believe I didn't know Cooley paid above market bonuses. WTF Fenwick/WSGR...?

I wouldn’t count on the above-market thing. Seems like Gunderson or WSGR is the place to bid, rising 2Ls!

[Anonymous User]

V&E matched so NRF tomorrow right?

Doesn't NRF pay below market in 3-year tiers?

[Anonymous User]

Can't believe I didn't know Cooley paid above market bonuses. WTF Fenwick/WSGR...?

I wouldn’t count on the above-market thing. Seems like Gunderson or WSGR is the place to bid, rising 2Ls!

Let's make above-market market again

[5ky]

didn't NRF lose a huge chunk of attorneys/partners like a month or two ago?

[Anonymous User]

Any ideas of when raises will trickle down to the AmLaw 50-100 based off of the timing of the 2016 raises? Few more weeks?

[Anonymous User]

Can someone smarter than me explain why all these firms moving in concert doesn't raise antitrust concerns?