Step 1

Heat the olive oil in a large, heavy skillet over medium-high heat. When the oil is very hot, add the livers and sear until browned on one side, about 1 minute.

Step 2

Turn the livers over, add the shallots to the pan, and continue to cook until the livers are browned on the other side, about 1 minute more. Add the thyme and cook, stirring, for another minute or so. Remove the pan from the heat and add 2 tablespoons of the schmaltz and ¼ cup of the cognac. Stir to deglaze the pan, scraping up any browned bits from the bottom of the pan.

Step 3

Transfer the mixture to a food processor and let cool to room temperature. When livers are at room temperature, add the remaining 1/4 cup of schmaltz and the remaining 1/4 cup of cognac and process in the food processor until smooth.

Step 4

Transfer the puree to 4 (4-ounce) ramekins or a terrine large enough to hold it all.

Step 5

Cover and refrigerate until ready to use (it will keep well in the refrigerator and can be frozen, as well).

Step 6

Bring to room temperature before serving.