Stock blow to lawyers

The falling stock market is set to hit top US in-house lawyers hard, a survey released this week has predicted, after many signed up to millions of dollars worth of stock options.The survey by Corporate Counsel magazine found that last year, the average value of stock options given to general counsel of leading US companies spiralled 80% to $1.8 million (1.2 million).However, it said 'this largesse was likely a holdover from a better time'.

Bonuses are also set to suffer; whereas in 1993, 53% of general counsel received bonuses which were equal to or more than half their base salaries, the figure is now 93%.'After years of pushing for more at-risk pay, general counsel soon may have to contend with the downside of that equation,' the report found.Christopher Kearney, general counsel of industrial company SPX, led the list of those granted options last year, with options worth $18 million.

Wilkes McClave, general counsel of petroleum company Tosco, was awarded the biggest bonus, worth $4.3 million.Through a combination of salary, bonus and exercised options, Robert Lemmie, general counsel of Cablevision Systems, took home the most, with more than $19 million.Ben Heinemann, general counsel of General Electric, had the highest base salary at $1.2 million.

He is also sitting on stock options valued at $34.5 million last year, the highest in the survey.The median salary for the 100 best-paid general counsel rose 4% last year to $432,336.Neil Rose