BarkerGilmore: 40% of in-house counsel would consider a new position in 2020
40% of in-house indicate that they would consider a new position within the next year due to compensation issues, 2 percentage points more than the previous year. This is one of the main trends analyzed by BarkerGilmore that released the annual 2020 In-House Counsel Compensation Report. The data was collected from a random sample of in-house counsel throughout the United States via an online survey administered from February to April 2020, also prior to the pandemic.
In-house lawyers in the technology and healthcare industries had the greatest likelihood of a job search in the next year, while those working in the life sciences industry are the least likely to engage in a job search for the second year in a row, report says.
This year, in-house counsel with practice area concentrations in litigation and intellectual property are most likely to consider a move for compensation issues, while those who identify with an insurance or compliance area report least likely to move.
Male managing counsel reported a 44% likelihood of considering a new position in the next year versus 35% of women. General counsel and senior counsel position change consideration was consistent between both genders. As for gender pay trends: both female and male in-house counsel base pay increased at a median rate of 3.0% across all positions in 2018.
Also, key trends revealed by the report include annual salary increase rates. The average annual salary increase rate for all positions across industries remained constant at 4.4% this year, with the energy sector experiencing the highest increase rate of 5.4% for the second year in a row.