Survey Says Law Firm GCs Make More Than Ever Before
Most major U.S. law firms continue to have an in-house general counsel, and the position is better-paid than ever before. On average, law firm GCs earn $750,000 in cash compensation if they hold the position full-time, according to a new survey by a legal consultant.
The $750,000 represents a 34 percent pay increase since the last Altman Weil, Inc., survey about law firm general counsels in 2006, the company says in a press release today. Survey data is also presented in graphs and charts in a separate report (PDF)
The vast majority of law firms—85 percent—have an in-house general counsel overseeing the firm’s own legal matters, and most of these leading lawyers are former litigators, the survey found.
Commonly, law firm GCs are partners, but less than a quarter—22 percent, to be precise—are members of the governing committee for their firm, which is a decrease from the 28 percent who were in 2006. “This probably reflects the need for the GC to establish client privilege in representing the firm and its management group,” says Ward Bower of Altman Weil.
