Were it not for an approximate $8 million bonus, this year's highest paid general counsel would have appeared much lower on the list.

As found in Corporate Counsel's 2017 General Counsel compensation survey, bonuses accounted for a significant chunk of many top GCs' paychecks this past year, especially for tobacco giant Altria Group Inc.'s Denise Keane, who retired from the company June 30. Keane topped the list of the highest-paid general counsel, taking home more than $9 million in total cash in fiscal year 2016.

In an ALM Intelligence report on the general counsel with the biggest bonuses, she's also at the top of the list. Last year, Keane's bonus, combined with nonequity compensation, was more than $8 million—an outlier among the list.

The next highest bonus in the ALM Intelligence report was that of The Walt Disney Co.'s GC Alan Braverman, who brought home more than $5.4 million in bonus and nonequity compensation. Following Braverman was Laureen Seeger, GC at American Express Co., whose bonus with nonequity was a little less than $5.4 million.

Bonuses alone were down 13.6 percent from the previous year, but bonuses combined with other nonequity compensation made up for the slight dip in salaries, rising 5.2 percent to more than $1.4 million on average, compared with about $1.02 million in 2015.

The average bonus in 2016, not including nonequity pay, came out to slightly more than $1.2 million. The median bonus was about $741,000.

Keane worked for Altria for more than 40 years, which legal experts said is likely among the reasons for the bulk of her pay, which came in the form of bonuses and other nonsalary compensation. In addition, the company's proxy statement highlighted her key role in resolving important litigation last year. Altria Group is one of the largest companies in the world, No. 169 on the Fortune 500, so it makes sense that the executive team would be well-compensated, according to Special Counsel's Parker + Lynch director Michael Roche-Kelly.

When it comes to negotiating pay, bonus and nonequity incentives can be key bargaining chips. There are many factors that play into a GC compensation package, but Roche-Kelly said he often tells candidates for in-house jobs: “You live on your base, you bank your bonus, and long-term incentives pay for the kids' college.” Granted, he adds, most of the heavy hitters on the list are a few steps beyond having to worry about paying their bills.

Not everyone's bonus this year was something to celebrate, though (unless you're a mere mortal that doesn't make more than $1 million annually). Thomas Mason, general counsel at Energy Transfer Equity, who appeared in last year's rankings as the second-highest-paid general counsel for 2015 on the list for overall cash pay, dropped to No. 92 this year, as his total cash compensation decreased to less than $1.3 million in 2016 from nearly $6.9 million in 2015, largely due to his bonus. Mason's bonus and nonequity earnings totaled $6.3 million in 2015, but equaled only about $706,000 this year.

To see the list of the top 100 highest-paid general counsel, click here.

Contact Stephanie Forshee at [email protected].