When looking for a general counsel, most directors and officers look for someone with two main attributes: the CLO balances the legal aspects of the business while monitoring the impact and risks associated with new business moves. A CLO recognizes the legal risk of new businesses, but can also place this decision in the broader context of the business. Because a CLO understands the overall business objectives and mission of the business, a CLO can examine the legal aspects of a business decision through the lens of a successful business. In addition to preventing violations of the law, the Attorneys General are expected to provide strategic planning advice to the management team. In fact, many directors believe that one of the most valuable functions of the General Counsel is to advise the board of directors as well as the management team on business strategy. The role of Head of Legal Affairs is a more recent position than that of Advocate General and, in a way, an extension of the role of Advocate General. The CLO is a multidimensional management position that focuses on the legal department and at the same time is responsible for: Both positions will add value to your business, but in different ways. A general counsel will provide you with all the legal advice and support you need. If you`re just looking for additional help managing your legal team and making sure compliance is met in every way possible, a GC is a great option. However, if you are interested in a more engaging role for your business that can provide business value in addition to providing legal advice, the Chief Legal Officer is the best choice. CLO`s role has recently gained a lot of momentum, being listed as the sixth fastest leadership title of 2020 with 23% growth, according to Workforce Insights.
The trend towards position growth is understandable, as a CLO brings a lot of value to a company. With a CLO, you have an employee dedicated to driving business and improving results, while ensuring compliance is maintained along the way. An Advocate General is expected to have extensive legal knowledge, but legal acumen is no longer sufficient to succeed as a legal leader. Advocates General must be willing to better understand the company and industry in which they work. A well-balanced GC will contribute to the growth and success of a business, and will not only serve as a legal watchdog. In 2019, CGs and CLOs who had worked with a company for less than 5 years earned an average salary of $308,383. Those who stayed in a company for more than 30 years received an average total compensation of $600,333. So what exactly is the right CLO or GC compensation plan to attract the best and most qualified talent to your company? Cowen Partners Executive Search`s legal recruitment team breaks down the factors to consider when creating compensation plans for general counsel versus heads of legal services. In today`s complex world, you can`t afford to hire the wrong person for your legal needs. Cowen Partners is an established legal executive search firm, which is why companies entrust us with their talent recruitment needs.
We know how to find talent that will improve your business operations and successfully adapt to your team. A general counsel is considered a more traditional leadership role within a company. The main objective of a GC is the management of a company`s legal compliance as well as corporate governance. GC`s role is also more closely aligned with a high-level lawyer who ensures compliance with the company`s legal obligations. Some of the main tasks of a GC are listed below. As a leading executive search firm, Cowen Partners specializes in finding in-house and legal advisors tailored to your needs. We know the legal recruitment process from all sides and have a proven track record. When you work with us, you can be sure that we will find exceptional talent with exceptional credentials. We assess everything from legal experience, executive leadership and emotional intelligence to core competencies and cultural fit. Our candidate assessment is top notch, so we can find the perfect fit for your business. Unfortunately, most companies do not have a substantial succession plan for CLOs or CMs. Corporate lawyers often do not care about overall risks and governance issues.
They focus more on the day-to-day legal issues of the company. Therefore, it can be difficult to select a candidate to fill the position. Median base salaries for in-house legal positions are nearly $25,000 lower in private companies than in-house businesses. At the GC and OCOL levels, the median total compensation in publicly traded companies, with a margin of $174,000, is significantly higher than in private corporations. What executives are beginning to realize is that general counsel can provide better legal advice if they have a deep understanding of the company and the industry. A GC participates in important contract negotiations and regularly makes effective business decisions. At Cowen Partners, we take a proactive approach and have a private network from which we can select qualified candidates to meet your needs. Our legal recruitment team can find you the best talent who not only has the right qualifications, but also someone who connects with the management and culture of the company.
We are also incredibly punctual. Our average filling time is only 38 days, compared to an industry average of 100 days. By hiring us as a legal executive search agency, you get the best talent for all your essential legal positions. We have experience in placing executives in a variety of industries and will have no problem finding the right candidate for your business. Several factors determine the salary of a general counsel or chief legal officer, including (but not limited to): Payscale estimates that the average salary of a general counsel is approximately $166,438. In 2020, Corporate Counsel conducted a survey of the country`s highest-paid general counsels. The survey considered the base salary, cash bonuses and non-equity incentives of these CMs. At the top of the list was Walt Disney`s Alan Braverman with a total of over $8 million. You may be considering hiring a general counsel or general counsel to handle your company`s legal affairs, but you may not know which position is best for your business. Below are the differences between a General Counsel and a Chief Legal Officer. A similar trend applies to years of relevant legal experience. The average total compensation with 6 to 10 years of experience is $293,123.
It rises to $401,768 after 11 to 15 years and reaches $607,538 after 31 years or more. In-house legal advice is invaluable to a company. They understand the specifics of your business, allowing them to better understand the risks and potential threats your business faces. High-level positions responsible for your company`s legal affairs are all the more important as they oversee the entire company`s legal team. Recruiting in-house legal talent at the executive level is a big step forward for your business, so make sure you do it right. Hire a team of experienced and knowledgeable recruiters to meet your legal leadership recruitment needs. Both the General Counsel and the General Counsel are high-level legal leadership positions responsible for the legal affairs of a company. The OCOL`s position is more recent and, in a way, a simple extension of the role of the Advocate General. A determined CLO is essential to successfully manage the legal aspects of your business. They don`t want someone in the role who thinks about decisions for weeks.
You want a confident CLO that can address a legal issue, effectively analyze the benefits and risks, and then move the process forward in a timely manner. For example, a GC or OCOL in the District of Columbia can expect an average salary of $192,530. At the lower end of the spectrum are avocados from Wyoming, Maine, Mississippi, Montana, Idaho, West Virginia, Kentucky, Arkansas, South Carolina, Louisiana and New Mexico, earning between $74,690 and $107,120 per year. It is not surprising that the length of the job and seniority in legal positions influence the level of remuneration. Salary increases are much greater when you move from a position outside the executive level to a management level position such as a general counsel or management lawyer. However, time is not a guarantee for a successful succession. Cowen Partners is a leading legal executive search firm with many years of experience and expertise. A General Counsel or Chief Counsel is expected to assume more responsibility than ever before. Management teams often rely on their general counsel to be a senior strategist in the company. The right general counsel for your business has a solid understanding of your business needs and follows the ever-changing legal obligations.