In good times or bad, GC compensation historically drifted upward. But 2008 was not a typical year-and it seems that top corporate counsel aren't immune to market forces
|August 01, 2009
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What a year. The government became a major shareholder in whole sectors of the economy, while consumer demand plunged to levels not seen in decades. Mass layoffs and forced furloughs without pay ensured that money would stay tight for a while. Through previous recessions, general counsel stayed largely untouched. Indeed, the past decade shows a nearly unbroken string of pay raises. No more. While some indexes of GC pay rose, the basic trend was nearly flat. Why? Because executive pay has become inextricably bound with corporate performance. And if the company doesn’t do well, the GC might find a thinner pay packet. How thin? It’s all relative. Make no mistake, the lawyers in the following pages are still handsomely compensated for their hard work. Inside this special report:
In the Goulston & Storrs 2017 General Counsel Survey, fifteen percent of GCs or in-house counsel say they have the most difficulty identifying exposures, and this emerging risk is reshaping their role.
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