We start the year off with news already influencing corporate America. 2022 witnessed a challenging economic setting with soaring interest rates and an uncertain forecast that rocked the nation. The effects were particularly prominent within the tech industry, where falling stock prices landed startups and tech giants alike into a cycle of retrenchment and widespread layoffs.
However, in the midst of these rounds of layoffs and tumbling stocks, tech companies managed to secure top spots in Corporate Counsel & ALM Intelligence’s 2023 General Counsel Compensation Report. This report, based on pay disclosures by the Securities and Exchange Commission (SEC) of Fortune 1000 companies for the 2022 fiscal year, saw tech industry companies firmly grasp these leading positions.
The dynamics here show an interesting pattern. While the tech industry faced turbulence, the compensation for their legal chiefs led the pack within the corporate world. This dichotomy is producing an interesting field of study regarding the relation between executive compensation, company health, and shareholder relations as we move deeper into 2023.
For further insight into the specifics of the findings presented in the Corporate Counsel & ALM Intelligence’s 2023 General Counsel Compensation Report, particularly the compensations of legal chiefs and the emerging trends, we direct our readers to the original report.