Based in Silicon Valley, Cooley Godward Kronish LLP is well known for its venture capital and start-up practices. The firm employs 675 lawyers in nine offices around the U.S. and although the approximately half the firms attorneys and offices are located on the East Coast, Cooley is still known as a "California laid-back, tech-savvy" place to work that allows associates to have "a functional life outside of work." In addition to venture capital, the firm's other core practice areas include mergers and acquisitions, life sciences and technology transactions, intellectual property, tax, real estate, and business litigation. In the fall of 2008, several corporate and technology attorneys from the defunct firm Heller Ehrman joined Cooley, expanding the firm's West Coast presence even further.
Investment Funds: Venture Capital (#1); Life Sciences (#1)
Cooley's salaries are paid based on a set lock-step system. The firm has recently instituted a pay freeze, and 2009 salaries will remain at 2008 levels. Considered a follower in terms of setting bonus amounts, Cooley only awards bonuses to those associates who reach the minimum billable hours requirement.
Staffing practices at the firm are described by Lateral Link Members as "free market with an assignment coordinator safety net." The formality of the staffing system varies by office, with associates in one office saying that their "staffing partner receives weekly or monthly availability reports and doles out work according to need and availability," while an associate in a smaller office says that there is no organized assignment system at all in his office. New associates at the firm participate in the Cooley College program, a comprehensive training program to jump start new attorneys' careers through practical lessons. Lateral Link Members concur that this and other early training at the firm is effective but say associate development falters as associates progress upwards. Another Lateral Link Member considers the firm's "informal mentoring...the most effective part-if you get in with the right people, they really are willing to show you the ropes." Junior associates are reviewed semi-annually and mid-level and senior associates receive annual reviews. In late 2008, Cooley laid off 52 attorneys and 62 staff members, and Members report additional stealth layoffs of 15-20 attorneys in August 2009. Lateral Link Members report low morale at the firm, with "everyone is wondering whether the axe will fall a second time," and many associates seem to feel the firm's expansion over the past few years was short-sighted now that it is laying off associates.
The firm expects associates to contribute at the level of approximately 1920 billable hours annually. According to Lateral Link members, if this minimum is not met, associates do not receive a bonus.
The firm provides four weeks of vacation time and two weeks of sick time on a rollover basis. Lateral Link Members agree that most attorneys do not take full advantage of their vacation time, but when it is taken, vacation time is generally respected. Lateral Link Members report there is no particular face time pressure, noting that "in [New York], face time is obviously more important [than] in West Coast offices." One Member reports that "associates have "a considerable degree of control over the amount of time spent in the office...although [you] have to adjust to your team's preferences."
Lateral Link Members report that the firm encourages pro bono work and has a "full-time 'pro bono partner' resident in the Palo Alto office, who handles high-profile pro bono matters." Cooley recommends that its associates perform 60 hours of pro bono work, and although there is no mandatory requirement, the average associate bills 84 pro bono hours annually. All pro bono hours are fully credited towards billables and bonuses.
All partners at the firm are equity partners. On average, it takes eight years to make partner and three years for lateral associates. Lateral Link Members concur that making partner at Cooley is not an easy task, with one Member noting that since the firm "lays people off in bad times, it's a hard place to succeed as a lateral associate." One Member notes that partnership chances depend on "what the firm's needs are in [a] particular area...so to some degree, you're at the mercy of the market." Senior associates who do not make partner the first time they are up for it are generally permitted to remain at the firm and are reconsidered the following year.
New associates are given a generous bar stipend/signing bonus. The firm provides numerous relocation benefits, including direct billing with preferred movers, car transport services and two months' storage. All associates are given a subsidized gym membership and their own office their first year. There is a cafeteria on-site in the Palo Alto office, free coffee is always available, as is free soda in select offices. Other benefits include: Mothers' lactation rooms, backup child care options, $100 savings bond to each newborn (non-partners) and monthly social events.
The summer associate program at Cooley Godward begins with a "fantastic" and "truly exceptional" kickoff weekend at the Seascape Resort in Aptos, California. In addition to social events, the firm holds a mini-version of its Cooley College and various practice group workshops during the retreat. Summer associates are assigned work by a summer coordinator (an attorney in some offices, a staff member in others) and are expected to complete about 15 assignments during the 11-week summer program. Summer associates have the opportunity to do both corporate and litigation work or to focus exclusively on a particular area in which they have an interest. Lateral Link Members in the summer program praise the "quality" of the assignments and say the work that they did over the summer was "substantive, diverse, and meaningful." They also give high marks to the "fantastic," "laid-back" attorneys at the firm, saying partners "want you to come talk to them" and give summer associates "lots of attention." Members are split about the necessity of face time during the summer, but they agree that summer associates generally leave the office by 6:00 p.m. and are not expected to work on weekends. Only summer associates in the firm's Boston office are provided with BlackBerrys. Although Lateral Link Members note that the summer budget was decreased this year and that there were "not too many" attorney dinners, summer associates could still attend unlimited attorney lunches, as well as weekly social events ranging from cooking classes to wine-tastings.