Biglaw

The Biglaw Firm That Started The Special Bonus Party Is Now Offering Bigger, Better Special Bonuses

This was worth the wait.

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Back in September, one of the top-ranked Biglaw firms in the country started a trend that would rock the industry in terms of 2020 associate compensation.

Cooley — a firm that brought in $1,329,329,000 gross revenue in 2019, placing it at No. 23 on the latest Am Law 100 ranking — announced that it would be offering special appreciation bonuses to its associates for all of the hard work they put in during the especially trying times that were created by the COVID-19 pandemic. At the time, the firm’s bonuses ranged from $2,500 to $7,500, and associates were thrilled by the good news. Then, Davis Polk got involved and offered special bonuses that completely blew the Cooley numbers out of the water — and the rest of Biglaw followed, matching the new $7,500 to $40,000 range left and right as part of their year-end bonuses.

For a while there, it seemed as if Cooley was going to leave its associates hanging, as the firm remained silent on whether it would cover the difference between its original bonuses and the DPW bonuses that became the prevailing market standard.

Cooley has finally decided to speak up, and lo and behold, associates at the firm will be getting a second installation of special bonuses that will bring them up to market rates. Check out the new Cooley bonus scale, below:

All those eligible for these additional appreciation bonuses at Cooley will receive them on February 12. Congratulations to everyone at the firm!

(Flip to the next page to see the full memo from Cooley.)

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Remember everyone, we depend on your tips to stay on top of important bonus updates, so when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches”). 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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Staci ZaretskyStaci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.

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