Mock in-house counsel if you want to (and apparently many of you “want to“), but those jobs still pay great money. A new study says that the average pay for in-house attorneys is $236,000.
Maybe that is what CNBC was talking about when they promised aspiring law grads $200K salaries.
The numbers were even better at the top. According to the ABA Journal:
The average cash compensation, including bonuses, amounts to about $700,000 for general counsel and more than $900,000 for chief legal officers, according to a survey by the legal consulting firm Hildebrandt International. Long-term incentives increased the average total compensation to nearly $1.5 million for general counsel and nearly $2 million for chief legal officers, according to a press release summarizing the survey.
It seems that even as companies are shedding in-house counsel jobs, the attorneys that hang on are making good money.
Unfortunately for those working for law firms, corporations might look to save money by decreasing their reliance on outside counsel. The National Law Journal reports:
Most companies — 67% — said they expect no change in the number of law firms they plan to use in 2008, but nearly a third — 29% — said they anticipate decreasing that number.
The report doesn’t contain an analysis of the hours in-house counsel have to work for their salary. But law firm associates usually cannot claim that they work less than their in-house counterparts.
So while the jobs might be harder than ever to get, in-house still seems to be a great exit option. Unless you were in-house at: Bear, Lehman, WaMu, AIG, or whichever company spits the bit next.
Global corporations slowing their spending on legal fees, study finds [National Law Journal]