As reported by Bloomberg this morning, In-House Lawyers’ Compensation Keeps Rising, HBR Consulting Says
Salaries for in-house legal counsel have increased at a modest pace over the past year, according to HBR Consulting, which focuses on the legal industry.
In its 2014 law department survey, HBR found that base salary is up an average of 3 percent and total cash compensation — salary and cash bonuses — has increased an average of 5 percent over 2013. The increases in the cash component in 2013 over compensation for 2012 were comparable.
When combined with long-term incentives, such as deferred cash plans, stock options and restricted stock, compensation grew at 6.4 percent over 2013.
“The data indicates that long-term incentives are having a meaningful impact on overall compensation levels,” Lauren Chung, senior director of HBR’s law department consulting group, said in a statement.
The survey looked at 2014 compensation, including bonuses that reflected 2013 performance but were paid by March 15 of this year, Chung said yesterday in an interview.
Additionally, HBR found that 55 percent of the 101 law departments participating in the study increased the number of lawyers from 2013.