Risk Update

BRB Law Firm Risk Staffing Compensation Survey (2024 Edition) — Now Open!

Trusting that the fact that there’s a parallel IG staff survey closing this week won’t confuse people, I’m pleased to invite our law firm risk readers to participate in the 2024 Risk Staffing Compensation Survey!

Last year’s exercise, our second go, was a tremendous success. We saw participation from 125+ individuals, who contributed data on 515+ individual risk staff positions. (Let’s see if we can’t top that figure this year, shall we? Given the large number of report requests over the past year from folks who missed or skipped the 2023 exercise, I’m quite optimistic about 2024 numbers!)

Once again, after publishing the 2023 exercise I received many encouraging notes of feedback and input from risk staff, risk managers, and firm leaders. It’s gratifying to see mangers using this data to pursue adjustments for their team and to support recruiting processes. I’m also always happy to hear from individuals using this industry data to self advocate.

Based on input from several of you, I’ve made some changes and enhancements to the 2024 exercise. The two key being:

  1. For the “risk lawyer” role several folks are curious to see what the data might say about lawyer “specialization.” So the survey form will now collect optional detail on this front. If you’re a risk lawyer self-reporting, or a manager sharing staff detail, there’s an optional field to note if the individual focuses solely (or primarily) on an area like conflicts or OCG management specifically.
  2. For managers & directors, the survey now includes an optional section collecting qualitative feedback from managers on risk staff hiring, budget, challenges, goals, investment plans and wishes, and other related matters. (While participation in this section is not required, if you’d like visibility into the feedback your peers provide, please share your perspectives here as well!)

So if you’re an individual contribution looking to understand how your comp compares to your peers, or you’re a risk manager looking to keep your team (and potential new hires) on par with changing market standards, you don’t want to miss out.

SURVEY DETAILS:

  • Participation open to law firm risk professionals only
  • All responses will be treated confidentially
  • Manager participants sharing data on themselves and their team’s roles and compensation will receive a report summarizing key findings and analysis relevant to their firm demographics
    • (The report may be shared internally within your firm, but not redistributed externally. So if you want the results, your best path is to participate!)
  • Individual contributor participants sharing personal compensation data will be receive a personal benchmark compensation summary relevant to their specific role and firm demographics.

The survey will be open through September 30, and can be accessed here: 2024 Risk Staffing Compensation Survey.

Feel free to share the link with law firm peers and colleagues.

And if anyone has questions (or really needs more time), please do reach out to me directly. (Email readers can do that by just replying to this note — it’ll reach me. Others can use the contact form as well.)

Let’s see what we learn this round!