Study Reveals 2021 was Excellent Year for In-House Compensation

Download BarkerGilmore’s 2022 Report to See Average In-House Counsel Salary Data

With another year of record participation, BarkerGilmore’s annual 2022 In-House Counsel Compensation Report provides in-house counsel the ability to benchmark their pay against their peers, and aids legal leaders and human resources departments in attracting and retaining top talent by helping them to understand competitive compensation packages.

The data was collected from a random sample of in-house counsel throughout the United States via an online survey administered between March and April 2022.

In-house counsel salary trends for 2022: It’s still a candidate-driven market

“Retaining and recruiting top talent was a focus for every company in 2021 as business demands escalated even further than 2020. The candidate-driven market prevailed in compensation packages, employer flexibility, and company culture. Companies lacking in any one of these areas certainly faced challenges. I couldn’t be prouder of my team and its ability to deliver diverse slates of business-minded lawyers and compliance professionals, no matter what the circumstances.” said John Gilmore, Founding Partner of BarkerGilmore.

Six key trends revealed by the report include:

1. Total Compensation Increase Rates: The median total compensation increased 21% from 2020 for all industries, across all positions. Total compensation from 2020 to 2021 reflects a bounce back, and net increase, of 10% from 2019 levels. Base compensation was up 9%, bonuses were up 37%, and LTI was up 100%. The financial industry realized the greatest total compensation increase at 27%, followed by consumer at 21%, and professional services at 20%.
2. More People Took New Positions: Twelve percent of respondents obtained a new position in 2021, a 50% increase from 2020. Thirty-seven percent of new legal positions received sign-on bonuses. Senior Counsel were the most likely to receive a sign-on bonus at 41%. General Counsel were the least likely to receive a sign-on bonus (33%); however, the General Counsel median sign-on bonus was significantly higher than that of Managing Counsel and Senior Counsel.
3. Attending a Top Law School Ment Higher Pay: Respondents at all levels had higher total compensation if they went to a Top 100 law school. Total compensation averaged 25% higher for General Counsel, 19% higher for Managing Counsel, and 12% higher for Senior Counsel if the respondent obtained their J.D. from a Top 100 law school. Respondents that went to a Top 100 law school and had prior experience at an Am Law 200 or better law firm had a 15% higher total compensation package than respondents with the same law firm experience who did not attend a Top 100 law school.
4. Big Firm Experience Pays: Across all positions, respondents that worked for an Am Law 100 ranked law firm had higher total compensation packages than those with Am Law 101+ experience, small/regional firm experience, or no law firm experience. On average, in-house counsel with Am Law 100 experience had total compensation packages that were 34% greater (38% General Counsel, 32% Managing Counsel, 27% Senior Counsel) than those with no law firm experience. The impact of Am Law 100 or Am Law 101-200 law firm experience was observed to have the most significant impact at the General Counsel and Managing Counsel levels.
5. Compensation at Public vs. Private: Consistent with the last five years, 2021 revealed that the compensation of those at publicly traded companies is significantly higher than at private organizations. The gap is most significant at the General Counsel level, with a 98% disparity in total compensation. Across all position levels, restricted stock units (RSUs) continue to be the most common form of long-term incentive (LTI) compensation at public companies. In private organizations, if LTI is offered, the structure is much more variable and may come in the form of stock options or restricted cash.
6. Industry Highs & Lows: This year saw interesting changes and new industry leaders. Download BarkerGilmore’s 2022 In-House Counsel Compensation Report to see the industries that pay the most and the least.

To view the complete study, visit 2022 In-House Counsel Compensation Report

About BarkerGilmore
BarkerGilmore is a boutique firm recognized by CEOs, boards, and executives as best-in-class legal and compliance executive search professionals and leadership consultants. With a team of advisors and recruiters spanning the United States, BarkerGilmore’s client roster includes leading consumer, energy, financial, healthcare, industrial, and technology companies.