Pay for in-house lawyers on the rise
updated on 29 July 2024
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In-house lawyers are being paid significantly more since 2021, according to legal recruiter Major, Lindsey & Africa’s 2024 In-House Counsel Compensation Survey.
The survey gathered responses from more than 2,100 lawyers from 46 countries and found that total actual cash (TAC) compensation for the most junior members of in-house teams has increased by 19%. TAC varied between roles, with compensation to general counsel (GCs) and chief legal officers decreasing by 4% globally and deputy and associate GCs compensation increasing by 8%.
According to the survey, the current compensation rates don’t fully reflect the need for top legal talent, “creating an opportunity for those companies willing to recognise the value of premier legal talent”.
In an effort to retain talent, the survey highlights that corporate leaders are facing “challenges in keeping up with pay raises and bonuses competitors offer, particularly in the current climate”. In response, organisations are seeking alternative, cost-effective ways to increase pay, such as offering “flexible schedules, work-from-home opportunities and unique fringe benefits”.
Speaking to the Law Gazette, the managing partner of Major, Lindsey & Africa’s in-house counsel group Naveen Tuli said that in-house roles continue to appeal to junior lawyers who are “burnt out” by private practice but are used to high salaries. However, Tuli cautioned that while enhancing their appeal to junior talent, legal departments should also address “the potential knock-on effect on experienced lawyers”.
