How Much Do In-House Lawyers Make?

‘Tis the season for… salary surveys. Earlier this week, we discussed the results of Washingtonian magazine’s D.C. lawyer salary survey. The upshot: lawyers in the nation’s capital are doing quite well for themselves.

Today we bring you the results of, and commentary on, a recent in-house counsel salary survey. It was conducted by the Hildebrandt Baker Robbins consulting firm and covered in Corporate Counsel magazine, among other outlets.

Just like some of the government lawyers and judges discussed in the D.C. salary survey, it seems that corporate counsel have pretty sweet gigs. They earn well into the six figures, without the soul-crushing requirement of billing 2000 or 3000 hours at a sweatshop law firm.

So let’s get to it. What’s the 2010 average base salary for in-house lawyers?

According to the survey, the magic number — the 2010 average base salary for corporate counsel, across all levels of seniority — was $174,000.

That’s a nice chunk of change. It’s well above what the average American makes, obviously. It’s more than twice the supposed $75,000 “magic number” for happiness.

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It’s also considerably higher than what the average lawyer earns. According to the Bureau of Labor Statistics, as of May 2008 — and we’re guessing this figure hasn’t moved up much (if at all) over the past two years, thanks to the recession — “the median annual wages of all wage-and-salaried lawyers were $110,590.” So a base salary closing in on $200K — base salary, mind you, not reflecting bonuses — is very robust.

On the other hand, compared to folks at firms, $174K may be less than fabulous. This is why the Legal Tease, of Sweet Hot Justice, suggested that in-house lawyers are practically poor people, at least in New York City.

On the standard NYC Biglaw pay scale, a base salary of $174,000 hovers somewhere between a second-year associate, at $170,000, and a third-year associate, at $185,000. This means that seasoned, experienced in-house lawyers are earning less in base salary than wet-behind-the-ears junior associates.

(But note that cash bonuses for in-house lawyers — which averaged $57,000, according to the survey — are significantly higher than associate bonuses these days. In 2009, the Cravath bonus scale topped out at $30K. Speaking of which, WHERE IS THE CRAVATH BONUS NEWS?)

Compared to the draws of partners — the same partners who are reporting to and taking orders from in-house lawyers, interestingly enough — the in-house counsel mean salary of $174K is a pittance. To get into Biglaw partner territory, at least in major markets / large cities, you’d need to stick another zero on the end.

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But what’s the relevant comparison? Feel free to argue about this, in the comments.

For more discussion, including trends in the income of in-house lawyers, check out Corporate Counsel.

UPDATE: You can also check out additional data points on in-house comp over at Law Shucks.

Rate of In-House Counsel Salary Increases Slows Down, Survey Shows [Corporate Counsel]

Earlier: How Much Do D.C. Lawyers Make? A Washington Lawyer Salary Survey
Money v. Job Satisfaction: How Much Do You Need?
Poor You! (Literally.)