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….
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….
Which GC took home the most cash in 2010? For the first time, the winner was a woman.
Corporate Counsel just released its annual list of the highest-paid general counsel in the land. On the whole, the news is good: “If last year’s GC Compensation Survey showed the aftereffects… of the deepest trough of the recession, this year’s results show that chief legal officers made steady gains and recovered some momentum.”
This year there was at least one surprise: a winning woman. For the first time since the inception of the survey in 1994, the highest-paid general counsel on the list was a female attorney.
Who topped the list, and how much did she make? Let’s take a look….
Corporate Counsel has released its annual list of the highest-paid general counsel in the land. The trend this year is a leveling-off, says Corporate Counsel, thanks to the recession and the belt-tightening that results from a greater transparency for executive compensation. The party slows down when the lights come on.
These GCs still managed to do well for themselves. At the top of the list is Russell Deyo, of Johnson & Johnson. The Georgetown ’75 grad has been with the company for 25 years, having joined in 1985 as a regular old staff attorney. His salary is a mere $831K, but he rakes in millions in bonus money.
Who topped the list, and how much are they making?
This summer is not as thrilling for law students as summers past. Firms have tightened their belts, and the law students lucky enough to snag one of the few summer associate positions out there are not getting the royal treatment. Or they are, but now the royal treatment is defined as allowing summers to order anything they want off the McDonald’s Dollar Menu (“All the McChickens and baked apple pies you can eat, 3Ls! But get it to go. There’s work to be done.”).
The programs themselves, with trips abroad and lavish entertaining, could seem more like summer enrichment for precocious college students than real employment. But as a general rule, that sort of treatment is a thing of the past.
More typical is the summer program at the Wilmington office of Skadden, Arps, Slate, Meagher & Flom L.L.P., where Temple second-year Nick Mozal is spending his summer in corporate law. Mozal said there has been some entertaining, but the big event so far has been a night at a Phillies game.
Well, it is Wilmington. Are there better options than that?
But even in much more glamorous Philadelphia, the summer experience is lackluster:
James Lawlor, a Reed Smith partner who recruits and hires summer associates, said the firm has been doing less entertaining of summer associates, and when it does, it is more likely to schedule events at the firm’s Center City offices rather than at costly restaurants.
“We took away some of the bells and whistles,” Lawlor said.
Not all firms have silenced their bells and thrown out their whistles, though. After the jump, check out this year’s contenders for best summer associate event. And vote for the firm that should take home the shorter and smaller prize…
Elie wondered how that was possible given the economic climate in 2008. Though the climate in 2009 was even worse, Duke maintained its perfect score. However, we’re told that Duke will likely not have a 100% in this box for its class of 2010.
As Duke Law News reported, Duke worked hard to ensure its graduates had jobs. While it didn’t go the SMU route of paying employers to “test drive” its graduates, it does now provide stipends to some of its unemployed graduates to allow them to work for a couple months at no cost to employers. Using SMU’s car metaphor, the law school pays for the gas while Dukies and prospective employers take a little spin. Duke calls it “The Bridge to Practice” program.
It started in 2008 — employing the nine graduates who would have otherwise ruined that nice round 100%. The numbers of participants have increased since then, as the economy has worsened.
We interviewed a couple of them about the experience. The escalating numbers and Bridgers’ stories, including how much Duke pays, after the jump.
What do you think the resale value on your law degree is? Earlier this year, a San Francisco lawyer put his degree up for sale on Craigslist and found out.
The Georgetown grad was miserable working for a large law firm in Silicon Valley. So he quit and posted his degree in the Craigslist “For Sale” section for “the bargain basement price of $59,250″ — the current value of his student loan balance — or best offer. He hoped to get rid of the piece of paper with “the amazing ability to keep you from doing what you really want to do in life, all in the name of purported prestige and financial success.”
Back in March, the best offer had come from a documentary filmmaker who offered to give the miserable lawyer $50 to “piss on the diploma and then set it on fire.”
That would have been a serious markdown on the $100,000 degree. We checked back in with him this week and found out that a slightly better offer came along…
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The Trust Women conference is an influential gathering that brings together global corporations, lawyers and pioneers in the field of women’s rights. Unlike many other events, Trust Women delegates take action and forge tangible commitments to empower women to know and defend their rights.
This year, the Trust Women conference will take place 18-19 November in London. From women’s economic empowerment to slavery in the supply chain and child labour, this year’s agenda is strong and powerful. Speakers include Professor Muhammad Yunus, Nobel Laureate and founder of the Grameen Bank; Phumzile Mlambo-Ngcuka, Executive Director of UN Women; Mary Ellen Iskenderian, President and CEO of Women’s World Banking and many other influential leaders. Find out more about Trust Women here.