Pay Gap Between GCs and CEOs Narrowing: The Morning Minute
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October 10, 2023 at 06:00 AM
3 minute read
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WHAT WE'RE WATCHING
COMPARABLE COMP - GCs' job descriptions are becoming increasingly complex, but there is one upside to being spread so thin: big-time money. GC compensation is growing faster than CEO compensation, narrowing the pay gap for the two C-suite roles, a new study from the research firm Equilar found. "Today's GCs are core advisers navigating not just complex legal environments, but also contributing to strategic planning, corporate governance, crisis management and more. As these responsibilities grow, so does compensation," Dimitri Mastrocola, a partner in the in-house counsel recruiting group at Major, Lindsey & Africa, told Law.com's Trudy Knockless.
THE DEALS YOU'RE DEALT - With deals at a 10-year low, law firms are taking what they can get—and in many instances it's working out. Mega deals, specifically, fell by 42% in Q3, but some law firms' M&A departments have continued to thrive by handling deals on the lower rungs of the transaction ladder, Law.com's Andrew Maloney reports. Energy-related transactions have remained a constant for firms of every size, due in large part to recent federal investment and the broader transition to renewables. But firm leaders have also pointed to mid-market private equity deals related to home service installation, pest-control roll-ups, software and services companies, and car washes.
ON THE RADAR - Rivian Automotive Inc. was counseled by Latham & Watkins in a debt offering valued at an aggregate $1.5 billion. The Latham & Watkins team was led by partners Tad Freese, Marc Jaffe, Greg Rodgers and Salvatore Vanchieri. Skadden, Arps, Slate, Meagher & Flom guided the initial purchasers in connection with the offering. The Skadden Arps team includes capital markets partners Ryan Dzierniejko and David Goldschmidt. The notes come due 2030. Stay up on the latest state and federal litigation, as well as the latest corporate deals, with Law.com Radar.
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