Biglaw

Firm Hands Out Massive Bonuses -- 150 Percent Cravath Scale For Many

Big billers took home big bonuses at this law firm.

By  
on

When you hear that a firm hands out individualized bonuses that associates don’t get to enjoy until February, that’s usually a bad sign. These “black box” bonuses ostensibly promote free-market principles by rewarding attorneys for individual initiative in contrast to the collectivist lockstep model, but in reality they usually just give firms cover to shortchange lawyers without the prying eyes of publications like this one.

Meanwhile, February bonuses are always an unwelcome stick in the eye that disrupts the lateral market where many associates choose to time their leap with their end-of-year bonus.

But there’s no need to lateral if your firm is blowing away the market scale like Cooley LLP.

Cooley is a black box bonus firm, meaning we can’t speak for the entire universe of bonuses, but associates learned their individualized bonus amounts during their recent personal reviews, and many have opened up about what they got to help provide the legal community with a better sense of Cooley’s compensation.

The consensus is that big billers got big bonuses:

Just a data point from Cooley. No bonus memo to forward (firm doesn’t have one), but was a high biller (over 2400) and got the firm max this year of 50% over Cravath. Pretty pleased.

A 50 percent bump over the Cravath scale amounts to serious cash, especially for senior attorneys:

Sponsored

Cooley senior associate here. Wanted to report that the firm smashed the market for high performing seniors (several tens of thousands above Cravath). We had an increasingly strong year and I want to applaud the partnership transferring some of that to the associate bonus pool.

But is that really more valuable than the $10 Starbucks card that Brewer gave out as a bonus? I mean, law school debt comes and goes, but can you really put a price on the memories you’ll have reminiscing about that Pumpkin Spice Latte in 10 years?

The risk with any tale of generous bonuses for top billers is a corresponding disaster for the rest of the lawyer corps. Thankfully, all indications suggest Cooley’s rewards for hardworking seniors didn’t trade off with bringing good cheer to the rest of the firm — rumor has it that the bonus pool ended up being larger than if they were to have given everyone market bonuses. In addition to individualized meetings, the firm held a large meeting to explain, if generally, how they calibrated bonuses across the firm and so far everyone who has reached out to us sounds pleased.

Remember, we need your help when it comes to bonus news — especially at firms that hand out individualized bonuses. If you have bonus information, even if it’s just your solitary, anonymous data point, please email it to us (subject line: “[Firm Name] Bonus”) or text us (646-820-8477).

Earlier: Bonus Season Isn’t Over… It’s Just Getting Harder To Decipher Without Your Help
Associate Bonus Watch: $10 Starbucks Cards For Top Billers

Sponsored

HeadshotJoe 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.

Bonus Time

Enter your email address to sign up for ATL's Bonus & Salary Increase Alerts.

Topics

, , , ,