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
|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|