Do you aspire to become a Chief Legal Officer (CLO) or General Counsel? This role represents the pinnacle of legal leadership within an organization. Success requires both strategic decision-making and deep legal expertise. The demand for CLOs is growing, with companies increasingly relying on legal leaders to navigate complex regulatory landscapes and emerging challenges like cybersecurity and ESG compliance. Moreover, CLOs are now actively involved in corporate strategy, further emphasizing the evolving and strategic nature of the role.
According to a 2024 salary survey for in-house legal professionals in the United States, on average, a Chief Legal Officer makes $672,745. This figure represents s a combination of base salary, bonuses, and equity options—across various factors including location, years of experience, gender, industry, office setup, and the company’s financing stage. In comparison, the survey noted a General Counsel’s compensation reaches $432,077, on average.,
These figures underscore the significant financial and professional rewards of ascending to the top legal role in an organization. As trends like ESG and digital transformation shape the corporate landscape, the CLO role is becoming even more integral to long-term business success.
What Does a Chief Legal Officer Do?
A Chief Legal Officer serves as the senior-most legal advisor within an organization, overseeing all legal matters, ensuring compliance, and aligning legal strategies with business objectives. CLOs play a crucial role in shaping company policies, advising on mergers and acquisitions, and managing corporate governance. Unlike other legal roles, the CLO’s responsibilities extend beyond the courtroom, focusing instead on strategic planning and leadership.
A Day in the Life:
- Morning: Reviewing key legal risks in collaboration with the executive team, addressing urgent compliance issues, or assessing contracts related to major business deals.
- Afternoon: Leading a legal department meeting to discuss ongoing litigation, regulatory updates, or new policy implementations.
- Evening: Providing strategic advice to the CEO and board of directors on legal and reputational risks related to a potential merger or market expansion.
The Path to Becoming a Chief Legal Officer
Educational Requirements:
The journey typically begins with a bachelor’s degree, followed by a Juris Doctor (JD) from an accredited law school. Aspiring CLOs should focus on coursework in corporate law, contracts, and regulatory compliance. Passing the bar exam is a critical milestone, as is gaining licensure to practice law in the desired jurisdiction.
Career Milestones:
- Associate Attorney: Many CLOs start their careers in law firms, specializing in corporate law, litigation, or regulatory compliance.
- In-House Counsel: Transitioning to an in-house role provides experience working directly within a business, offering valuable insights into how legal decisions impact operations.
- Senior Legal Roles: Positions like Deputy General Counsel or Head of Compliance often precede a promotion to the CLO role, building both technical expertise and leadership skills.
Traits of Successful Chief Legal Officers
Successful CLOs combine legal expertise with business acumen. They are strategic thinkers, excellent communicators, and adept at risk management. Sandra Leung, former General Counsel of Bristol Myers Squibb, is a a great example. She is known for her ability to navigate complex regulatory landscapes while aligning legal strategies with corporate goals. Her career path—from litigation associate to General Counsel—illustrates the importance of perseverance and adaptability.
Resources to Explore
- American Bar Association (ABA): Offers resources on career development and corporate law.
- Association of Corporate Counsel (ACC) A Global Legal Association that promotes the common professional and business interests of in-house counsel who work for corporations, associations, and other organizations through information, education, networking, and advocacy
- Corporate Counsel Magazine: Provides insights into the challenges and innovations in the legal field.
- LinkedIn Learning: Courses on leadership and compliance tailored for legal professionals.
Preparing for the Journey
If you’re aspiring to become a Chief Legal Officer, start by developing a strong foundation in corporate law and business strategy. Seek mentorship opportunities within your organization or through professional associations like the ABA. Additionally, focus on gaining leadership experience early, whether by managing small teams or taking on projects that involve cross-functional collaboration.
The path to becoming a CLO is challenging but achievable with dedication and strategic planning. The role is as much about leadership as it is about legal expertise. Stay curious, continue learning, and build a network of mentors and peers to guide you.
In our next post in the “Inside the C-Suite” series, we’ll delve into the role of the Chief Marketing Officer—a creative and strategic powerhouse shaping brand identity and market growth. Stay tuned for insights that will help you understand the CMO’s journey and how it complements the CLO’s role in the executive suite.
