The L Suite Exclusive Data: General Counsel Salaries and Compensation Trends in 2024

The L Suite publishes comprehensive salary reports every year, including details of general counsel, deputy general counsel, and chief legal officer compensation packages across private companies, public companies, and venture capital (VC) firms.

To access the full reports, including detailed breakdowns by industry, company size and stage, geography, years of experience, and more, general counsels can apply for membership with The L Suite.

Gone are the days when legal leaders' sole task was to manage risk. Today's GCs and CLOs are strategic business partners and startup advisors who often oversee multiple business functions — from compliance and privacy to HR and operations. In fact, our data shows that 51% of legal leaders now helm compliance and 41% manage privacy functions.

But are compensation packages keeping pace with these expanding responsibilities?

Don't rely on questionable AI summaries from search engines for this consequential data — The L Suite's annual compensation analysis is specifically designed to shed light on General Counsel salaries at high-growth tech companies. Our members can pinpoint exact compensation ranges for their unique situations, whether they're a GC in Boston overseeing a two-person team at a Series B startup, or a CLO at a late-stage fintech company in New York managing a department of 20-plus.

If you're looking to make an internal move or actively hunting for a new opportunity, having access to the latest general counsel salary data can give you the leverage you need at the negotiating table. Below is an overview of our insights for 2024, based on more than 900 responses from our community.

Key Takeaways:

• The median base salary for U.S.-based GCs and CLOs at high-growth private companies is $300,000, an increase of 3.5% from 2023 to 2024. Median total compensation is $360,000, a 3.4% year-over-year increase.

• Reporting structure impacts compensation — legal executives reporting directly to the CEO/President/Managing Director see markedly higher median compensation rates.

• Geographic location continues to play a crucial role in comp, with tech hubs like San Francisco, Seattle, and New York enjoying higher median salaries.

• Respondents receiving equity in 2023-2024 were awarded higher ownership percentages in 2024 compared to those granted in previous years, reflecting shifting equity compensation strategies in the current market.

TechGC Compensation Trend Overview

Overall, we’ve got good news, with compensation tracking up across the board. According to Klinton Miyao, GC and Chief People Officer at Human Interest and co-author of this year’s survey report, this trajectory signals a shift in how startups value their legal leadership — as well as the opportunities legal leaders tend to be attracted to.

"Compensation for GCs and CLOs has seen remarkable growth across all startup stages, with year-over-year increases as high as 50% in some cases," he notes. "It’s clear that more high-caliber legal professionals — who might traditionally have stayed with law firms or large corporations — are drawn to the dynamic environment of startups."

That said, knowing the nitty-gritty differences can be powerful in salary negotiations, so let’s dig in a bit further.

Base and Total Compensation

US

Among the 819 U.S.-based respondents to this year's survey, the median annual base salary is $300,000 and the median total cash compensation is $360,000. When looking at the 25th and 75th percentiles, there is variation as high as 24.7% compared to the median.

U.S. respondents' specific geographic location significantly impacts salary ranges. The San Francisco Bay Area and Seattle lead the pack in both base salary and total cash compensation. After that, there is a group of cities (including Los Angeles, New York, Boston, Chicago and others) with similar median base salaries, however we see more variation when looking at total cash compensation.

International

Among the 83 respondents based outside of the U.S., the compensation picture looks notably different. The median base salary of international respondents is $207,842 and the median total cash compensation is $256,159. There was more variation in the 25th and 75th percentiles among this group, ranging as high as 32.8% compared to the median.

Compensation by Company Stage

Company stage also plays an outsized role in determining general counsel pay packages, with clear patterns emerging as organizations mature. Unsurprisingly, Series F+ companies offer the highest compensation and Series Seed offer the lowest. The range across different stages was stark, with Series F+ realizing a total cash premium of $174,250 over Series Seed at the median.

The data also shows clear compensation growth across all stages from 2023 to 2024, suggesting a maturing market for legal talent.

Bonus Structures

Bonuses remain a significant component of compensation packages in 2024, with 73.5% of respondents eligible for bonuses this year — an increase from 2023's numbers (69.6%).

Most bonuses (59.4%) are based on both individual and company performance, with target bonuses varying by company stage. For instance:

• Seed-level companies typically offer median target bonuses of 20%

• Series C companies report a median target bonus of 25%

• Series F+ companies have a median target bonus of 34% of base salary

What's more, the percentage of respondents who receive a signing bonus grew from 21% in 2023 to nearly 27% this year.

Equity

Of course, equity remains a crucial component of compensation, with 89.6% of respondents receiving some form of equity-based comp. Stock options continue to dominate, with 67.6% of respondents receiving them. The remaining equity structures are divided among RSUs/Restricted Stock (9.9%), Profit Interests/Phantom Equity (4.7%), and various other forms including hybrid structures.

The size of equity grants vary dramatically by company stage, generally decreasing as a company matures (although with some deviations in certain stage bands). Overall, median initial equity ownership is around 0.31%, but ranges from 0.19% to 0.80% across the stages.

The data reveals interesting patterns about both equity grants and valuations over time. Respondents who received equity in 2023-2024 were granted higher ownership percentages compared to their predecessors who joined in 2022 or earlier. Meanwhile, company valuations tell a compelling story about market dynamics: Pre-2023 valuations were higher, followed by a prominent dip in 2023, with signs of recovery emerging in 2024 — a pattern that mirrors broader market trends in the tech sector.

Committee member and Data Operations Program Manager at The L Suite Paula Abarca points out another surprising finding around equity terms: While extended post-termination exercise periods are common among executives, most survey respondents haven't negotiated this benefit. "Most of our respondents don't have a post-termination exercise period longer than 90 days," she says. "Our committee called this out as surprising, given that they see almost all C-Suite members negotiating this into their contracts."

Benefits and Additional Compensation

Our latest survey data also illuminates several key trends in benefits packages, including:

• 82.9% of respondents have their membership dues for The L Suite covered by employers

• 16.1% receive executive coaching budgets

• 61.4% receive raises annually, with 44.6% typically receiving increases of 0-5%

• 34.6% have pre-negotiated severance agreements

The relatively low percentage of pre-negotiated severance agreements caught the attention of several report contributors. Nabilah Irshad, CLO and The L Suite member since 2015, emphasizes the importance of severance protection in today's market. "Execs have a longer turnaround time before finding their next role, so they need this protection to have a soft landing in the event of an exit," she notes.

Get the Full Report and an Interactive Compensation Dashboard

When it comes to negotiating your salary, the stakes are too high to rely on broad averages. With The L Suite’s exclusive compensation data, you’re not just getting trends — you’re getting a dynamic dashboard with custom insights tailored to your role, years of experience, geography, company size and stage, industry, and more.

L Suite members have access to the complete report for free, offering much more than the highlights shared here, including:

• Comprehensive compensation breakdowns by all categories covered in this article plus years of experience, title, industry, and more

• Salary data across top metro areas

• Expected bonuses by stage of company and percentage of base salary

• Equity compensation percentages and equity valuation by stage of company

• Data on benefits packages

Members can also dynamically filter the data to hone in on their most relevant peer set, including by years of experience, industry, company size, geography, industry, and more on our proprietary dashboard.

Apply for membership to access the full report today.

About The L Suite

Called “the gold standard for legal peer groups” and “one of the best professional growth investments an in-house attorney can make,” The L Suite is an invitation-only community for in-house legal executives. Over 4,000 members have access to 300+ world-class events per year, a robust online platform where leaders ask and answer pressing questions and share exclusive resources, and industry- and location-based salary survey data.

For more information, visit lsuite.co.