Facts & Figures: GC pay rising faster than that of other top executives
From FCPA compliance programs to the top 50 law firms for women, an inside look at the numbers that count
November 16, 2012 at 07:49 AM
11 minute read
The original version of this story was published on Law.com
Climbing Compensation
Good news general counsel: Your companies like you. They really like you—at least if a new report on GC pay is any indication. The study from compensation researcher Equilar Inc. showed that GCs' salaries are rising at a faster rate than those of many other top executives, perhaps spurred by an increasing focus on compliance and regulatory reform.
$1.55 million Median pay for Fortune 1000 general counsel who report directly to the CEO
$1.7 million Median compensation for general counsel in the tech, media and telecom industries (the highest-paying industries)
$1.1 million Median pay for GCs at retail and consumer firms (the lowest-paying industries)
$1.3 million Median salary for female GCs, compared to roughly $1.1 million for men
12.8% Increase in GC pay in 2011, compared to 6.2 percent for CEOs and 8.9 percent for CFOs
Approaching Anniversary
The Foreign Corrupt Practices Act (FCPA) turns 35 on Dec. 19 (although companies such as Wal-Mart and Pfizer probably won't be celebrating its birthday.) A new Deloitte survey of more than 2,100 professionals shows that most executives are planning to upgrade their anti-corruption programs next year, but notes that the vast majority of businesses are not making use of the newest technologies to help them in their quest for compliance.
55.4% Executives surveyed who plan to improve their companies' corruption prevention and detection programs next year
23.2% Respondents who believe that the cost of those programs will be their biggest challenge in 2013
6% Executives who believe that their companies effectively use data visualization and analytics to prevent corruption
48.5% Respondents who say that offering rewards to whistleblowers encourages earlier internal reporting
Sinking Spending
Last month, an HBR Consulting survey reported that businesses spent more on both in-house and outside legal counsel than they had in the preceding two year period. Unfortunately, that trend may be coming to an end, at least according to the new 2012 Chief Legal Officer report from Altman Weil. The study shows that corporate legal departments are using various tactics to cut outside counsel spend, such as negotiating for lower rates, moving more work in-house or even taking their business to less expensive law firms.
39% CLOs who said they decreased their outside counsel budget between 2011 and 2012, up from 25 percent in the period between 2010 and 2011
71% Companies that negotiated with their law firms for lower rates
47% Law departments that shifted work from law firms to in-house attorneys
41% Companies that moved some of their work to less expensive firms
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Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
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