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Approximately 40% of in-house counsel indicated they would be looking for another job in 2020, according to BarkerGilmore's 2020 In-House Compensation Report released Tuesday.

BarkerGilmore conducted the survey from February to April of this year. Over 1,900 in-house attorneys responded to the survey. All of the respondents are based in the United States and work for nonprofit, public or private organizations.

The report acknowledges the pandemic caused by the new coronavirus may change the outlook on in-house counsel who are looking for new jobs. However, the number of attorneys who said they would be looking for a new job in 2020 went up by 2% this year.

"While 40% of survey respondents indicated a probable job search in 2020, the effects of the COVID-19 crisis might impact these decisions. Yet, as lawyers are an essential role to organizations, our search consultants have not seen a change in open legal positions," the report says.

Bob Barker, a managing partner at BarkerGilmore in Rochester, New York, said on Wednesday that he would expect that number to stay roughly the same.

"What this information indicates is that people are frustrated and are looking for something different," Barker said.

Almost 40% of respondents said they believe their compensation is below or significantly below that of their peers at other organizations, which could be driving the high rate of in-house attorneys who are looking for a new job over the next year.

Barker explained that salary is most important to in-house counsel because that is "what they can take to the bank."

"The long-term incentives are typically stock-based," Barker explained. "That becomes more important as you rise in the ranks. Particularly for GCs in public companies because it can become a significant component of their wealth."

When it comes to industry, those in the technology and health care industries indicated they were the most likely to look for a new job within the next year. Those in the life sciences are the least likely to look for a new job, according to the report.

Men in managing counsel positions indicated that they are 44% likely to look for a new job in the next year. Women in the same position at 35% indicated they will be seeking a new job in the next year.

"This year, in-house counsel with practice area concentrations in litigation and intellectual property are most likely to consider a move for compensation issues, while those who identify with an insurance or compliance area report least likely to move," the report states.

According to the report, women at the general counsel level only make 81% of what their male counterparts make. The median total compensation male general counsel last year was $630,000. For female general counsel, it was $537,000.

At the managing counsel position, women made more. The median total compensation for women was $366,500 and for men $360,000. Women made less than men at the senior counsel position. According to the report, men at the senior counsel role had a median total compensation at $240,000 and women in that role made $235,000.