General Counsel (GC) roles have gained significant importance in recent years. In 2023, almost every GC reported an increase in workload, especially in managing risks and ensuring compliance. This shift shows how the responsibilities of GCs have evolved from offering legal advice to playing a crucial role in business decisions.

The GC position is now one of the most sought-after roles in the legal field. According to a 2023 survey by BarkerGilmore, 71% of GCs were recruited from outside their companies, which highlights the competitiveness of the role. Companies increasingly need GCs who can blend legal expertise with business acumen, guiding critical decisions and shaping the direction of the business.

The combination of responsibility, influence, and financial reward makes the GC role a top career aspiration for many legal professionals.

As you take on these expanding responsibilities, it’s important to look closely at what exactly being a GC entails and how you can continue to excel in this vital role.

What do General Counsels do?

The role of a General Counsel (GC) is multifaceted, combining legal expertise with strategic leadership. GCs are responsible for managing all legal affairs of a company while also serving as trusted advisors to the executive team and board of directors. Their dual role involves both safeguarding the company from legal risks and shaping the company’s overall strategy.

Also read: What to Do in Your First 100 Days as a GC

#1 Balances legal management with strategic advice

As a GC, you’re responsible for overseeing all legal matters, from litigation and contracts to intellectual property and compliance. But that’s just the beginning. You’re also expected to guide the company’s strategy, advising on business decisions that have legal implications. This dual role requires a blend of legal expertise and business savvy, making you a crucial part of the leadership team.

#2 Navigates corporate governance and ensures compliance

Corporate governance is another area where GCs play a critical role. You’re the one making sure that the company follows the rules, maintains transparency, and operates ethically. This means working closely with the board to set up governance policies, manage board meetings, and ensure the company stays on the right side of the law.

Staying on top of regulatory compliance is also key. You’re expected to keep track of changing laws and regulations, adjust company policies as needed, and make sure everyone in the company knows and follows the rules. It’s about preventing problems before they start.

#3 Manages risks and leads crisis response

Risk management is at the heart of what you do. You identify potential legal risks and come up with strategies to avoid them. When something goes wrong—a data breach, a regulatory investigation, or a major lawsuit—you’re the one leading the company’s response. Your job is to manage the situation, limit the damage, and keep the company legally compliant.

#4 Sets the ethical tone and influences company culture

One of the most important parts of your role as a GC is setting the ethical tone for the company. You’re the one making sure that the company’s actions align with its values, and that ethical behavior is a priority. This might involve overseeing the company’s code of conduct, implementing ethics training, and pushing for diversity and inclusion.

Also read: 5 Things you should know about being a General Counsel - SpotDraft

Steps to becoming a General Counsel

Becoming a General Counsel (GC) involves a combination of education, experience, and strategic career moves. Here’s a detailed guide to help you navigate this path.

Step 1: Lay a strong legal foundation

Start with a solid educational background. Earning a law degree from a reputable institution is crucial. Specializing in areas like corporate law, mergers and acquisitions (M&A), or compliance can set you on the right track. During your education, seek out internships, clerkships, and associate positions that offer real-world legal experience. These early roles are vital for understanding the day-to-day responsibilities of a legal professional and building the skills you’ll need as a GC.

These early experiences provide a backstage pass to the legal world, helping you develop practical skills that go beyond what you learn in the classroom.

Step 2: Gain diverse legal experience

Variety in your legal experience is key. Work in both private practice and in-house roles to build a well-rounded legal portfolio. Exposure to different industries and legal challenges broadens your perspective and equips you with the skills needed to handle the diverse issues you’ll face as a GC. 

Step 3: Develop business acumen

Understanding business is crucial for a GC. It’s not enough to be a legal expert; you must also understand the company’s business strategy, operations, and goals. Consider pursuing an MBA or certifications that bridge the gap between law and business. Being involved in business strategy discussions and decision-making processes within your company will further enhance this skill, making you a more effective advisor​.

Step 4: Build leadership and management skills

Leadership is a critical component of the GC role. You’ll need to manage legal teams, mentor junior lawyers, and often participate in executive decisions. Developing these skills can be achieved by taking on leadership roles within your organization or through professional organizations. Leading cross-functional projects or departments will also demonstrate your ability to manage and inspire a team, which is essential for advancing to a GC position.

Step 5: Establish a strong professional network

Networking is a powerful tool in your career progression. Attend legal industry events, join professional organizations, and actively engage with other professionals in your field. Building a strong network not only opens doors to new opportunities but also provides support and guidance as you advance in your career. This step is echoed across various sources, highlighting the importance of being known in the legal and business communities.

Step 6: Gain experience in corporate governance

Corporate governance is a key area where GCs make significant contributions. Getting involved in governance by serving as a corporate secretary or in roles that support board functions will give you the experience needed to advise on governance issues. This experience is crucial for understanding the strategic aspects of the GC role​.

Step 7: Position yourself as a strategic advisor

“One key thing your business partners are looking for is a lawyer who can think strategically.  This means that you can see more than just the immediate legal issue.  It means you can “peer around corners” and see what’s coming down the pike and how it may impact your business, not only legally but from an operational standpoint as well.”
~ Ten Things Blog 
Sterling Miller

Finally, work to establish yourself as a trusted advisor to the CEO and board. Lead significant legal or compliance initiatives that impact the company’s overall strategy. Demonstrating your ability to align legal advice with business goals is essential for securing and succeeding in a GC role​.

Now that you have a comprehensive understanding of the steps needed to become a General Counsel, it's time to consider the various career paths available to you after achieving this role. Serving as a GC can be a stepping stone to numerous advanced opportunities within the legal field, corporate leadership, and beyond. Let’s explore the potential career paths you can pursue after becoming a General Counsel.

