Cornerstone Research [2024 Profile]

Cornerstone Research is a U.S.- and UK-based litigation consulting firm. The firm provides expert testimony and economic and financial analysis to attorneys, corporates, and government agencies in all the phases of complex commercial litigation and regulatory proceedings.

Headquarters

Cornerstone Research was founded in 1989. The firm’s three founder members, Cynthia Zollinger, James Malernee Jr., and Chris Nelson, were former consultants at the MAC Group, a boutique consulting firm specializing in consulting about sales and distribution.

The founders identified an apparent gap in the litigation consulting niche market. Since its founding, to date more than three decades, Cornerstone Research has filled this gap to become a market leader in litigation consulting.

The firm offers consulting services across a diverse range of areas, including:

• Accounting
• Antitrust and Competition
• Bankruptcy
• Litigation
• Consumer Fraud and Liability
• Corporate and Government Investigations

These service offerings cater to various sectors, including financial institutions, intellectual property, healthcare, energy, real estate, life sciences, and more.

From the early days, the founders made a deliberate effort to cultivate relationships with university faculty experts, as they needed these experts to accomplish the firm’s mission. No surprisingly, Cornerstone Research’s original two offices, in Boston and Menlo Park, were set up in areas with renowned universities (i.e., Harvard and Stanford).

Cornerstone Research started out with less than 50 employees, and this number has grown over the years, currently standing at 700+. The founders were passionate about creating and cultivating a familial culture with great workplace camaraderie when starting the firm. Even as the firm continues to grow and the family grows bigger, Cornerstone Research’s commitment to this culture is unwavering.

Cornerstone Research Key Stats

• Company Headquarters: San Francisco, California
• Number of Employees: 700+
• Number of Office Locations/Countries: 7 office locations in the USA (Boston, Chicago, New York, San Francisco, Silicon Valley, Los Angeles, Washington DC) and one office in the UK (London)
• Revenue: $100M to $500M (USD)
• URL: https://www.cornerstone.com/
• Social Media Links
  • CornestoneResearch/LinkedIn
  • CornestoneResearch/Twitter
  • CornestoneResearch/Facebook

Work/Focus Areas at Cornerstone Research

Consultants at Cornerstone Research apply their experience and technical expertise to work with clients and deliver professional consulting services in the following areas.

• Accounting
• Antitrust and Competition
• Bankruptcy and Financial Distress
• Consumer Fraud and Product Liability
• Corporate and Government Investigations
• Corporate Governance
• Corporate Transaction Litigation
• Data Privacy and Data Breach
• Employee Retirement Income Security Act (ERISA)
• Environmental, Social, and Governance (ESG)
• Intellectual Property
• International Arbitration and Litigation
• International Trade
• Labor, Discrimination, and Algorithmic Bias
• Market Manipulation and Market Microstructure
• Merger Investigations
• Securities
• Tax Controversy
• Valuation

Cornerstone Research Industries

Cornerstone Research works with private law firms as well as government entities. The firm’s clients are involved in cases spanning a range of industries as summarized.

• Automotive and Related Industries
• Consumer Finance
• Digital Economy: Technology and Artificial Intelligence
• Energy and Commodities
• Financial Institutions
• FinTech, Blockchain, and Cryptocurrency
• Healthcare
• Hedge Funds
• Hospitality, Travel, and Tourism
• Insurance and Pension Plans
• Life Sciences
• Real Estate
• Telecommunications, Media, and Entertainment

How to Interview with Cornerstone Research

Potentials can apply through college or by making an online application for current positions advertised on Cornerstone Research’s website. You may then be invited to interview with the firm following a review of your application.

The Interview Process

The interview process for Cornerstone Research involves two rounds of interviews, as summarized.

Round #1

The first round may be conducted over the phone or in person. This round of interviews consists of two sections. The first is a case interview. The interviewer will walk you through the case step-by-step, and you will have an opportunity to ask questions and seek any clarifications.

The second portion of this first round of interviews will consist of behavioral/fit questions. In most cases, you can expect a different interviewer to conduct this second portion of the interview.

Round #2

The second and final round of interview, just like the first round, consists of two portions. This final interview is always conducted in person. The first portion of the interview will see you tackle a more involved case interview. The second section consists of fit questions.

