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Enthusiast
I can confirm I was laid off today. C’est la vie. I still love the firm. Life moves on.
A7 my firm is hiring. Hit me up
Remember how in all the stealth threads over the last few months how aggressively all the Cooley folks fought back about no stealth layoffs happening and everything was going perfectly fine…
Always be reading between the lines with firm communications.
Mentor
Corporate related practice groups.
Terrible news, I am sorry for everyone affected. Is this all transactional or across the board ?
Maybe I just don’t have a full understanding of overhead costs, but does laying off 80+ staff even move the needle financially such that it’s worth doing? Especially when some of them were clearly billable. Like what’s your net there? An equity partner salary or two?
Cost per associate is salary, benefits, and overhead (which is likely at least $300/k per associate).
Yikes. (I hope not.) Is there a source or just e.g., Reddit chatter?
I heard from someone that his friend at Cooley just got laid off today.
Enthusiast
Is there any written announcement or are people just receiving phone calls? This feels pretty big if true.
I think all people were called before 3pm est and it was announced to the firm shortly after. I think there will be a public announcement
Don’t you have funds work to be doing?
Definitely true, I work there. Staff as well
Mentor
Confirmed. At least 80 across offices, but I'd bet more
Does anyone know if Cooley did a lot of crypto work? I know they are big on tech, but I wonder if this is crypto related as well. Sorry to all those impacted
At Goodwin and have a fair amount of crypto clients.
Mentor
Do we know if it mostly hit juniors/mids/seniors?
If anyone here was laid off or knows someone that was laid off, and might be interested in a short/medium-term project to help us write scripts for our training videos please let me know (we're looking for people with experience in tech trans, RE & employment). I can be reached at ian@hotshotlegal.com (if you're not familiar with us, we create short, practical videos to help support/train lawyers). Work from anywhere/chance to use skills in a new way/help others learn.
Coach
Wonder what is the severance package
Coach
A48, did you land okay? Sorry to hear.
Amongst the attorneys, are they mostly associates or are partners impacted as well?
Coach
I’ve heard junior lateral partners, whom Cooley told they did not need to do any BD to retain employment (as incentive to lateral alongside a rainmaker), have been given a heads up to do BD or leave.
Makes sense to me from a business standpoint.
**BUT** the more interesting side to this is the rumors I’ve heard from multiple reasonably-reliable sources that those junior partners have retained counsel for a promissory estoppel action. 😲😲
If anyone is looking for a new position, please feel free to DM me here in strict confidence. Happy to help.
Yes
A friend who works there confirmed.
Confirmed - saw the email myself
Accounting got hit too
Coach
damn
Does anyone feel like the way that Cooley was hiring these last two years they might be the worst off?
Coach
No compromised
Market turns around so fast so fast 💨