69 percent of the firms surveyed even said that pay for their in-house counsel went up, albeit modestly and only 19 percent said that it stayed the same.
Pasadena, CA (PRWEB) November 21, 2012
Results from a recent survey conducted by HBR Consulting show that compensation for in-house lawyers went up last year.
The 2012 HBR Law Department Survey includes data derived from over 6,000 lawyers and another 5,000 non-attorney staff. 68 percent of the respondents were from companies at and above the Fortune 500 threshold in annual revenue ($4 billion or more).
69 percent of the firms surveyed even said that pay for their in-house counsel went up, albeit modestly and only 19 percent said that it stayed the same. The compensation included base pay and also cash bonuses. Legal job search site LawCrossing.com has also found over 7,000 in-house attorney job openings.
Chief Legal Officers had a particularly good year with the average total compensation reaching to $1.96 million. General Counsel are now among the top earners at several Fortune 1000 companies. This finding was reported by Equilar, Job trends, reports and data from various quarters support Equilar’s findings. The best industries in terms of pay for GCs according to Equilar were technology, telecom, media, food and beverage, finance and insurance.
LawCrossing CEO Harrison Barnes attributes the reason for the increase in in-house compensation to the trend of law firms to shift more work in-house.
The Wall Street Journal also attributes this increase in pay for in-house attorneys to increasingly complex regulations, both home and abroad. As the WSJ elaborates in a related report, the increased enforcement of the Foreign Corrupt Practices Act and internal compliance programs that corporations are setting up to avoid such situations is resulting in more demand for in-house counsel.
LawCrossing is an affiliate of Employment Research Institute, a powerful and comprehensive organization dedicated to help professionals, as well as first timers, finds jobs that will enhance their careers. LawCrossing consolidates every legal job opening it can find in one convenient location. LawCrossing has been on the Inc. 500 twice. The website also offers a three-day free trial to new members.