What to Expect

Interviewing at Cornerstone Research can be less daunting when you know what to expect. It also helps greatly that the firm has a streamlined and smooth interview process, and the interviewers are generally quite friendly.

1. Case Interview 

The case interview will take up the more significant portion of the time allocated for both rounds of interviews. For a 45-minute interview, you can spend about 30 minutes on the case interview.

As highlighted, the interviewer will walk you through the case, its problem statement, and the objective of the case. In return, the interviewer expects that you will walk them step-by-step through your process, that is, how you’d approach solving the problem and the data you need to help solve the case problem. The interviewer will be looking to assess your analytical skills and problem-solving abilities.

Past interviewees have shared that the case interviews are pretty similar to the case examples on the Cornerstone Research website. The cases are a mix of economic and financial cases. The first-round case interview isn’t as challenging, and you will not have a hard time acing the interview if you have mastered your economics basics.

On the other hand, the second-round case interview is highly qualitative, and you will need your mental math skills in addition to an in-depth understanding of more complex economic and financial concepts such as elasticities.

2. Behavioral/Fit Questions

Why Cornerstone Research? Why economic consulting? Describe a time when you lead a team in using data to complete a project? Expect such questions. Your interviewer will assess your responses to these behavioral questions to assess whether you’d be a good fit for Cornerstone Research.

How to Prepare

Adequate preparation will undoubtedly give you an advantage when interviewing with Cornerstone Research. Prepare well, and you will not be as nervous during the interview. You will also have the edge over the competition and can confidently beat other candidates to secure that job offer.

As you prepare for the interview, remember that fit performance is just as important as cracking the case interview. Too many candidates concentrate on preparing for Cornerstone Research case interviews and neglect the fit interview.

Make solving practice cases a part of your case interview prep. Take a deep look at the Cornerstone Research case examples. You can also benefit significantly from case interview coaching programs that let you learn the best tricks to acing the interview from industry experts.

Also, stay abreast with major trends and happenings in the niche of economic consulting. You can review articles, journals, and other publications relevant to economic consulting and commercial litigation.

Practice is also a great way to prepare for the fit questions. Find common behavioral questions and have a friend or family member conduct mock interviews. Take time to find your example situations that align with the common fit questions you may be asked.

Practice how you will structure your responses. A top-down structure is always best and involves starting with a direct answer to the question, then explaining the rationale behind that specific answer.

Target Schools

While Cornerstone Research also actively recruits from non-target schools, the firm prioritizes its recruiting efforts on target schools. The firm runs recruitment drives in these schools, scouting for top talent to join the firm.

Among the top names on the firm’s list of target schools include the following ten prestigious schools.

• Brown University
• Duke University
• London School of Economics and Political Science
• Massachusetts Institute of Technology – Sloan School of Management
• Northwestern University
• Northwestern University – Kellogg School of Management
• Stanford University
• University of California, Berkeley
• University of Chicago
• University of North Carolina

Careers at Cornerstone Research

Cornerstone Research has internship positions for those still in school and full-time positions for new graduates and experienced hires. Up-to-date details on current openings are available on the firm’s careers page. Case work and client projects at Cornerstone Research are highly specialized. The cases you will be involved in will undoubtedly be unique and span many industries.

At Cornerstone Research, your role in each case will likely stay the same, creating a familiar repetition. You will conduct financial analyses and find top-quality expert witnesses. This differs from what you may expect at management consulting firms such as McKinsey & Company, Boston Consulting Group (BCG), and Bain & Company (MBB), where each project differs greatly from the last, and the Consultant’s role varies accordingly.

The firm is an excellent choice for anyone passionate about economic consulting. As a team member, you will be a part of doing impactful work while enjoying all that the firm’s great company culture offers.

Office Locations

Cornerstone Research has 8 office locations. The London, UK office is the only office location outside of the U.S. The other seven are in U.S. cities, namely San Francisco, Menlo Park, Los Angeles, Chicago, Washington, New York, and Boston. The San Francisco office is the firm’s headquarters.

Salary Ranges

The salary structure at Cornerstone Research depends on factors such as seniority, function, and location. Pay varies by seniority or the position held. For instance, a senior analyst will get paid more than an analyst. Senior-level staffers at the Manager level take home an average of up to $170,000 a year.

Salary ranges at the firm also depend on the department or division. The average annual salary for consultants is $81,500. This average differs from the pay scale for generalists and team members in other departments, such as human resources and administration.

