Download BarkerGilmore’s 2023 Report to See Average Healthcare and Life Sciences Salary Data
BarkerGilmore, a boutique executive search firm recognized for helping companies build world-class legal and compliance departments nationwide in multiple industries and practice areas, has released its 2023 Healthcare and Life Sciences In-House and Compliance Compensation Report. The data was collected from a random sample of healthcare and life sciences professionals throughout the United States via an online survey administered in March 2023.
“As evident from the data, organizations must be willing to pay a premium for candidates with top credentials,” said Brittney McDonough, Partner at BarkerGilmore. “The impact of qualifications remains consistent across all positions in each industry. In this fiercely competitive landscape, companies aspiring to attract candidates from a top 50 law school with prestigious law firm experience must be prepared to offer commensurate compensation.”
Key trends revealed by the report include:
Overall Compensation: The median total compensation at private healthcare companies is $325,000, compared to $400,000 at public companies. Total compensation at private life sciences companies is $431,000 versus $478,000 at public companies. Credentials in the form of law school rank and law firm experience significantly impact total compensation across all positions regardless of industry, company type, or company revenue. The life sciences industry compensates more than the healthcare industry.
Healthcare:
- Chief Compliance Officers at $10B+ private healthcare companies make 47% more in total compensation than those at <$500M private The gap grows within public healthcare companies, as CCOs at $10B+ companies make 88% more in total compensation than those at <$500M public companies. CCOs at public healthcare companies make an average of 72% more in total compensation than their counterparts at private companies, primarily due to long-term incentives.
- General Counsel at public healthcare companies make double the total compensation of their private company counterparts at every revenue stage due to the long-term incentives they receive. Similarly, within public and private healthcare companies, the General Counsel at $10B+ companies make double that of <$500M companies. Healthcare General Counsel that attended a Top 50 law school make 93% more at private companies and 48% more at public companies than those who attended a 100+ ranked school. Top 50 law firm experience provides a 79% total compensation increase for healthcare General Counsel.
- Managing Counsel at public healthcare companies make an average of 49% more than their private company counterparts. Healthcare Managing Counsel with a Top 50 JD make 43% more in total compensation than those with a 100+ ranking. Healthcare Managing Counsel with Top 50 law firm experience make 75% more than those without law firm experience.
- Senior Counsel at public and private healthcare companies make similar base and bonuses, but the total compensation for private Senior Counsel is 16% less than public due to the long-term incentive received at public companies.
Life Sciences:
- Chief Compliance Officers at $10B+ private life sciences companies make 37% more in total compensation than those at <$500M private companies. CCOs at $10B+ public life sciences companies make nearly double (95%) in total compensation than those at <$500M public CCOs at public life sciences companies make an average of 24% more in total compensation than their counterparts at private companies.
- General Counsel at life sciences companies are slightly more likely to report to the CEO (93%) than healthcare General Counsel (89%). Life sciences General Counsel are more likely to serve as CCO and Corporate Secretary, whereas healthcare General Counsel are more likely to be responsible for government affairs. Top 50 law firm experience provides a 55% total compensation increase for life sciences General Counsel.
- Managing Counsel at life sciences companies make 56% more in total compensation with a Top 50 JD and 37% more with Top 50 law firm experience. Managing Counsel at public life sciences companies make an average of 50% more than their private company counterparts.
- Senior Counsel at public life sciences companies make an average of 9% more than their private company counterparts. Senior Counsel with top law firm experience make 54% more at private companies and 55% more at public companies than Senior Counsel without law firm experience.
To view the complete study, visit the 2023 Healthcare and Life Sciences In-House and Compliance Compensation Report.
About BarkerGilmore
Founded in 2006, BarkerGilmore is a boutique executive search, coaching, and advisory firm dedicated to building high-performing and diverse legal and compliance teams that drive business success.
Our distinguished team of professionals, including renowned General Counsel and Chief Compliance Officers, alongside expert executive search consultants, sets us apart. The combined national reach, established industry relationships, and proven CustomFitSM assessment process ensure we excel in executing the most demanding and high-profile searches. Our team’s broad industry experience empowers us to assist clients in recruiting and developing top-tier talent effectively.
We measure our success by our high client satisfaction rates, exceptional search completion rates, strong diversity track record, and impressive stick rates.
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