Cooley Bundle
Who Owns Cooley LLP?
Cooley LLP, a global law firm, has a unique ownership structure as a Limited Liability Partnership (LLP). Founded in 1920, it has grown from its San Francisco origins to become a major player in technology and venture capital law, with a significant presence across the US, Europe, and Asia.
As an LLP, Cooley's ownership is vested in its partners, a structure that differs significantly from publicly traded companies. This partnership model has been instrumental in its strategic direction and client focus, particularly within the innovation economy.
Who owns Cooley Company?
The ownership of Cooley LLP is held by its partners, reflecting its structure as a Limited Liability Partnership. This model means that the firm's equity and control are distributed among the individuals who practice law within the firm. The firm’s deep involvement in areas like venture capital and technology financing, as evidenced by its work with Cooley BCG Matrix, is a testament to this partner-driven approach.
Who Founded Cooley?
Cooley LLP was established in 1920 in San Francisco by Arthur Cooley and Louis Crowley. The firm has consistently operated under a partnership model, a structure where ownership is vested in its practicing attorneys. While the specific early equity arrangements are not publicly detailed, this model emphasizes shared responsibility among partners.
Founding Partners
Arthur Cooley and Louis Crowley founded the firm in 1920. Their partnership model established a foundation for collective ownership.
Partnership Structure
The firm's ownership has historically resided with its practicing attorneys. This structure is typical for professional service organizations.
Early Focus on Innovation
The firm quickly became known for supporting emerging industries. This early vision shaped its client base and practice areas.
Venture Capital Pioneer
In 1958, the firm was instrumental in forming Draper, Gaither and Anderson. This was the first venture capital partnership on the West Coast.
Clientele in Growth Sectors
The firm represented significant companies like Genentech and Amgen during their public offerings in the early 1980s. It also incorporated NVIDIA in 1993.
Absence of External Investment
Unlike startups, the firm did not have traditional 'angel investor' or 'friends and family' stakes. Ownership was tied to partner status and performance.
The firm's early history, including its evolution through various names such as Cooley, Crowley, Gaither, Godward, Castro & Huddleson, highlights a consistent commitment to fostering innovation. This forward-thinking approach attracted partners who shared a similar vision, influencing the firm's strategic direction and client engagements. The firm's deep involvement with the venture ecosystem, exemplified by its role in early venture capital formations and its representation of groundbreaking technology companies, underscores the entrepreneurial spirit embedded in its founding principles. This strategic alignment with growth sectors has been a defining characteristic throughout its development, differentiating its ownership and operational model from traditional corporate structures. Understanding this historical context is crucial when examining the Competitors Landscape of Cooley and its place within the legal industry.
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How Has Cooley’s Ownership Changed Over Time?
Cooley LLP's ownership structure is defined by its status as a Limited Liability Partnership (LLP), meaning its equity partners are the direct owners and beneficiaries of the firm's performance. The firm's growth has been shaped by organic expansion and strategic alliances, such as the significant merger with Kronish Lieb Weiner & Hellman on October 31, 2006, which broadened its lawyer base and reinforced its standing as a prominent Silicon Valley law firm.
| Year | Revenue | Profit Per Equity Partner (PEP) | Number of Equity Partners |
|---|---|---|---|
| 2024 | $2.2 billion | $3.9 million | |
| 2023 | $2.03 billion | $3.54 million | 241 |
| 2022 | 247 |
The financial results of Cooley directly reflect its partner-owned model. In 2024, the firm achieved a revenue of $2.2 billion, an increase of nearly 6% from the previous year. This growth led to a rise in profit per equity partner (PEP) to just under $3.9 million, a 9.4% jump from 2023. The firm's strategic emphasis on venture capital financings and its representation of over 240 public companies as of 2025 highlight how its partner-driven strategy influences its market position and financial health. Fluctuations in the number of equity partners, such as the decrease from 247 in 2022 to 241 in 2023, and the addition of 20 new partners effective January 1, 2025, directly impact profit distribution among this key ownership group.
Key Ownership Dynamics
Cooley LLP's ownership is vested in its equity partners, who are the primary stakeholders. The firm's growth and financial success are directly tied to their collective efforts and strategic decisions.
- Cooley LLP is a Limited Liability Partnership (LLP).
- Equity partners are the owners and direct beneficiaries.
- The firm's ownership structure evolves through organic growth and mergers.
- Financial performance directly impacts partner returns, as seen in the PEP figures.
- Changes in partner numbers affect profit distribution.
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Who Sits on Cooley’s Board?
Cooley LLP, structured as a Limited Liability Partnership (LLP), does not have a traditional board of directors in the manner of publicly traded corporations. Its governance is managed through its partnership structure, with the firm's leadership and the broader partnership group making key decisions. Rachel Proffitt is the Chief Executive Officer, and Joe Conroy serves as Chairman, leading the firm's internal governance body.
| Leadership Role | Name | Effective Date |
|---|---|---|
| Chief Executive Officer | Rachel Proffitt | January 1, 2024 |
| Chairman | Joe Conroy | Current |
Voting power within Cooley is distributed among its partners, with senior partners generally holding more influence. The firm's structure means it is not subject to external shareholder actions like proxy battles. Instead, any governance issues would typically be internal partnership matters. The firm's expertise in corporate governance is evident, as its lawyers advise over 280 public companies on best practices, including board composition and shareholder rights. The promotion of 20 lawyers to partnership on January 1, 2025, illustrates the process by which individuals gain ownership and decision-making authority. For a deeper understanding of the firm's evolution, refer to the Brief History of Cooley.
Cooley LLP Governance Structure
Cooley LLP operates under a partnership model, not a traditional corporate board. Key decisions are made internally by partners.
- Limited Liability Partnership (LLP) structure
- CEO and Chairman lead firm governance
- Voting power distributed among partners
- Internal partnership disputes are the primary governance concern
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What Recent Changes Have Shaped Cooley’s Ownership Landscape?
In recent years, Cooley LLP has experienced significant operational adjustments and financial growth. Following a period of rapid expansion, the firm implemented layoffs in late 2022. However, for the 2024 financial year, Cooley reported a revenue increase of nearly 6% to $2.2 billion, with profit per equity partner rising by 9.4% to just under $3.9 million.
| Metric | 2024 Value | Change |
|---|---|---|
| Revenue | $2.2 billion | +6% |
| Profit Per Equity Partner (PEP) | ~$3.9 million | +9.4% |
Cooley continues to strengthen its partnership through internal promotions, with 20 lawyers elected to partner effective January 1, 2025. The firm's market leadership in venture capital representation is consistently recognized, holding the #1 global ranking in PitchBook's Q1 2025 Global League Tables. Its M&A and private equity practices also received high rankings from major financial publications in the first half of 2024, advising on substantial deals such as a $3 billion acquisition.
Internal Partnership Growth
Cooley's commitment to internal talent is evident with 20 new partners appointed for 2025. This strategy reinforces the firm's ownership structure and leadership pipeline.
Market Leadership in VC Representation
The firm maintains its top position globally for venture capital representation, as per PitchBook's Q1 2025 data. This highlights its strong standing within the technology and innovation sectors.
Financial Performance Resilience
Despite market fluctuations, Cooley achieved a 6% revenue increase in 2024, reaching $2.2 billion. Profit per equity partner also saw a significant rise of 9.4%.
Industry Trends and Technology Adoption
The legal sector's embrace of AI, with 93% of mid-sized firms using AI tools in 2024, positions firms like Cooley for technological integration. This aligns with the firm's focus on innovation and its Growth Strategy of Cooley.
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