Additionally, the compensation tiers aren’t the same across all the firm’s offices. Geographical location impacts compensation packages at Cornerstone Research.

Benefits and Wellness

In addition to a competitive salary, you will be eligible for a wide range of perks and benefits as a team member at Cornerstone Research. These benefits range from health and wellness to financial perks and family support benefits.

Health and Wellness

• Medical, dental, and vision plans
• Employee Assistance Program (EAP) for confidential counseling and resources to handle stress and work/life balance struggles, depression, and more. The program also offers legal and financial services.
• Wellness benefits
  • Organized activities such as runs, yoga classes, and meditation classes
  • Discount gym memberships
  • Monthly fitness subsidy
  • Ergonomic furniture, including standing desks
  • Bike-sharing program subsidies
  • Health education

Financial

• 401(K) and profit-sharing plans
• Short- and long-term disability plans
• Accident and life insurance

Time Off

• 16-26 vacation days depending on position and years of service
• 9 paid holidays each year
• Up to 9 sick days each day for use on an employee’s own sickness or caring for an eligible family member.
• Volunteer time off
• Unpaid personal leave of absence

Family Support

• 12 weeks of paid maternity leaves for employees who give birth, and 4 weeks of paid parental leave for all the other new parents (paternity and adoption leave.)
• Back-up child and elder care
• Healthcare and Dependent Care Flexible Spending Accounts (FSAs)

Other Benefits

• Hybrid work program
• Public transit and parking subsidies
• Pet insurance discount
• Discount auto, home, and rental insurance
• Concierge services

Internships at Cornerstone Research

Cornerstone Research’s internship program runs for 8-12 weeks during the summer break. Interns work in case teams alongside analysts, senior consultants, and faculty experts. The intern role mirrors full-time roles at the firm, exposing interns to real work.

Interns make critical contributions during every phase of a project. Key responsibilities include:

• Conducting research and analyses
• Developing economic and financial modeling
• Presenting findings to case team members

The firm values the professional growth of its interns and provides rigorous training to those who join the program. In addition to recognizing the interns’ contributions to the firm and its clients, Cornerstone Research takes on former interns into full-time positions upon graduation

The pay for interns at the firm is above average compared to some firms in the industry. For example, a summer analyst on internship at the firm gets an average monthly pay of $5K.

Career Track

Cornerstone Research has a clearly defined career path. By putting in the work, and investing in professional growth, and expanding your expertise, you can steadily rise through the ranks to the very top of the corporate ladder at the firm.

Undergraduates generally join Cornerstone Research as Associates, making up a larger portion of the firm’s hires. On the other hand, MBAs come in at the Analyst level.

As an associate, you will play a key role in conducting research, directing data analysis, and understanding the findings from this analysis to develop a case strategy and propose feasible solutions. It will typically take 1-2 years to move to the Analyst level.

The Analyst’s role in a case team includes conducting analyses and submitting them to the court, developing case strategies, and preparing experts for testimony. Analysts at Cornerstone Research work on many types of cases in teams comprising other analysts, senior consultants, and academic or industry experts.

Additionally, Analysts are often members of multiple teams at a time. Cornerstone Research’s approach is different from the one-project-a-time rule that is common at the more traditional strategy consulting firms. It may take 3-5 years in the role of Analyst to progress to the next level, that is, Senior Consultant.

As a Senior Consultant, your role will include managing and giving direction to teams of junior consultants. As subject matter experts, Senior Consultants actively resolve client queries and oversee client relationship management. Senior Consultants also provide mentoring and professional advice to junior consulting staff, especially the associates. It will typically take 2-3 years to move up to the level of Manager.

Managers at Cornerstone Research manage teams and oversee the team’s performance in delivering services and support to clients. A Manager will develop strategies and map out plans for the execution of enterprise solutions.

Managers may also be involved in the recruitment, hiring, placement, and training of staff members. Managers also interact directly with clients and share progress updates. Another 2-3 years at the Manager level, and you can move up to the position of Principal.

Critical roles at the Principal level include client relationship management and managing mid-level managers. Principals keep the partners in the loop, sharing progress updates. Principals are essential partners in training, and you can move up the ladder after 2-3 years at the Principal level.

Partners at Cornerstone Research have two primary roles. The first is business development, that is, bringing in new business. The second role is managing relationships with existing clients. Partners oversee the direction and growth of the firm.

