Cooley LLP’s Chicago office, despite being a relatively recent entry in the competitive legal landscape, has been executing a deliberate and strategic mission to capture entrepreneurial business throughout the Midwest. Launched three years ago, the office on N. Wacker Drive houses nearly 20 partners who spend a significant portion of their time—between 10% and 15%—in other Midwest cities. These include key locations such as Columbus, Ohio, Ann Arbor, Michigan, and Minneapolis, where they cultivate relationships with university technology transfer offices and venture-capital-driven ecosystems.
Rachel Proffitt, Cooley’s first female CEO who assumed her role in January, recently emphasized the firm’s expansion plans within Chicago and across the Midwest. Proffitt remarked, “We need to continue to make those inroads in the broad community, which is across the Midwest, not just Chicago.” Her comments underline the firm’s ongoing growth and the significant time commitment required from the Chicago team to secure business across the region.
The benefits of this approach are evident. For instance, Cooley’s Chicago partner Laurie Bauer recently guided the Madison, Wisconsin-based Realta Fusion through a seed financing round by Khosla Ventures. Similarly, Cleveland-based Diasome Pharmaceuticals received corporate advice from Chicago partner Yvan-Claude Pierre, including a Series C financing. The office’s steady growth—from 10 partners in mid-2021 to about 50 lawyers today—demonstrates the efficacy of their strategy.
Despite Cooley’s overall slower growth trajectory during a challenging financial period that included layoffs in late 2022, the firm posted over $2 billion in revenue in 2023. It also doubled its Midwest client base, representing more than 1,000 clients, up from nearly 450 before establishing its Chicago office.
Chicago-based corporate partners Christina Roupas and Courtney Tygesson recently advised Tempus AI on its IPO, which raised $410 million. Roupas, the partner in charge of the Chicago office, optimistically noted that more IPOs are likely as the region’s tech and entrepreneurial scene matures. “There are incredible technologies here, incredible founders that have been well-funded, and VCs have been willing to be patient,” she stated.
The nation’s venture capital remains heavily concentrated in Silicon Valley and the East Coast, which secured around $400 billion in investments between 2019 and 2021, roughly 65% of the country’s total. However, a report highlighted growth in several Midwest cities, including Chicago, Columbus, and Minneapolis, driven by university-born companies. Cooley’s involvement with regional universities such as the University of Chicago, Northwestern University, and the University of Michigan further consolidates its strategic approach to nurturing entrepreneurship and innovation in the Midwest.
Further details on Cooley LLP’s Midwest expansion can be found in this detailed report.