Back in September, one of many top-ranked Biglaw companies within the nation began a development that may rock the trade when it comes to 2020 affiliate compensation.
Cooley — a agency that introduced in $1,329,329,000 gross income in 2019, putting it at No. 23 on the newest Am Law 100 rating — introduced that it might offer special appreciation bonuses to its associates for the entire laborious work they put in in the course of the particularly attempting occasions that had been created by the COVID-19 pandemic. At the time, the agency’s bonuses ranged from $2,500 to $7,500, and associates had been thrilled by the excellent news. Then, Davis Polk obtained intertwined and supplied special bonuses that fully blew the Cooley numbers out of the water — and the remainder of Biglaw adopted, matching the brand new $7,500 to $40,000 vary left and proper as a part of their year-end bonuses.
For some time there, it appeared as if Cooley was going to depart its associates hanging, as the firm remained silent on whether or not it might cowl the distinction between its authentic bonuses and the DPW bonuses that grew to become the prevailing market customary.
Cooley has lastly determined to talk up, and lo and behold, associates on the agency shall be getting a second set up of particular bonuses that may carry them as much as market charges. Check out the brand new Cooley bonus scale, under:
All these eligible for these extra appreciation bonuses at Cooley will obtain them on February 12. Congratulations to everybody on the agency!
(Flip to the subsequent page to see the complete memo from Cooley.)
Remember everybody, we rely in your tricks to keep on prime of vital bonus updates, so when your agency matches, please textual content us (646-820-8477) or email us (topic line: “[Firm Name] Matches”). Please embrace the memo if obtainable. You can take a photograph of the memo and ship it by way of textual content or electronic mail should you don’t need to ahead the unique PDF or Word file.
And should you’d like to enroll in ATL’s Bonus Alerts (which is the alert listing we additionally use for ongoing wage bulletins), please scroll down and enter your electronic mail deal with within the container under this publish. If you beforehand signed up for the bonus alerts, you don’t must do something. You’ll obtain an electronic mail notification inside minutes of every bonus announcement that we publish. Thanks for your entire assist!
Staci Zaretsky is a senior editor at Above the Law, what place she’s labored since 2011. She’d love to listen to from you, so please be happy to email her with any ideas, questions, feedback, or critiques. You can keep track of her on Twitter or join together with her on LinkedIn.