For GCs, the Bennies Soar
Salaries for the corporate world's best-paid chief legal officers held steady last year, but the side benefits reached new heights, according to the 2006 GC Compensation Survey of Corporate Counsel magazine. The average salary of $564,612 was up just 1 percent from the year before, but bonuses rose 16 percent to an average of $906,820, and restricted stock grants went up 35 percent to an average of nearly $1 million.
At the top of the chart, where he has remained comfortably seated for five years straight, is Benjamin Heineman Jr., senior vice president of law and public affairs at General Electric Company, with a $1.6 million salary and $3.4 million bonus. The low end of the well-paid spectrum is Michele Coleman Mayes, senior vice president and general counsel at Pitney Bowes Inc., with a salary of $448,000 and bonus of $396,000.
And then there are the percs. Heineman, for example, had perquisites valued at a quarter-million dollars, which included his personal use of a GE airplane. While other GCs also received free air travel and automobile reimbursements, Ira Dansky got percs of a different thread. The GC of Jones Apparel Group received nearly $20,000 in discounts at the posh clothing store Barneys.
Corporate Counsel has full coverage of the survey:
Posted by Robert J. Ambrogi on July 18, 2006 at 01:12 PM | Permalink
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