Study Reveals In-House Counsel Compensation Increases 4.3%
Fairport, NY, June 15, 2017 (Newswire.com) - BarkerGilmore, a boutique executive search firm recognized for helping companies build world-class legal and compliance departments nationwide, released their 2017 In-House Counsel Compensation Report today. The data was collected from a random sample of nearly 1,600 in-house counsel throughout the United States via an online survey administered from March to May 2017.
“The compensation report is an excellent measure of industry trends and provides an approximate range for competitive compensation. There are many factors influencing a lawyer’s actual compensation including credentials, depth and breadth of skills, experience and performance, and leadership capabilities. We greatly appreciate the input from so many in-house lawyers across the country.” said John Gilmore, Founding Partner of BarkerGilmore.
“This is the first year we analyzed compensation separately for private and public companies, and the impact for those in the GC seat appears to be significant,” said Bob Barker, Managing Partner of BarkerGilmore.
Key trends revealed by the report include:
1. Annual Salary Increase Rates: The median annual salary increase rate for all positions across industries is 4.3%, up 0.1% from the previous year, with the technology sector experiencing the highest median increase rate of 4.9%. This year’s increase rates across industries show much less variation than in the year prior.
2. Peer Comparison: 43% of respondents believe their compensation is below or significantly below that of their peers in other organizations, with litigators reporting the greatest dissatisfaction. Those in the real estate and banking/finance practice areas express the highest levels of satisfaction with over 20% reporting compensation above or significantly above average.
3. Who’s on the Market: 41% of respondents indicate that they would consider a new position within the next year due to compensation issues. Similar to last year, those in the energy industry report the greatest likelihood of a job search in the next year, while those in the healthcare industry are the least likely to engage in a job search. In-house counsel who identify with a generalist practice area are most likely to consider a move for compensation issues, while those in the insurance practice report least likely to move.
4. Public vs. Private: At the General Counsel level, a statistically significant difference exists between the compensation of those at publicly-traded companies and those at private companies. The size of this gap decreases as position level decreases; smaller disparities exist at the Managing Counsel and Senior Counsel levels.
The Long Term Incentive (LTI) compensation component poses the greatest disparity across all position levels; LTI is much higher for public-company employees and sometimes non-existent for private-company employees.
5. Industry Highs and Lows: Unlike last year, industry trends were not uniform across position levels. Check out our report below to see the industries that pay the most, and the least!
To view the full study, visit 2017 In-House Counsel Compensation Report.
About BarkerGilmore
BarkerGilmore is a boutique firm of distinguished consultants who are recognized by CEOs, boards and corporate legal and compliance leaders as best-in-class executive search consultants, advisors, and coaches. 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. We are attentive to each of our client’s business culture and understand their brand, strategy and leadership needs. We pride ourselves on being able to provide the highest standard of service and on establishing meaningful and long-lasting relationships with our clients.
Media Contact:
Amy Feldman
(585) 598-6559
afeldman@barkergilmore.com
Source: BarkerGilmore