Five Key Gaps in General Counsel Succession Planning

 

Top Reasons to Consider a Specialty Boutique Search Firm

 

How to Determine the Right GC Compensation

 

How to Find and Attract the Right GC Candidate – Part 2 of 2

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How to Find and Attract the Right GC Candidate – Part 1 of 2

If you’re a regular reader of our blog, you know the importance we place on well-executed succession planning (A Roadmap for Effective GC Succession Planning). But what do you do if your GC unexpectedly announces they’re leaving or retiring and you’re without a handpicked successor or qualified potential successors to step in and fill the void? 

As you contemplate your next move, consider how the role of GC has very deliberately expanded and become more critical strategically. That realization makes it even more important that the candidates you attract possess the potential to continue the role trajectory that’s been started.

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A Roadmap for Effective GC Succession Planning

Within Fortune 500 companies, it’s unlikely you would find even one that didn’t have a formal CEO succession plan in place. Because it’s difficult to predict when the conditions may occur that tend to dictate when a CEO could or should retire or resign, responsible governance mandates that a thoughtful and strategic CEO succession plan always be in place.

With the continued evolution of GCs in these same companies, from legal advisor to strategic advisor and valued member of the executive team (“GCs: Adding Value to the C-Suite”), fewer than 50 percent of these same companies have formal GC succession plans. Which means that in the event of an unexpected need to transition, these unprepared companies might be forced to go outside for the right candidate because they don’t have an appropriate internal candidate. 

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Charting Your Career Path to GC

As a seasoned legal recruiter with over 20 years of experience, I've learned that a lot of very smart attorneys make the same not-so-smart mistake: They fail to understand the attributes expected of a strong general counsel.

That's because the skills that make for a crackerjack law firm lawyer and a high-performing in-house attorney -- obsessive attention to detail, tactical execution, focus on risk -- are not the same traits required of a successful General Counsel.  As chief counsel, you're expected to serve as a trusted business partner and advisor to the C-suite, influencing, and executing upon, the company's long-term growth plans.

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Survey Says: 5 Areas Where General Counsel Will Have the Most Impact in 2020

If your General Counsel doesn’t have a seat at the table, you probably need to think about getting a bigger table.


BarkerGilmore partnered with NYSE Governance Services to produce a timely new survey document, The Rise of the GC: from Legal Adviser to Strategic Adviser. The report synthesizes the views of directors and executives on the role of GCs in light of the expansion of corporate governance. In short, it’s apparent that there are changing executive perceptions about the role and impact of General Counsel.

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Survey Says: Legal Competence Not What Matters Most in a General Counsel

If It’s Not Legal Skill, What Exactly Are Corporations Looking for in Their General Counsel?


New research from NYSE Governance Services and BarkerGilmore
 offers a revealing look at current and future expectations for General Counsel. Our 2016 survey underscores that in the minds of executives, the purview of today’s GC has evolved well beyond the traditional role of chief legal officer and corporate secretary.

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Can Your Salary Strategy Compete in the High-Stakes Arena of General Counsel Hiring?

Reputation will take you only so far. To get the best General Counsel, you need to offer an extraordinary package including compensation, equity, long-term incentives, perks and more.

There are over a million attorneys in the US, but only a relative handful will make it into the rarefied ranks of General Counsel of a Fortune 500 company. Competition is equally fierce among corporations seeking to fill these top legal positions.

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Suggested Resources


2018

IN-HOUSE COUNSEL COMPENSATION REPORT

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How to Build
a World-Class
Legal Department

GENERAL COUNSEL
PANEL ANSWERS
5 KEY QUESTIONS

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The Rise
of the GC:

FROM LEGAL
ADVISOR TO
STRATEGIC ADVISOR

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