Companies are increasingly giving general counsels a larger role (and a larger chunk of money) as they are forced to beef up their legal teams to protect themselves from regulatory and legal risks, The Wall Street Journal reports.
This means GCs take on more of a management role at companies and get paid more. In fact, at some companies, in-house counsel are among the top five paid executives.
According to a report to be released Monday by compensation researcher Equilar Inc., the median pay for general counsel who report directly to chief executives was $1.55 million—more than twice that of those further down the corporate hierarchy, whose median pay was $760,000,” the Journal reported.
General counsels are getting paid more as they work with executives on business goals and map out possible risks for their company.
So, here’s our question for you:
Have general counsels taken on more of an executive position at your company? If so, has their pay increased?
Leave a comment below or email me.
Need to Know:
- The American Red Cross appointed a new general counsel.
- Marathon Oil named a executive vice president, general counsel and secretary.
- Entecom’s general counsel retired.
- What in-house counsel wants and doesn’t want from outside counsel.
- The National Labor Relations Board’s Division of Judges disposed of 645 cases in FY 2012, issuing 207 decisions and settling 438 cases.
- Attorneys for a few Penn State administrators say the university’s former GC violated attorney-client privilege by helping prosecutors build a case against the school’s former VP and athletic director.
- In-house attorneys say a move in-house is no longer a career downshift.
- J.P. Morgan revamps its legal team.
- Follow us on Twitter for In-House news and discussion: @TDRInHouse
- Want the latest on who’s been hired, fired or moving and shaking in between? Head to our Movers and Shakers page to find out.
- For networking events and other happenings this week in Maryland, check out our calendar of events.
- Get the very latest updates from our law reporters on Twitter: @TDRKristi, @Steve_Lash, @TDRBeth
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