For the first time in over a decade, cash compensation for general counsel and chief legal officers saw a decline in 2023. According to Major, Lindsey & Africa’s 2024 Global In-House Compensation Survey, the decrease stems from smaller year-end bonuses. The report reveals that legal executives with either the general counsel or chief legal officer title received an average total cash compensation of $556,794 in 2023, reflecting a reduction of $21,652, or 3.7%, from the previous year.
“The need for high-quality legal talent certainly has not decreased,” highlights the survey. However, the current rates of compensation do not necessarily reflect that need, creating opportunities for companies willing to acknowledge the value of premier legal talent.