The legal and compliance market is booming. BTI Consulting Group found that total legal department expenditures had increased 2% in 2021, and the demand for General Counsel talent looks to only continue growing.
A recent BoardEx analysis looks at the top 100 GCs appointed in 2021 ranked by their organizations’ market cap. The BoardEx data shows that 46% of these GCs were appointed externally, which is 16% more than that of the top CFO appointments for 2021. Nearly half of the top GCs appointed in 2021 were female, and just 9% are a part of the BoardEx Diversity Network including Monica Douglas of Coca-Cola Co. and Michele Lau of GoDaddy Inc.
A separate BoardEx study of the GCs within the Fortune 1000 finds those appointed to the top had an average of 23.2 years of professional experience between time spent at a law firm and in the corporate or government sector. US law firm Latham & Watkins have the most Fortune 1000 GCs in their alumni, including one from the top 100 list, Kathryn Ruemmler of Goldman Sachs.
What are teams looking for in a GC? Hunt Scanlon says specific industry experience or business knowledge is a must— but diversity can play a major factor in the CEO and board’s final decision. Data shows that this past year, about 62% of the newly appointed general counsels were either a woman and/or minority respectively.
Top 10 GC Moves of 2021
| Name | Gender | Organization | Role | Sector | Country/Region | Appointment | Diversity Network |
|---|---|---|---|---|---|---|---|
| Julie Rottenberg | Female | Visa | Executive VP/General Counsel | Speciality & Other Finance | United States | Internal | |
| Richard Verma | Male | Mastercard | General Counsel/Head of Global Public Policy | Speciality & Other Finance | United States | Internal | Asian Association Network |
| Monica Douglas | Female | Coca-Cola | Senior VP/General Counsel | Beverages | United States | Internal | Black Association Network |
| Todd Machtmes | Male | Salesforce | General Counsel | Software & Computer Services | United States | Internal | |
| David Flavell | Male | Pepsico | Executive VP/General Counsel/Corporate Secretary | Beverages | United States | Internal | |
| Karen Hale | Female | Novartis | Chief Legal Officer | Pharmaceuticals and Biotechnology | Switzerland | External | |
| Ann Chaplin | Female | Qualcomm | General Counsel/Corporate Secretary | Electronic & Electrical Equipment | United States | External | |
| Jessica Hertz | Female | Shopify | General Counsel | Software & Computer Services | Canada | External | |
| Maria Douvas | Female | Royal Bank of Canada | Chief Legal Officer | Banks | Canada | Internal | |
| Mark Nelson | Male | T-Mobile US | Executive VP/General Counsel | Telecommunication Services | United States | External |
Source BoardEx