Minority women reported the highest median total cash compensation
Female GCs are besting their peers when it comes to compensation, a recent survey conducted by the Association of Corporate Counsel (ACC) has revealed.
The results of the 2023 Law Department Compensation Survey showed that women in multi-lawyer departments were making 19.5% more than their male counterparts. In single-lawyer departments, minority women were earning 19% more than non-minority men.
Moreover, the reported median total cash compensation for minority women in GC roles regardless of law department size/setting was $325,000 – 8% higher than those of their peers. According to the ACC, this was a first.
“ACC’s compensation survey represents a large cross-section of companies in the US and for the first-time shows that non-minority women who achieve the coveted GC spot in multi-lawyer departments are among the highest paid, and compensation levels for women of colour general counsel exceeded their peers for the first time in the history of ACC’s compensation surveys”, President and CEO Veta T. Richardson said.
Non-minority women were earning about 36% more than non-minority men and minority women; they also made 50% more than minority men.
“These survey results suggest that progress is being made to address the long-time gender pay gap. I celebrate these women whose ability, leadership, and awareness have enabled them to achieve the role of general counsel and negotiate higher compensation. I am pleased to see that their compensation levels are rising to reflect the value they bring”, Richardson said.
However, she warned that a year’s worth of data did not translate to the elimination of the gender pay gap issue, “especially for positions below the GC level”.
Minority men made the least in both single and multi-lawyer departments; their median compensation lagged behind other groups’ by over 37% in single-lawyer departments, and by more than 10% in multi-lawyer departments.
The 2023 Law Department Compensation Survey obtained responses from 445 US-based GCs. The report was released in partnership with Empsight International, LLC.
