While business at law firms is sagging, everything is coming up roses for in-house lawyers.
A new survey from HBR Consulting shows that pay is on the rise for in-house attorneys.
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“We are seeing healthy increases in in-house compensation at all lawyer levels, despite the challenging economic environment,” says Lauren Chung, senior director and survey editor at HBR. "The outlook for the in-house market is positive as law departments continue to keep more work in-house and increase pay for attorneys in corporate law departments."
Salaries are up across the in-house board, with Chief Legal Officers leading the way.
The average base salary for all attorney levels was $183,800, up 3.4% from 2011.
Chief legal officers had an average base salary of $521,000, up 5% from last year.
If you include bonuses, the average total compensation for in-house lawyers across all levels was $314,700, up 2.6% compared with 2011.
The only hitch: Bonuses. They have leveled off some since last year, when HBR charted an average cash bonus spike of 25%.7 between 2010 and 2011.
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If you are an in-house lawyer, what are your thoughts on these findings? Do you also see your side of the legal field moving in a positive direction? Please comment and share your thoughts.
Source: WSJ Law Blog