PITTSFORD, NY / ACCESSWIRE / May 16, 2024 / BarkerGilmore, a boutique executive search firm recognized for helping companies build world-class legal and compliance departments nationwide, released its annual 2024 In-House Counsel Compensation Report today. The data was collected from thousands of in-house counsel across the United States via an online survey administered in March 2024.
"From the significant shifts in compensation across roles to the narrowing gender gap, our report paints a comprehensive picture of the evolving landscape for in-house counsel compensation," said John Gilmore, Managing Partner of BarkerGilmore. "This year's survey questions were strategically designed to identify new trends and empower organizations to make informed decisions, foster diversity, and remain competitive in attracting and retaining top legal talent."
Key trends revealed by the report include:
Salaries for in-house counsel increased by 4.4% in 2024. The increase was most significant for Managing Counsel (3.8%), followed by General Counsel (3.2%) and Senior Counsel (2.9%).*
Cash bonuses for in-house counsel were paid at 95% of the target. Senior Counsel received slightly over target (101%), followed by Managing Counsel (96%) and General Counsel (83%).
General Counsel at private equity portfolio companies earned similar total compensation to peers at public companies and 55% more than those at private companies. Public companies typically offer higher salaries and bonuses than portfolio and private companies, but the long-term incentives at portfolio companies surpassed those of public and private companies last year.
Compensation disparities between male and female General Counsel continue to narrow. The difference decreased from 4.9% in 2023 to 4.3% in 2024.
Motivation to find a new job due to compensation issues decreased by 22%. In-house counsel with 25 to 29 years of experience are both the least satisfied with compensation (42%) and the most likely to seek new positions.
Managing Counsel and Senior Counsel are less likely to receive sign-on bonuses. The percentage of Managing Counsel and Senior Counsel receiving sign-on bonuses has significantly declined, dropping from 45% last year to 25% this year.
Job changes among in-house counsel decline as the market stabilizes. The percentage of in-house counsel changing jobs last year decreased to 9% overall as the market stabilized from the 12% high in 2021.
General Counsel with additional functional responsibilities typically earn more. Including Government Affairs/Relations responsibilities typically increases total compensation by 35%, Chief Compliance Officer by 25%, Corporate Secretary by 24%, Chief Administrative Officer by 17%, and Chief Risk Officer by 15%.
In-house counsel with Banking and Finance as their primary practice area earn the most compared to other practice areas. The median total compensation for the top three practice areas for Managing Counsel and Senior Counsel was Banking and Finance at $410K, Energy at $390K, and Litigation at $381K.
General Counsel who worked at an AM 50 law firm typically earn 58% more than those with small/boutique law firm experience. Experience working at an AM 50 law firm has a more significant impact on compensation than attending a Top 50 law school.
To view the complete study, download the 2024 In-House Counsel Compensation Report.
*Despite the counterintuitive result, the overall 4.4% salary increase across all in-house counsel is higher than the increases for specific positions due to uneven respondent distribution, illustrating Simpson's Paradox.
About BarkerGilmore
Founded in 2006, BarkerGilmore is a boutique executive search, coaching, and advisory firm dedicated to building high-performing and diverse legal and compliance teams that drive business success.
Our distinguished team of professionals, including renowned General Counsel and Chief Compliance Officers, alongside expert executive search consultants, sets us apart. The combined national reach, established industry relationships, and proven CustomFitSM assessment process ensure we excel in executing the most demanding and high-profile searches. Our team's broad industry experience empowers us to assist clients in recruiting and developing top-tier talent effectively.
We measure our success by our high client satisfaction rates, exceptional search completion rates, strong diversity track record, and impressive stick rates.
Media Contact:
Avril King
Assistant Director of Marketing
BarkerGilmore LLC
aking@barkergilmore.com
SOURCE: BarkerGilmore LLC
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