PRESS RELEASES

FORTUNE 500 Trend Analysis: General Counsel and Chief Legal Officer Turnover in 2024

BarkerGilmore’s research of changes in GC and CLO positions at FORTUNE 500 companies in 2024 shows that:

The Anticipated Wave of GC and CLO Retirements is Continuing
There were 68 new GC and CLO appointments in 2024, and 34 of those were the result of retirements, with 8 moving to other business roles in their companies. The 2024 trend is consistent with 66 departures in 2023, representing a significant increase over the 42 departures in 2021. BarkerGilmore expects the number of GCs and CLOs at or near retirement will continue to rise and believes many of those executives have benefitted from the robust economic environment over the past few years and are now prepared financially to step down.

Nearly Half of New GCs and CLOs Were Promoted from Within
Of the 68 new appointments, 33 were promoted from within those companies. This aligns with BarkerGilmore’s experience over the past 5 years, as clients have worked to build internal bench strength through investment in leadership coaching for both their senior- and mid-level legal executives.

Women GCs and CLOs from Outside the Company Fared Better
Of the 35 individuals hired from outside the company in 2024, 18 were men and 17 were women. This gender parity reflects the current talent pool which includes an increased number of women who currently hold GC or CLO positions. Of the 33 hired from the inside, 22 were men and 11 were women, which is inconsistent with BarkerGilmore’s GC and CLO experience, where over the past 5 years more than half of the firm’s placements have been women.

Prior GC and CLO Experience Does Matter
Of the 35 individuals hired from the outside in 2024, 31 were sitting public company General Counsel, two were Deputy General Counsel / Corporate Secretary, and two came from Big Law. In BarkerGilmore’s experience, the success of attorneys who aspire to become a GC or CLO without prior experience in those roles is often based on their record of taking on additional responsibilities, and honing their leadership skills, to earn the trust of their CEO and board. Another route is to take on a FORTUNE 1000 GC or CLO role and leverage their success for advancement to a FORTUNE 500 company position.