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Base Salaries Up; Bonus Levels Mixed
The recently released 2006 Altman Weil Law Department Compensation Benchmarking Survey of U.S. corporate law departments, published in partnership with LexisNexis Martindale-Hubbell, shows base salaries up across the board for in-house lawyers in 2006.
'Corporations have two tools to set in-house cash compensation ' guaranteed base salary and at-risk, performance-based bonus dollars,' notes Altman Weil principal James S. Wilber. 'Each year we see a balancing act between these two components. Last year, salaries rose slightly, augmented by big bonuses. This year, we're seeing bigger salary increases reflecting greater corporate confidence, along with a mixed bag of bonus levels which seem designed to catch up some of the more junior in-house positions that were overlooked in past years.'
'Increased mobility between law firms and law departments forces corporations to compensate more competitively in the war for talent, especially at the senior level,' remarks Barry Solomon, Vice President and General Manager of LexisNexis Martindale-Hubbell. 'As a result, corporations will reward their top law department officers first, and only later adjust compensation for junior managers and staff lawyers.'
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