Study Reveals 2016 In-House Counsel Compensation Trends
Rochester, NY, August 22, 2016 (Newswire.com) - BarkerGilmore, a boutique executive search firm recognized for helping companies build world-class legal and compliance departments nationwide, today released the 2016 In-house Compensation Report. The data was collected from a random sample of 1,073 in-house counsel in the United States using an online survey between February 2016 to May 2016.
“Compensation for lawyers is currently in a state of flux. Large law firms are increasing Associate compensation for the first time in ten years, pressuring companies to add or increase in-house counsel compensation,” said John Gilmore, Founding Partner of BarkerGilmore.
“The rise of the General Counsel from legal adviser to strategic adviser is causing their compensation to reach new highs to more closely align with other members of the executive management team,” said Bob Barker, Managing Partner of BarkerGilmore.
Key trends of the study include:
- Energy, healthcare, and finance are the three highest-paying industries across all position levels.
- The average annual salary increase rate for all position levels across industries is 4.2%, with the energy industry displaying the lowest average increase of 2.4%.
- There is a direct, positive correlation between total compensation and company revenue across all position levels, industries, and practice areas, with larger companies offering greater compensation.
- Overall, 44% of respondents believe their compensation is below or significantly below that of their peers, with litigators and those in the services industry reporting the greatest dissatisfaction.
- 40% of respondents indicated that they would consider a new position over the next year due to compensation issues, with those in the energy industry reporting the greatest likelihood to be open to new employment.
To view the full study, visit 2016 In-House Counsel Compensation Report.
About BarkerGilmore
BarkerGilmore is a boutique executive search firm dedicated exclusively to the placement of General Counsel, Chief Compliance Officers and their strategic hires nationwide. Our niche concentration affords us access to a specialized network of talent, and we have established the relationships that allow us to identify the best legal and compliance professionals for any assignment. To learn more about BarkerGilmore, visit www.barkergilmore.com.
Industry Contacts:
John Gilmore
(585) 598-6555
Bob Barker
(585) 598-6550
robert.barker@barkergilmore.com
Source: BarkerGilmore