Recovery in the legal industry is so bad that some law firms are resorting to using short-term debt to stay operational through the end of this year.
But in-house lawyers are singing a different tune.
Chief legal officers are raking in a base salary of $521,000 — a five per cent increase from last year — and the base salary for all in-house attorney levels is up 3.4 per cent from last year, hovering at $183,800, according to The Wall Street Journal’s Law Blog, citing a survey from HBR Consulting.
Bonuses for in-house lawyers are also up by about 3.4 per cent.
“We are seeing healthy increases in in-house compensation at all lawyer levels, despite the challenging economic environment,” HBR’s senior director and survey editor Lauren Chung told Law Blog.
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