Being a partner in a large Texas law firm is the pinnacle of status and salary, right? Not according to the results of this year’s annual Corporate Roster.
Compensation for general counsel continues to far exceed what partners in large Texas firms make. The $2,198,109 average compensation for GCs at large Texas companies is more than double the $961,000 that partners in Texas’ highest-grossing firms earned on average in 2012. [See "Lean, Mean Money-Making Machine," Texas Lawyer, April 29, 2013, page 1.]
Here’s a look at the five best-paid general counsel, as reported in proxy statements and 10-k reports listing the five highest-paid executives at each company.
| General Counsel Company (City) | 2012 Compensation |
|---|---|
| Wayne Watts AT&T Inc. (Dallas) | $7,680,348 (equity valued at $3,405,785) |
| John F. Wombwell Plains Exploration & Production Co. (Houston) | $5,955,478 (equity valued at $3,890,250) |
| Robert K. Reeves Anadarko Petroleum (The Woodlands) | $5,827,955 (equity valued at $3,075,043) |
| Larry M. Hutchison Torchmark Corp. (McKinney) | $5,792,059 (equity valued at $2,233,450) |
Charles S. Parrish Tesoro Corp. (San Antonio) |
$4,609,977 (equity valued at $1,150,140) |
