COOLEY COVID BONUS MEGATHREAD!
Which firms will fall in line? Which firms won’t?

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hoping this puts the V5 on notice that this isn’t 2009 and cutting bonuses a ton for those who made their hours will be a morale hit

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Unfortunate reality is it probably won’t do much. If firms use the pandemic as cover (real or perceived) to decrease bonuses then morale won’t make much difference.

Would love to get to the point where we have a tracker on AbovetheLaw. I’m a senior associate at a V20 that is definitely not an early mover but does appear very financially sound, so will need some momentum to see this coming my way.

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Same! I feel like more firms doing it will put pressure

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I’m at a peer firm of Cooley’s.... please god let them match.

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I guess those doubting that Cooley’s bonuses will have an effect were wrong - DPW announced larger ‘special fall’ bonuses! Their first years are receiving $7.5k, in addition to year end bonuses matching 2019 rates!

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I doubt this will catch on with any other firms, to be honest. Just my pessimistic projection: Cooley isn’t one of the big white shoe firms most others would follow, nor is the bonus so large that it really moves the needle recruitment/retention wise too much on its own such that other firms might feel compelled to match.

That said, it is a very nice surprise for Cooley associates and if I were a law student or lateral picking between Cooley and a firm that had showed signs of distress (cutting salaries, etc.), Cooley would win hands down.

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Cooley is a legit biglaw firm though—not like the boutiques that routinely beat the Cravath/Milbank scale and get ignored by the cartel. Put another way, Cooley is recruiting from a similar pool. I expect that the biglaw firms that are financially stable enough to match will do so.

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Meanwhile my V10 firm is mad at me for only billing 1900 this year...when there was no work to go around.

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V10 checking in...This hits home^

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Based on the press release they committed to distributing bonuses on par w 2019. Wow!

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Hearing that DPW is topping these bonuses...

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Milbank Just matched DPW!

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Is it safe to assume the Cravaths and Skaddens of the world will match in the coming days?

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Curious whether Cooley cut any associate salaries, or laid off any associates or staff. Does anyone know?

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What firm?

Buried in the announcement, these are the levels for people who AREN’T on pace to hit 1950 hours. Those who are still on track will get “materially higher” amounts. I understand why they framed their announcement this way, although for the rest of us associates’ benefit I wish they’d led with the “materially higher” numbers.

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Maybe firms that would otherwise cut bonuses at least reconsider that?

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