It used to be that going in-house was a second-best career choice for lawyers. Maybe not anymore.
ALMs Corporate Counsel magazine reported today that compensation for the top in-house lawyers at the nations largest corporations set new records last year. The magazine's twelfth annual survey of the 100 best-paid chief legal officers in the U.S., published today, reveals that while salaries stayed flat at an average of $565,000, the average cash bonus and restricted stock grant received by the group approached $2 million. In addition, more than half of the group cashed in stock options in 2005, with an average gain of $3.1 million. In comparison, the average profit taken home last year by an Am Law 100 partner at the nations 100 top-grossing firms was $1.1 million.
I can't help wondering how many of those options were either backdated or springloaded.