Goldman Sachs' chief legal officer was the highest-paid female legal chief in 2021 for the second consecutive year, but the person holding that distinction was a newcomer to the list.

Kathryn Ruemmler, a former White House counsel to President Barack Obama who joined New York-based Goldman Sachs as global head of regulatory affairs in 2020, took the legal reins in March 2021 following the departure of Karen Seymour.

Seymour, who was at Sullivan & Cromwell for 30 years before becoming Goldman Sachs' legal chief in 2018, returned to her law firm partnership.

Ruemmler received total cash compensation of $7.9 million in 2021, $1.2 million more than the $5.7 million collected by the No. 2-ranking executive, American Express' Laureen Seeger.

Ranking third was Apple's Kate Adams, at $5 million.

All three raked in more cash compensation than the $4.9 million that had put Seymour at the top of the 2020 female GC compensation list.

That was reflective of a larger trend. The onset of the COVID-19 pandemic in the spring of 2020 sent the economy into a sudden recession that prompted many corporate boards to temporarily cut pay.

But the virus ebbed in 2021, leaving favorable business conditions. As a result, the economy hummed, boards ratcheted up pay, and the stock market marched higher, with the S&P 500 advancing 27% for the year.

The top five female legal chiefs in 2021 collected $26.8 million in total cash comp, which averages to $5.4 million, an increase of 27% over 2020's average of $4.2 million.

The rising pay also reflects the intensely competitive market to hire and retain general counsel, said Deborah Ben-Canaan, a partner and senior practice leader of in-house counsel recruiting at Major, Lindsey & Africa Global.

But not all the compensation news for female GCs was bright.