General Counsel Compensation

[Spreckles]

Hi friends. I can’t find any insights anywhere, so thought I’d try here. Does anyone have an idea of what general counsels in Canada make? Particularly ones at large global organizations? 

[AHappyLawyer]

https://www.zsa.ca/salary-guide/

[Spreckles]

Thanks this is helpful. I am looking for more specific information though, like those who head up legal departments of big companies, e.g. banks, multinationals with offices in Toronto, etc. 

[Jaggers]

For the biggest public companies, you can see their top executives' compensation on their proxy circulars. Their GC doesn't usually make enough to get on that list, but they are probably in that type of range, at least 50% or more.

Of course, the chance that you will ever be the GC of a public company is basically nil.

[Spreckles]

Thanks Jaggers. I have an interview with a one such a company (not public though) to head up their legal department and wasn’t sure what to expect for the compensation range. I don’t think it’ll be anywhere near what those executives are making in those proxy circulars though, but it’s helpful. 

[Mets992]

1 hour ago, Spreckles said:

Thanks Jaggers. I have an interview with a one such a company (not public though) to head up their legal department and wasn’t sure what to expect for the compensation range. I don’t think it’ll be anywhere near what those executives are making in those proxy circulars though, but it’s helpful. 

Best of luck! I would say depending on the size of the company and your years of experience, a reasonable range is anywhere between $250,000 - $400,000.

[t3ctonics]

I know a few GCs here on the prairies that are paid in the $230k to $300k range. One is the GC of the Canadian branch of a multinational, but their Canadian operations aren't huge. 

On the high end, Sean Finn from CN gets paid over $800k in salary alone. This is from looking up a CN circular - I don't claim to know him personally.

Realistically, I think the $250k-400k range @Mets992 suggested is right for most big companies. Stock-based compensation can also be significant. That varies massively, but the value can be multiples of base salary in any given year.

[jdavis]

Agree with the numbers above, although I think the range can skew higher in Toronto.

Another factor is whether it's GC of head office, i.e. a Canadian (global) company, or the GC of Canadian operations of a foreign company. Former should be higher. 

[CanadaWater]

On 6/14/2022 at 7:10 PM, t3ctonics said:

I know a few GCs here on the prairies that are paid in the $230k to $300k range. One is the GC of the Canadian branch of a multinational, but their Canadian operations aren't huge. 

On the high end, Sean Finn from CN gets paid over $800k in salary alone. This is from looking up a CN circular - I don't claim to know him personally.

Realistically, I think the $250k-400k range @Mets992 suggested is right for most big companies. Stock-based compensation can also be significant. That varies massively, but the value can be multiples of base salary in any given year.

The stock-based compensation point is an important one.  While base salaries are often modest compared to what a partner might take home at a big Toronto firm, all-in compensation with stock included evens things out a bit.  I think many GCs at large companies in Toronto would make closer to low 7 figures all-in (and that the CN example is not particularly unique). 

Recall that, in Toronto, $250k-$400k is well within the mid/senior associate compensation range.  To even be considered for a GC role at a large company, you usually need 10, 15, 20+ years of relevant experience (and most qualified candidates were partners at Toronto firms beforehand).  For such candidates, $400k would be a significant pay cut for a job that is often just as stressful as being a partner at a big firm (though probably less hours-intensive).