What’s more stressful: working in-house, or working at a law firm? Conventional wisdom might say that law firm life is more stressful — but that’s not the case for everyone, as recently explained by one of our in-house columnists, Susan Moon.
So in-house lawyers might be more stressed than many people think. But at least they’re getting paid a pretty penny to put up with all these headaches — mo’ problems, mo’ money?
That’s one conclusion to be drawn from Corporate Counsel’s new rankings of the nation’s best-paid general counsel. Conventional wisdom holds that in-house lawyers earn less than their Biglaw counterparts — but top in-house lawyers, the GCs of the nation’s largest companies, earn sums that meet or even exceed Biglaw partner pay….
At our recent Seattle event with in-house counsel — by the way, thanks to all the attendees and to Recommind, our sponsor — I asked the panelists about what they most enjoy about in-house practice. Christi Muoneke of DocuSign and Brad Toney of Classmates Media both discussed the satisfaction they get from working for a single client on interesting issues that call for both legal and business judgment.
Of course, there are many other good things about working as an in-house lawyer (which is why in-house posts are so coveted). Liberation from the billable hour is one big advantage. Healthy pay packages are another.
At junior levels, Biglaw associates who go in-house might take a pay cut (although not necessarily). But many of the top dogs of the in-house world earn amounts that far outstrip average partner pay.
Let’s take a closer look at Corporate Counsel’s recently released rankings of the nation’s best-paid general counsel. Some GCs enjoy pay packages that make Biglaw partners look like paupers….
Today, the National Law Journal released its list of the 100 most influential lawyers in America. The NLJ releases a similar list once every few years, and each time, the nation’s top lawyers — some from Biglaw, some from legal academia, some from the in-house world, and some from the trial and appellate bars — celebrate their success in creating real change in the industry. That said, the people named to this list are relatively well-known to the general Above the Law readership, but they won’t exactly be household names to laypeople.
Which legal eagles soared into the NLJ’s list this time around? Well, the NLJ selected their influential lawyers based on their political clout, legal results, media penetration, business credibility, and thought leadership. We’ve whittled the impressive list of 100 down to our own top 10.
There are some great perks to working for Google, a company pushing the boundaries of technology. But there’s also a downside to being at the bleeding edge of innovation: some countries might try to hold you back… with handcuffs. This week, police in Sao Paolo detained Brazilian Google chief Fabio Jose Silva Coelho, releasing him only after he promised to appear in court over YouTube videos that violate Brazilian election laws. A judge ordered that the videos in question, which say nasty things about a mayoral candidate, be taken down; Google ignored the order, likely hoping to export American free speech values abroad. Coelho is now in the Brazilian doghouse for the crime of “disobedience.”
The ploy worked. Google caved shortly after Coelho was released.
Google likes to argue that it’s not responsible for the content that its users post, but that argument doesn’t always fly abroad. This is not the first time a Google exec has wound up in trouble over a YouTube posting disliked by local authorities. Three execs became convicts in Italy thanks to a 2006 incident.
Last year, all things considered, wasn’t a bad year for Biglaw. The law firms of the Am Law 100, for example, experienced decent growth. In 2011, for the Am Law 100 as a whole, gross revenue grew by 5.3 percent, revenue per lawyer grew by 1.9 percent, and profits per partner grew by 3 percent. It was a perfectly fine year for partners.
How did their counterparts on the corporate side fare? Alas, not as well, according to Corporate Counsel’s latest compensation survey of the nation’s general counsel. Base pay for GCs in the survey declined by 1.8 percent, to an average of $611,411. Bonuses and nonequity incentive pay slid by an even larger number, 7.7 percent, to an average of $1,125,458. Meanwhile, in terms of non-cash compensation, the average stock award fell by 10.8 percent, to $1,426,325, and the average stock option award dropped by a whopping 18.7 percent, to $732,453.
These are just the top-line figures — which, of course, conceal a lot of individual variability. Let’s take a look at some specific names and numbers, as well as the top ten highest-paid general counsel….
* My former boss, Governor Chris Christie, defends his appointment of Judge Sohail Mohammed, standing up to some of the Sharia-obsessed crazies on the right. Alas, some of these crazies could create problems for him in 2016. (Where are all the nice, moderate, socially liberal Republicans hiding? Establishment types, please take the GOP back from these icky populists.) [Arab American Institute]
* Being a tenured professor can be a pretty sweet gig. Being an adjunct prof? Not so much. [Adjunct Law Prof Blog]
* If you’re looking for something to do on Monday night in New York, check out this fundraising event, sponsored by Weil Pays It Forward (and featuring Survivor hottie and former Weil lawyer Charlie Herschel). [Celebration of Survival]
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: firstname.lastname@example.org.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
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For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
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