In 2022, legal chiefs in the technology sector significantly surpassed their peers in other industries in terms of earnings, despite the tech industry facing considerable layoffs and a downturn in stock prices. This revelation comes as findings from Corporate Counsel and ALM Intelligence’s 2023 General Counsel Compensation Report indicate that eleven out of the twenty highest-earning general counsel were from tech-based firms, taking up the top four ranks.
The report, based on the pay disclosures of the Fortune 1000 by the Securities and Exchange Commission for the fiscal year 2022, highlights the shift in compensation discussion away from traditional forms such as base salary and cash bonuses. Danielle Sheer, general counsel of Commvault, echoed this change of discourse, stating that rather than the talk of base salary and bonus cash compensation, the focus has majorly shifted to equity in recent discussions.