Strategist: As a strategist, you are able to communicate to your business partners a clear legal strategy that supports and enables the business strategy. In this role as General Counsel, you will provide the senior management team with legal advice to achieve their growth objectives. Louise Pentland, executive vice president and chief commercial and legal officer of PayPal Holdings, is the only chief legal officer on this list of high-paying lawyers who earned less in 2020 than in 2019. Chicago-based pharmaceutical company AbbVie Inc. gave its vice president of external affairs and general counsel Laura Schumacher more than $17.1 million last year, up from $15.1 million in 2019. Schumacher`s base salary was $1.2 million and she received about $7 million in stock and option bonuses. Schumacher became general counsel for AbbVie`s former parent company, Abbott Laboratories, in 2005 and joined AbbVie after the split in 2013. Seymour, Ruemmler`s predecessor and litigator, left Goldman last year after receiving a $9 million salary in 2020. She returned to a partnership with Sullivan & Cromwell, a frequent Goldman legal adviser, who hired Seymour in 2018 to replace her longtime general counsel, Gregory Palm.
Working closely with law firms and in-house legal teams, Boyden has successfully placed high-level lawyers such as general counsel, litigation lawyers, and corporate counsel. For more than 30 years, The Legal 500 has analyzed the capabilities of law firms around the world. The GC Power List is the latest publication in The Legal 500, which focuses on the internal function and recognizes business consultants who lead legal activities. The latest edition is GC Powerlist: United States, which identifies a number of the region`s most influential and innovative in-house counsel. Here are some of the attorneys general and general counsel who have been among the highest paid: Ruemmler, a former White House adviser in the Obama administration, assumed the positions of general counsel and general counsel after the company admitted its role in a massive corruption case involving Malaysian investment fund 1MDB. Chief Legal Officers are responsible for dealing with complex and evolving legal and compliance issues on a daily basis. Therefore, it is worth finding the right person for such an important position, to delegate to experts: executive search firms. What exactly are executive search firms? Hired by companies to fill vacancies, they are professionals who recruit the best talent through their network and industry expertise. This is a list of the top 5 executive search firms for general counsel in the United States.
OCOL`s role continues to grow in importance as it becomes more influential at the highest levels of management. To succeed in this leading role as a lawyer, you must learn to skillfully navigate the four faces of OCOL and focus most of your time and effort on catalyst and strategist roles. In 2020, an extensive Lindsey & Africa survey of partners at Am Law 200 firms found an average compensation of more than $1 million. ALM Intelligence`s 2020 Legal Compensation Benchmarking Survey found that General Counsel and Chief Legal Officers earned an average total compensation of $573,000. Generally, it is more lucrative to be a large partner than a general counsel. How do OCLs manage their time so they can focus on the strategist and catalyst categories? By focusing on building a strong legal function and/or creating leverage in your legal department to manage the guardianship and operator functions. While it may initially be necessary for new OCOL to spend 60-65% of their time as tutors and operators (repairing or restructuring what they have inherited), it is important that new OCOL avoid spending the majority of their time on these long-term responsibilities, as this could signal to the rest of senior management that OCOL is not becoming a management strategy. The Goldman agent, who outlined the justification for Ruemmler`s compensation, cited his « oversight responsibility » for its « 1MDB-related mediation program » as well as his advice on a « variety of legal, reputational and regulatory issues. » Compensation for the country`s most powerful legal chiefs has returned to the stratosphere after a crisis amid corporate austerity measures at the height of the COVID-19 pandemic — and a household name has reclaimed this year`s Cash King crown.