July 20, 2010

2010 GC Compensation Survey: The Great Hangover

by Alan Cohen
Corporate Counsel

In a year when discretionary bonuses dropped nearly 40 percent, it might seem hard to find a silver lining -- or even an aluminum one.

As the recession battered markets -- and jobs -- over the past couple of years, and publicly traded companies saw their profitability hammered, it was reasonable to think compensation would tank, too, even for the top lawyers at major corporations. And as Corporate Counsel's 2010 GC Compensation Survey shows, big chunks of take-home pay -- particularly those bonuses -- did take a beating.

But it could have been worse. If there is one theme to this year's survey, maybe it's in with the new -- and in with some of the old, too. There is the new reality that is making an impact, and dent, in the chief legal officer's pocket: the economy. And the public and the Securities and Exchange Commission are giving executive compensation more scrutiny. They're demanding to know how, exactly, a company determines its executives' compensation, and making it clear that if you cough up a big number, you'd better have a good year -- or a good explanation.

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