The tide of COVID-19 has really turned into Biglaw.
We are already tracking Biglaw companies that are reversing previously announced compensation cuts caused by the novel coronavirus. But now comes word that Biglaw has announced a special (monetary) thanks to you for all the hard work of colleagues during this difficult time.
Today, Cooley announced special “appreciation bonuses” that will give colleagues $ 2,500 – $ 7,500 additional. Given that the company has never previously announced any compensation cuts, this extra generous bonus is quite the prodding. Here’s how the bonuses are broken down by year:
And if you are particularly busy during a pandemic – on track to pay a bill in excess of 1950 hours – the company will award you a reward “higher than the amount mentioned above.” This is a very nice way to thank you for the hard work. (In a moment of touching humanity, the company also acknowledged that the financial benefits may not cover everyone’s needs during this difficult time, and committed to continue hiring talent to relieve some of the burden, and provide additional resources for all.)
In addition to these special recognition bonuses, the company also made some commitments for year-end bonuses. First of all, they announced that these bonuses will not replace or negatively affect the 2020 bonuses. The bonuses will be at least at the 2019 level (which ranged from $ 15,000 to $ 100,000 on a yearly basis). With all the turmoil caused by COVID, it’s good to have season rewarding the affirmation won’t be another victim – at least on Cooley.
You can read the company information in full Advertisement on the next page.
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