General In-House Compensation Report | FY 2023-24

In the dynamic realms of law and compliance, the once-clear boundaries between in-house counsel and external legal counsel are becoming increasingly blurred. As organizations strive for greater efficiency, in-house legal departments are ambitiously taking on more work internally rather than outsourcing to external counsel. This paradigm shift not only represents a quest for cost-effectiveness but also signals a marked confidence in the capabilities of in-house teams and the strategic leverage they hold. This evolution in operational strategy is naturally mirrored in how in-house professionals are valued and compensated.

Entering the new fiscal year, businesses have started earmarking budgets for FY2024-25 with a keener eye on their in-house legal expenditure. The Vahura In-House Compensation Report - 2023-24 arrives at a timely juncture to serve as a beacon, guiding organizations through the intricacies of compensation trends that have emerged as a direct consequence of the expanding in-house mandate.

Our report delves into the nuances of remuneration across various hierarchical levels in the legal and compliance domains, offering a strategic tool that organizations can utilize to navigate the fiscal waters of the upcoming year with clarity and foresight.

The data for this report has been compiled by studying more than 250 data points:

• Primarily relying on our proprietary database, through which we constantly track verified legal compensation trends across the year.
• Tapping into Vahura's extensive legal professional network to conduct targeted, confidential interviews with professionals wherever necessary.

The compensation tables in this report represent an estimated total compensation paid to professionals across levels in the legal, and compliance domains respectively. The industries vary across different sectors and there is healthy representation

Q1 or The lower quartile is the value under which 25% of the compensation data points are found when they are arranged in increasing order. 

Q2 or The median represents the value “in the middle” when the compensation data is arranged in increasing order. This implies that one-half of the professionals draw compensation above and the other half draw compensation below the median value provided.

Q3 or The upper quartile is the value under which 75% of the compensation data points are found when arranged in increasing order.

NOTE: This report is only intended to provide a general overview of the compensation ranges for professionals in in-house legal and compliance teams.

• Companies exhibit higher hiring rates in non-metro cities than metro/tier 1 cities, reflecting a strategic talent acquisition approach.
• Clients lean towards internal hiring processes, resulting in potential role changes in compensation brackets.
• Start-ups' compensation strategies vary based on their financial state (burn rate or funding status), with some paying above or below market rates.
• General Counsel (GC) head legal roles have become more accessible, leading to diverse compensation offerings.
• The typical market hike for junior-level lawyers with 0-5 years of experience is around 35% of their current compensation. However, it's not uncommon for organizations to offer hikes ranging from 50% to 80% or as low as 20-25%, albeit these extremes are exceptional cases. Junior - Mid Level lawyers commanding higher compensation often possess extensive experience in Contracts Drafting & Negotiation, indicating a premium for specialized skills.
• In some organisations, General Counsels hold the distinction of being among the highest-earning members of the company's workforce.