If last year’s general counsel compensation survey by Corporate Counsel magazine showed the aftereffects of the deepest trough of the recession, this year’s results show that chief legal officers made steady gains and recovered some momentum.
Trends? Pretty much what you would expect. Stock options continue to fall out of favor (even though some lucky in-house lawyers are still getting those fat options), and cash remains king. Instead of getting bonuses just for being there, chief legal officers are getting extra cash, or, in the latest parlance, nonequity incentive compensation, which is tied to corporate performance goals. These payments, which rose by double digits, make up an increasing part of a chief legal officer’s pay packet. And restricted shares remain the most popular way to reward high performers with equity. In all, the word is diversity, rather than any one type of compensation.
