US GCs have been taking some lumps lately – but apparently not in their wallets:
The US’s top general counsel are widening the pay gap between themselves and their European counterparts, according to new research that shows soaring bonuses and stock awards driving remuneration for chief legal officers at US bluechips.
The results, which are part of Corporate Counsel magazine’s annual general counsel (GC) compensation survey, show that the average basic wage for the 100 best-paid US GCs was just over $567,000 (£285,000) in 2007.
But while average salaries have been relatively static, bonuses and non-equity compensation have continued to surge to reach an average of $1.1m (£550,000), a 17% rise on the previous year.
The figures underline the dramatic rises in non-salaried compensation for top GCs in the US in the wake of sweeping governance reforms such as the Sarbanes-Oxley Act, which was ushered in after corporate scandals like Enron and Tyco.
Top US GCs stretch pay gap on Euro counterparts as bonuses surge 17% – Legal Week
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