Source: Corporate Counsel
By Jennifer Williams-Alvarez
Take a look at our latest list of best-paid general counsel. You've probably seen quite a few of these names before. There's Gerson Zweifach from 21st Century Fox Inc., John Finley of New York-based The Blackstone Group and J. Michael Luttig of Chicago-based The Boeing Company. These GCs, who are ranked by cash compensation, which includes salary, bonuses and nonequity compensation, took home some hefty chunks of change.
Does this mean that the general counsel job is losing its luster? Or that GCs' performances don't merit an attaboy (or girl) by way of some cash? Probably not. Blame it all on the fact that there has not been a lot of growth for the economy in general, says Bob Graff, a partner and recruiter in the in-house practice group at legal search consultants Major, Lindsey & Africa. "In a recession, people don't get the bonuses and long-term incentives. Then, as you bounce back, a company is able to give these things again," Graff says. But as economic growth slows, these parts of compensation plateau, he says. "What we're seeing is reflective of a slower-growth economy and recuperation from a recession. Now things have flattened out a bit."
Read more of this feature at Corporate Counsel.