Also read: Navigating Your First 90 Days as General Counsel + Free Checklist

How much do General Counsels earn?

General Counsels (GCs) are among the highest-paid professionals in the legal field, with their compensation packages often including a mix of base salary, bonuses, and equity. These earnings can vary widely based on factors like industry, company size, and location.

What’s included in a GC’s pay?

General Counsels (GCs) generally earn a significant salary, with an average annual income of $274,392. In addition to this, GCs often receive performance-based bonuses, which can significantly boost their income. Equity packages, such as stock options or restricted stock units (RSUs), are also common, especially in larger or publicly traded companies. These equity awards can become highly valuable, depending on the company’s performance​.

What affects a GC’s salary?

Several factors influence how much a GC earns. The size of the company is a major factor—larger companies tend to offer higher salaries and bigger bonuses. The industry is another key element; for example, GCs in the consumer goods and services usually earn more due to the complexity and high stakes involved in these industries. Where you work also matters; GCs in big cities like New York or San Francisco generally earn more because of the higher cost of living and the presence of many large corporations​.

How does pay differ across industries?

Compensation for General Counsels (GCs) varies significantly based on their years of experience, and this variation also reflects the differences across industries. Here’s a breakdown:

• 1 - 5 years of experience: GCs with early career experience typically earn a base compensation of $130,000 per year. At this stage, bonuses are modest, averaging around $6,000 annually, with no equity compensation.
• 6 - 10 years of experience: As GCs gain more experience, their compensation increases significantly. They earn an average base salary of $202,191 per year, with bonuses jumping to $38,510. At this stage, equity compensation starts to play a role, with an average of $62,039 per year.
• 11 - 15 years of experience: Mid-career GCs see their compensation rise sharply. Base salaries average $300,031 per year, with bonuses at $83,062 and equity awards at $79,702, reflecting their growing importance in the company.
• 16 - 20 years of experience: GCs with significant experience typically earn a base salary of $274,955 per year. Their bonuses average $64,188, while equity compensation increases to $116,788, showing the importance of their role in company strategy and governance.
• 21 - 25 years of experience: For highly experienced GCs, the base compensation averages $287,981 per year, with substantial bonuses of $129,179. Equity awards remain significant at $114,579, emphasizing their seniority and influence.
• 25+ years of experience: At the peak of their careers, GCs earn an average base salary of $291,389 per year. Bonuses are slightly lower at $88,481, while equity compensation averages $29,583, reflecting a shift in compensation structure for those at the highest level of experience.

Also read: Salary Report [2024]: General Counsel in the United States

What’s next after becoming a General Counsel?

#1 Moving from General Counsel to executive leadership roles

After serving as a General Counsel, many legal professionals successfully transition into roles like Chief Operating Officer (COO) or Chief Executive Officer (CEO). This shift leverages the strategic insights and business acumen GCs develop while navigating complex legal and business challenges. 

Notable examples include Brad Smith, who rose from General Counsel to President at Microsoft, and Tony West, who moved from General Counsel at PepsiCo to Chief Legal Officer at Uber, where he became a key leader in the company’s executive team​.

#2 Leveraging legal expertise by serving on corporate boards

Former General Counsels are highly sought after for board positions, especially as non-executive directors. Their deep understanding of governance, risk management, and compliance makes them valuable contributors in the boardroom. 

Companies increasingly recognize the strategic value of having GCs on their boards, as seen with Michele Coleman Mayes, who transitioned from General Counsel at Allstate Insurance Company to serving on multiple corporate boards.

Also read: Chasing More than Just Titles with Evan Ferl, Chief Strategy Officer & GC, Bambee

#3 Providing specialized advice in consulting and advisory roles

Many former General Counsels choose to enter consulting or advisory roles, where they can offer their expertise on legal compliance, governance, and risk management to various organizations. This path is ideal for those looking to apply their skills across different industries while maintaining flexibility in their work. Former GCs often establish their consulting practices or join advisory firms, continuing to influence the business landscape through their specialized knowledge​.

Also read: Understanding Legal Titles: A Guide to Different Types of General Counsel

Conclusion

Becoming a General Counsel (GC) is no small feat, but it’s a journey that’s well worth the effort. The role has evolved dramatically, with GCs now playing a key part in shaping a company’s strategy and steering its future. The seven-step game plan we’ve outlined gives you a clear path to follow—from building a solid legal foundation to becoming a trusted advisor to the CEO and board.

So, if you’re ready to take on the challenge, use these steps to guide your career. With dedication and the right approach, you’ll be well on your way to reaching the top and making a lasting impact in the legal business world.

FAQs about General Counsel

How can I become a General Counsel?‍

A: To become a General Counsel, you’ll need a combination of education, diverse legal experience, business acumen, leadership skills, and a strong professional network. Follow a strategic career path, starting with a solid legal foundation, gaining experience in both private practice and in-house roles, and positioning yourself as a trusted advisor to the executive team. 

How do I become a General Counsel in the USA?

‍In the USA, becoming a General Counsel typically involves earning a law degree (JD), passing the bar exam, and accumulating extensive legal experience. You'll also need to develop business skills and leadership capabilities. Experience in corporate governance and building a strong professional network are essential steps. It’s a competitive process, so strategic career planning and continuous learning are key.

What is the salary of a General Counsel?

‍The salary of a General Counsel varies based on experience, industry, and location. On average, GCs in the USA earn around $274,392 per year, with additional compensation from performance-based bonuses and equity packages. Senior GCs with over 25 years of experience can earn even more, depending on the company and its financial performance.