Risk Update

SURVEY REPORT — 2023 Law Firm Risk Staffing Compensation Survey Report (Now Available)

Quite excited to announce that the 2023 Law Firm Risk Staffing Compensation Survey report is now fresh off the presses! (And now on file with the US Copyright Office.) Coming in at 15 pages, this year’s exercise builds on last year’s success in several ways:

  • As hoped, we saw strong participation from “director-level” risk leaders, and have included a section on those salary details.
  • What’s more, overall participation shot up from last year. In 2022, we saw 80+ participants contribute data on 375+ individual risk staff positions. In 2023, we saw 126 participants share data on 517 risk positions. (That’s a 50% jump in participation and a 37% increase in data — for those of us who have putting everything into Excel over the past few weeks.)

I’d like to thank everyone who participated. I hope the results and analysis provide fresh insight and support to those looking for greater clarity on industry compensation practices and trends.

As many readers have shared over the past year, this project is creating value, insight, and opportunity on several fronts:

  • Risk and operational leaders are using this data to advocate for and ensure that their teams’ compensation is kept in line with industry averages.
  • HR and hiring managers are using this data to inform their staff recruiting and review policies.
  • Individual contributors are using this data to self benchmark and support their personal career efforts and growth.

A note on distribution: 

  • If you’re a “manager” participant, providing data on your team/multiple positions, you’ll be receiving the report in your inbox today (if you haven’t already).
  • If you’re an “individual” participant, providing data on your position, you’ll be receiving your personal benchmark shortly as well.
  • Finally, if you/your law firm did not participate in the survey, we’re making copies available for a fee. Please get in touch for details. 

As more than one risk leader shared with me, several of you are looking to this data to benchmark your existing team’s compensation, inform potential adjustments (it’s budget season for many), and support future recruitment efforts. I hope the report doesn’t disappoint.

I’m quite interested in community response and feedback — particularly if there’s appetite and interest in a 2024 follow up exercise. (I already have notes and thoughts on where we might go from here…)