Surveys of corporate legal departments across the globe describe an environment of increasingly tight budgets. Corporate legal teams face undue pressure from Biglaw firms, who insist on higher fees despite budgetary constriction.
The increasing pressure on budgets, however, hasn’t affected the bottom line of many chief legal officers. On the contrary, they continue to enjoy significant earnings. In fact, Corporate Counsel recently published its annual compensation report for general counsels (GCs), revealing that several top attorneys have been bringing home sizable pay packages, some even exceeding $15 million.
The highest paying GC position is currently held by Aparna Bawa of Zoom, who took home $28 million. While it’s worth noting that Bawa also serves as the COO, it’s evident that these roles can provide substantial earnings.
Unfortunately, this data only covers publicly disclosed salaries. Private companies, which often pay their GCs handsomely, aren’t subject to issuing public reports. Currently, the SEC only requires disclosure of payments made to a corporation’s top five officers, which occasionally includes a legal officer.
Materials regarding Fox’s Viet Dinh’s resignation amid hundreds of millions in legal settlements show that Dinh still managed to rank 23rd on the list, taking home over $11 million. These revelations underline that being a GC, despite possible challenges, can be financially rewarding.
The list of the highest paid GCs in 2023 shows that these top legal professionals, far from being overburdened by budgetary pressures, continue to thrive in the corporate legal world.