Compensation is ranked as the most important issue
General counsel in companies with US $5 billion or more in revenue make 57 percent more in base salary and 160 percent more in total cash compensation compared to general counsel in companies under US $1 billion in revenue, according to a new survey.
The Association of Corporate Counsel and Empsight International, LLC’s 2023 Law Department Compensation Survey also found that thirty-seven percent of respondents reported changing jobs in the last two years – a four-point increase since 2022.
Sixteen percent of respondents to the ACC’s fourth annual compensation survey reported working full time in the office, up from 11 percent in 2022. Meanwhile, 27 percent reported that compensation was the most important issue related to the job work-life balance, with ability to manage workload close behind at 26 percent.
The report indicates that legal specialties in areas such as securities, healthcare, and banking and finance have higher compensations across the board.
In addition, chief legal officers with law firm experience earn 18 percent more in base salary and 20 percent more in total compensation compared to those who do not have prior law firm work experience.
“In today’s new working environment, multiple variables continue to impact employment and the decisions employees, and employers, are making,” said Blake Garcia, ACC’s senior director of business intelligence. “ACC and Empsight’s suite of reports are a valuable tool individuals and department leaders can use to ensure they and their teams are both competitively and fairly compensated for their work.”
“We continue to see healthy increases for in-house counsel compensation following a dynamic year in 2022,” said Jeremy Feinstein, managing director and co-founder, Empsight International.
The Law Department Compensation Survey is based on responses to an online survey from 1,963 in-house legal professionals throughout the US from May to June, 2023.
