By Jennifer Wlliams-Alvarez, National Law Journal
Two recent lawsuits brought by contract attorneys seeking overtime pay have gotten the attention of law firms and staffing agencies, some of whom are changing hiring practices to avoid the issue of overtime.
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 Twenty-first Century Fox Inc., John Finley of New York-based The Blackstone Group L.P. and J. Michael Luttig of The Boeing Co. These general counsel, 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, said 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 said. But as economic growth slows, these parts of compensation plateau, he said. "What we're seeing is reflective of a slower-growth economy and recuperation from a recession. Now things have flattened out a bit."
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