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…
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
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 six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.