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2023 GC Compensation Survey: Pay Rises, But Not Everyone Is Happy About It
The news was grim across corporate America in 2022, with interest rates soaring and the economic outlook cloudy. That was especially true of the tech industry, where stock prices were tumbling and startups and giants were retrenching and rolling out mass layoffs.
But that didn't prevent tech companies from gaining a tight grip on the top slots in Corporate Counsel and ALM Intelligence's 2023 General Counsel Compensation Report, based on Securities and Exchange Commission pay disclosures of the Fortune 1000 for fiscal 2022.
Tech companies grabbed six of the top 10 slots on the list, which ranks by total compensation. The five most-highly paid legal chiefs received more than $20 million, while all the top 10 collected more than $15 million. See the full list at https://bit.ly/44ZKVTI.
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Top 5 Strategies for Managing the End-of-Year Collections Frenzy
End of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.
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Tax Treatment of Judgments and Settlements
Counsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.