The Importance of Compensation Transparency
While the current state of affairs is making life frustrating for general counsels who need to add staff, it really is a wonderful development for in-house compensation.
March 04, 2022 at 12:32 PM
2 minute read
Depending on one's point of view, you can either credit or blame website "Above the Law" for the widening gap between law firm pay and in-house compensation. The site's frequently updated compensation tracker acts as a blunt peer pressure hammer.
I have seen this cycle numerous times. (1) BigLaw pay gets out of hand and it becomes very hard to recruit mid-level associates into law departments. The handcuffs are tight. (2) The high salaries lead to overworked premium associates who burn out, and they expose underachieving associates who are eased out when the workload boom ends. The handcuffs loosen.
Above the Law also produced a 2021 survey of in-house compensation, but it suffers from the same pitfalls I have seen in similar surveys over the past 20 years. Specifically, the data is dated by the time the survey results are published, and the nature of the data is so broad as to allow for whatever interpretation the reader chooses.
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