Top 50 law firm experience provides a 79% compensation bump
General counsel at public healthcare companies earn double the total compensation of their private company counterparts at every revenue stage due to the long-term incentives they receive, according to a new study.
BarkerGilmore’s 2023 Healthcare and Life Sciences In-House and Compliance Compensation Report also reveals that within public and private healthcare companies, the general counsel at companies worth US $10 billion or more make double that of their counterparts at companies worth less than US $500 million.
Moreover, healthcare general counsel that attended a Top 50 law school make 93% more at private companies and 48% more at public companies than those who attended a 100+ ranked school. Top 50 law firm experience provides a 79% total compensation increase for healthcare general counsel.
“As evident from the data, organizations must be willing to pay a premium for candidates with top credentials,” said Brittney McDonough, partner at BarkerGilmore. “The impact of qualifications remains consistent across all positions in each industry. In this fiercely competitive landscape, companies aspiring to attract candidates from a top 50 law school with prestigious law firm experience must be prepared to offer commensurate compensation.”
The median total compensation at private healthcare companies is reported to be US $325,000, compared to $400,000 at public companies. Total compensation at private life sciences companies is $431,000 versus $478,000 at public companies. Credentials in the form of law school rank and law firm experience significantly impact total compensation across all positions regardless of industry, company type, or company revenue.
General counsel at life sciences companies are slightly more likely to report to the CEO (93%) than healthcare general counsel (89%). Life sciences general counsel are more likely to serve as CCO and corporate secretary, whereas healthcare general counsel are more likely to be responsible for government affairs. Top 50 law firm experience provides a 55% total compensation increase for life sciences general counsel.
Senior counsel at public life sciences companies make an average of nice percent more than their private company counterparts. Senior counsel with top law firm experience make 54% more at private companies and 55% more at public companies than senior counsel without law firm experience.
The data was collected from a random sample of healthcare and life sciences professionals throughout the United States via an online survey administered in March 2023.
