Through previous recessions, general counsel pay stayed largely untouched. Indeed, the past decade shows a nearly unbroken string of increases. No more. The basic trend was nearly flat, and the former draws for top talent to go in-house, equity and bonuses, showed dramatic declines. Why? Shareholders, regulators, and that thing called the zeitgeist are calling for greater transparency in executive compensation. Discretionary bonuses fell under the ax, as companies strove to tie GC compensation to definable metrics. And new laws mandating more transparency in the compensation process foreshadow more introspection and greater accountability. It’s all relative, of course — chief legal officers continue to be handsomely paid, and this will continue. But for now, the days of gravity-defying raises are over.
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