Cornerstone Research Exit Opportunities

Exit opportunities are plentiful and varied for professionals who have worked at Cornerstone Research. The firm has proven to be a great launching pad for former employees exploring career opportunities outside the firm. You can chart the next steps in your career and take any one of several directions.

Many junior-level Associates and Analysts choose to attend graduate school and enroll in economics, finance, business, and law programs. Cornerstone Research has a program that helps its staffers to prepare applications and get into the top programs in the top schools across the country. Upon graduation, you can look into other opportunities, including joining another consulting firm.

The experience of working in a litigation consulting firm and collaborating with law firms makes working at a law firm an easy transition. Many law firms are always eager to hire someone with the expertise and experience that Cornerstone Research alums have.

Cornerstone Research works with some of the world’s leading law firms, and consultants can leverage these networks to secure their next career step after leaving the firm. The same goes for firms in the finance and economics industries whose cases the firm diligently handles.

Culture/ Environment at Cornerstone Research

Former and current employees at the firm describe the culture at Cornerstone Research as supportive and inclusive. Indeed, the firm has prominently featured in “The Best Workplace” list more than a few times over the years.

Core Values

Four core values define Cornerstone Research and how the firm works. These are; dedication to quality, commitment to clients and experts, commitment to the firm’s people, and one-firm firm.

Commitment to these values has greatly impacted and helped define the firm’s culture or work environment. The culture is supportive, inclusive, and collaborative. The core value around the commitment to its people encompasses various elements, including embracing diversity, equity, and inclusion and maintaining respect for every person.

The firm supports a diverse and multigenerational workforce and strives to create a work environment where every employee feels valued.

Cornerstone Research supports its own professional development through skills development and ongoing training. The firm has a comprehensive training program, which includes annual tenure-based training. The firm has an internal course catalog, commonly referred to as the “Cornerstone College.”

Employees at all levels of seniority can take self-directed classes to develop skills relating to the firm’s core practice areas. Employees also hold discussions with colleagues on various subjects and share their experiences during informal Brown Bag Lunch sessions. Senior-level staffers, such as senior consultants, also provide mentoring to their colleagues.

In line with the “one-firm firm” value, cross-team collaboration and teamwork are essential elements of how staffers at Cornerstone Research do their work. Together, the team maintains its dedication to quality and commitment to clients.

With deadlines to meet and demanding clients to satisfy, you may face some challenges in establishing a healthy work-life balance. That the hours may be unpredictable is something to note even as you apply to join Cornerstone Research. Even then, many current and former employees say they don’t mind the occasional long hours as the cases are very interesting.

Giving Back/ Charity Efforts

Pro-bono work is a fundamental element of the firm’s culture. Cornerstone Research uses pro-bono work as a direct channel to help its community, especially underprivileged individuals. The firm’s pro-bono work has greatly contributed to the resolution of civil rights, discrimination, children’s rights, education, and asylum matters.

The firm has done pro-bono work not just for individuals, but also organizations. Cornerstone partners with several non-profit organizations. Among the organizations the firm works with include American Civil Liberties Union (ACLU) and Clean Slate Initiative (CSI.)

Cornerstone Research regularly donates to charities that support communities experiencing crises, such as environmental recovery, disaster relief, and medical aid. The firm has an active outreach program, the Cornerstone Research Outreach Program (CROP), which focuses on community outreach and raising money for relief efforts and charities. The firm matches every dollar that its employees give to these charities.

As a part of the firm’s outreach program, staffers also donate their time to help non-profits understand how best to process and analyze data.

Rankings and Accolades

Over the years, Cornerstone Research has received accolades and has been ranked highly in various categories. Here is a look at some of the most recent rankings.

America’s Best Management Consulting Firms (2022)

• Forbes 2022

2023 Vault Rankings

• #8 Best to Work For (Compensation)
• #9 Best to Work For (Benefits)
• #14 Best to Work For (Promotion Policies)
• #16 Vault Consulting 50
• #16 Best to Work For (Selectivity)
• #17 Best to Work For (Overall Business Outlook)
• #17 Best Firms in Financial Consulting
• #24 Best to Work For (Formal Training)
• #25 Best to Work For (Firm Leadership)
• #25 Best to Work For (Innovation)
• #27 Prestige
• #32 Best Boutique Consulting Firms