Women GCs are less likely to know they are GC successors
Seventy-one percent of general counsel in the US were externally recruited for their current role, versus 29 percent that were promoted from within, a new study has revealed.
Barker Gilmore’s 2023 General Counsel Succession Report also found that while sixty-nine percent of promoted general counsel were made aware of their successor status, most (58 percent) found out a year or less before the succession took place. Women were more likely than men to find out about their successor status a year or less before the promotion took place (66 percent versus 53 percent).
Public companies were the least likely to alert women successors, with 67 percent having a year or less notice compared to 55 percent of men.
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Only 18 percent of promoted general counsel served as interim general counsel before their succession, the study found. Sixty-two percent of the time, no other candidates were interviewed when the general counsel was promoted from within.
The study also revealed that the technology industry is most likely to recruit its general counsel, whereas the industrial/manufacturing industry is most likely to promote from within. Public companies are most likely to promote their general counsel from within, while private equity companies are most likely to recruit their general counsel externally.
Promoted general counsel were most likely to have the position of deputy general counsel prior to their promotion.
“General counsel succession planning and recruitment are imperative exercises to ensure a strong strategic advisor is leading the in-house team,” said managing partner Bob Barker. “This report demonstrates the different experiences and nuances of general counsel that succeeded into the role or were recruited into the organization.”
Promoted general counsel receive more professional development to prepare them for the general counsel role than recruited general counsel, and general counsel receiving executive coaching are most likely to receive it from an external service provider (81 percent promoted versus 95 percent recruited).
Eighty-one percent of promoted general counsel found executive coaching to be valuable or extremely valuable compared to 75 percent of recruited general counsel, the study found.
The outgoing general counsel is most likely to stay in the organization for some period of time with a promoted general counsel (15 percent) versus recruited general counsel (10 percent). In these cases, the departing general counsel stayed for over a year 77 percent of the time for promoted general counsel and 55 percent of the time for recruited general counsel.
The data was collected from a random sample of general counsel throughout the United States via an online survey in September, 2023.