In-house counsel with prior law firm experience earn 19 percent more than those without
A new report has revealed that general counsel at companies with over US$5 billion in revenue earn 66 percent more in base salary and 144 percent more in total compensation compared to those at companies with under US$1 billion in revenue.
The Association of Corporate Counsel (ACC) and Empsight International, LLC, have released the "2024 Law Department Compensation Survey," a report providing insights into in-house legal compensation across the United States. With data gathered from 1,887 in-house legal professionals, the survey provided benchmarks that could help legal departments evaluate compensation trends and guide career planning.
Key findings include significant compensation variations based on company size. General counsel (GC) at companies with over US$5 billion in revenue make 66 percent more in base salary and 144 percent more in total compensation than GCs at companies under $1 billion. Despite the salary increase, total compensation has decreased by 10 percent compared to last year, driven by short-term and long-term incentive adjustments.
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The survey also revealed job mobility trends. Twenty-five percent of respondents reported changing jobs in the past two years, a decrease from 37 percent in 2023. However, job mobility is expected to rise, with 20 percent of respondents anticipating a job change within the next year, up from 16 percent last year. This suggests a growing inclination for legal professionals to seek new opportunities.
Work-life balance remains a critical factor for job satisfaction. Eighty-five percent of respondents report their work arrangements support their work-life balance either “very well” or “somewhat well.” Notably, those in full-time office roles are the least satisfied, while those working fully remote express the highest levels of satisfaction.
The survey highlighted several legal specialties with higher compensation, including antitrust, securities, government relations, intellectual property and patent litigation, and licensing. Additionally, on average, in-house counsel with prior law firm experience earn 19 percent more than those without.
"Fair and competitive compensation is critical to both individuals and companies," said Blake Garcia, Ph.D., ACC's senior director of business intelligence. "Accurate, comprehensive data like that provided in this survey helps legal professionals make informed decisions."
Empsight's managing director, Jeremy Feinstein added, "This survey enables law departments to attract, retain, and reward key talent, providing critical insights for managing compensation across various organizational sizes."
