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…
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@example.com.
We currently have a very exciting and rare type of in-house opening in China at one of the world’s leading internet and social media companies. Our client is looking for an IP Transactional / TMT / Licensing attorney with 2 to 6 years experience. The new hire will be based in Shenzhen or Shanghai. Mandarin is not required (deal documentation will be in English) but is preferred. A solid reason to be in China and a commitment to that market is required of course. This new hire will likely be US qualified (but could also be qualified in UK or other jurisdictions) and with experience and training at a top law firm’s IP transactional / TMT practice and could be currently at a law firm or in-house. Qualified candidates currently Asia based, Europe based or US based will be considered. The new hire’s supervisors in this technology transactions in-house team are very well regarded US trained IP transactional lawyers, with substantial experience at Silicon Valley firms. The culture and atmosphere in this in-house group and the company in general is entrepreneurial, team oriented, and the work is cutting edge, even for a cutting edge industry. The upside of being in an important strategic in-house position in this fast growing and world leading internet company is of the “sky is the limit” variety. Its a very exciting place to be in China for a rising IP transactional lawyer in our opinion, for many reasons beyond the basic info we can share here in this ad / post. This is a special A+ opportunity.
If you think most legal technology misses the mark, LexisNexis Firm Manager® wants to change your mind. Read more about it here.
Built with input from hundreds of solo and small-firm attorneys across the country, it’s made for practitioners who’d rather build the firm of their dreams than deal with the hassles of running a business.
· Go Mobile, Stay Connected.
See all your firm’s information, wherever you are, on whatever device you’re using. Access and update client files, enter billing, search & share documents and more. It’s just like you’re in the office, only you’re not.
When Chintan Panchal decided to leave a global BigLaw partnership to start his own firm, he could only hope that he would face the high-quality problem of firm building that many had cautioned him about. Focused on the uncertainty surrounding of a new firm launch, he decided to tackle staffing needs, IT challenges, and financial planning requirements after he had built up his legal practice.
Panchal Associates LLP–a corporate/finance and outside general counsel boutique–was quickly off to a great start. Clients and matters were flying in the door, and Chintan soon had a team of lawyers and staff with a variety of operational needs. To continue building an excellent team and provide them with a competitive benefits package, to expand his physical presence to include a European practice and additional partners, and to scale his operations and IT capabilities to support this growing enterprise brought with it demands of time, money, and expertise. Chintan knew he needed help.
“With the assistance of NexFirm, we have upgraded the capabilities of our firm to meet, and in some cases exceed, the standards we were used to at our former BigLaw firms. Operationally, we can now attract and service clients we didn’t have the bandwidth to support in the past, and continue to build our team with the best and brightest legal talent in the industry,” said Chintan Panchal, adding “It has worked out quite well in our case; NexFirm is an essential partner for us.”
The traditional job application and interview process can be impersonal, and applicants often struggle to present themselves as more than just the sum of their GPAs, alma maters, and previous work history. ATL has partnered with ViewYou to help job seekers overcome this challenge. ViewYou NOW Profiles offer a unique way for job seekers to make a personal, memorable connection with prospective employers: introduction videos. These videos allow job candidates to display their personalities, interpersonal skills, and professional interests, creating an eDossier to brand themselves to potential employers all over the world. Check it out today!