A survey released Wednesday by the Association of Corporate Counsel found that 85 percent of chief legal officers are satisfied with their current role and level of responsibility within their companies, a four percent increase as compared to last year.
The Chief Legal Officer 2014 Survey revealed that ethics and compliance, regulatory or government changes and information privacy are considered the most pressing issues by the CLOs for the year ahead.
“We find that ethics and compliance issues are not only weighing heavily on the minds of chief legal officers, but also boards of directors and senior management around the world,” said Veta T. Richardson, ACC president and CEO. “Businesses globally are recognizing how vital it is to ensure their top priority is abiding by ever more complex regulations.”
The survey includes responses from more than 1,200 individuals in 41 countries.
Respondents also reported strategic staffing and managing expenses in a global economy will be among their priorities in 2014. A little more than half of CLOs altered their law departments’ total budgets and 38 percent plan to make changes to their department spending habits this year. Hiring patterns are expected to remain the same as in 2013.
The survey also found that the overall average base salary among CLOs dipped to $246,841 as compared to last year’s $251,431, but that this drop in pay did not trigger lower satisfaction levels.