Ted Ullyot, Facebook’s GC, is certainly doing alright financially at his current position. UPDATE (4:50 PM): Here are the actual numbers, according to the Daily Journal (sub. req.):
Last year, Ullyot received a base salary of $270,000, an individual bonus of $202,500, an annual retention bonus of $400,000 and $110,644 in other compensation, including relocation reimbursements, according to SEC documents.
And you can’t forget stock:
When Facebook founder and CEO Mark Zuckerberg rang the bell for the NASDAQ on Friday, Facebook’s initial share price was $38. Ullyot would stand to earn more than $250 million once those shares and stock options were fully vested.
The Daily Journal (sub. req.) reports that technology companies are changing the way GC compensation is handled:
In previous years, general counsel compensation wasn’t included in SEC documents because general counsel were not among the highest paid employees at a company, according to Wilson Sonsini Goodrich & Rosati PC partner John Aguirre, head of the firm’s Employee Benefits & Compensation practice.
But that has changed with recent tech IPOs, including Facebook Inc., Zynga Inc. and Linkedln Corp.
“Especially in a technology company that is exploring new areas of the markets, the law is developing,” Aguirre said. “In certain companies that are leaders and innovators, the law is going to be of particular importance.”
The piece points out some interesting differences between the ways law firms and traditional companies prioritize retaining employees:
Aguirre said that unlike law firms, businesses devote a great deal of resources and calculations to retention models. “Companies make an analytical decision on how they want this talented employee to stay and that it is in their interest to stay,” he said. “In some ways, it’s superior to the law firm model, where compensation is almost immediately paid. In that sense, law firm partners are a lot more mobile,” he said.
And that, my friends, is why everyone on the West Coast works at a start-up.
Facebook Ads, The First Amendment and the Almighty ‘Like’ [WSJ Blog]
Facebook I.P.O. Raises Regulatory Concerns [DealBook / New York Times]
Facebook Investor Sues Nasdaq Over Delays In Offering [Bloomberg]
Facebook GC’s value ushers high-tech change [Daily Journal (sub. req.)]