Associate Bonus Watch: No Memo, No Problem

Last year, a Cooley LLP tipster noted that the bonus memo was “fuzzier this year than ever.” Not that any of the associates were complaining about the bonuses they received, just that the memo didn’t provide much clarity as to what an individual associate would receive.

Well, the firm heard that complaint and addressed it this time around:

Hi! As you may know, after discussion with the Associates Committee, Cooley moved to eliminate the bonus memo, instead electing for the partners to be ready to disclose and discuss the bonus at the annual review meeting.

Oh. “Opacity” is a kind of response to “ambiguity.” That said, it’s far more often the precursor to a firm preparing to shortchange associates under the cover of darkness. Thankfully, it looks like Cooley isn’t going that route — they just earnestly wanted to avoid any confusion:

I was wary about this at first, but coming out of my review, I felt the partners were able to give me all the information I needed.

That’s all well and good for the associates, but was no one thinking about our job here at ATL? I guess we’re going to have to try and cobble this together from individual tips. If you are a Cooley associate and want to add to this coverage, scroll down for our contact info.

Meanwhile:

• “Third year who received positive reviews and billed just a little over the minimum 1950 and I got Cravath. Was expected and I’m satisfied, especially given the raise last year. Apparently the bonus range for my class was a couple thousand above and below Cravath, with most people at Cravath. Cooley is definitely trying to be competitive with the big boys.”

• “Cooley midlevel here. Market match at 2000 hours. Very strong reviews. I’ve heard of market matches across all levels for associates with good reviews. Bonuses are being delivered in individual review meetings with the goal of providing stronger and more constructive feedback this year.”

• “Very contented senior associate. I’m pleased that the firm again provided strong individualized bonuses that clearly surpassed the Cravath scale for hard working high performers. I also want to applaud the partnership’s increased transparency in sharing information about the firm’s bonus scale with associates.”

News from associates ranging from the relatively junior to relatively senior, and everyone’s happy.

Congrats, Cooley associates! Bonuses will be paid with normal payroll on or about February 15.

UPDATE (3:49 p.m.): But all is not necessarily happy at Cooley. Since we put this story up, we’ve heard from an associate who did receive a market bonus, but notes that they’ve heard of several who fell short of their hours receiving ZERO bonus and a portion of associates who did make their hours but still got below-market bonuses. As this tipster concludes:

If Cooley really does want to compete with the big firms, especially in New York, I think they should get away from individualized bonuses and stick to the market. I say this as someone who has otherwise enjoyed working here.

True. No matter how much faith a young lawyer has in their ability to make hours and pump out quality work, there’s always a bit of this job that’s outside your control. That’s why a high-quality prospect trying to decide between two offers might do well to lean toward the one offering the lockstep market bonus.

UPDATE (2/11/17, 10:45 a.m.): And here’s some bonus news from one of Cooley’s peer firms (which basically offers a market scale, at least for folks who made their hours, plus extra cash for high billers).

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As noted above, please help us help you when it comes to bonus news either at Cooley or at other firms. As soon as your firm’s bonus memo comes out, please email it to us (subject line: “[Firm Name] Bonus”) or text us (646-820-8477). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.

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Joe Patrice is an editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news.