Leopard Solutions, the premier provider of legal business intelligence and analytics, conducted a survey targeted at corporate counsel to gain essential insights into the evolving corporate legal landscape and offers a detailed look at trends that can impact both law firms and corporate legal departments. This Leopard Solutions' 2024 Corporate Counsel Salary & Lifestyle Survey with nearly 500 responses offers a comprehensive look into the evolving landscape of in-house legal departments.
Key findings from the survey results included:
1. Work-Life Balance and Compensation
- Hybrid Work: 66% of respondents work in a hybrid model, balancing in-office and remote work.
- Competitive Compensation: Organizations offer competitive salaries, with General Counsel earning an average of $292,339.
- Comprehensive Benefits: Companies provide a range of benefits, including parental leave, health insurance, and wellness programs.
2. Challenges and Opportunities:
- High Workload: Nearly 60% of respondents report high workloads and time management challenges.
- Limited Advancement Opportunities: Career progression can be limited within in-house roles.
- Diversity and Inclusion: While there's growing awareness, 45% of companies still lack a formal diversity supplier program.
3. Implications for Law Firms and Corporate Legal Departments:
- Law firms must adapt to the shift towards in-house legal teams by offering flexible fee arrangements and prioritizing client service.
- In-House counsels of corporate legal departments need to focus on employee well-being, leverage technology, and advocate for diversity and inclusion.
By understanding these trends, law firms and corporate counsel can make informed decisions, optimize their strategies, and position themselves for success in the future. The full survey results are available for download here.
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