Tech In-House Counsel Market Survey
Over the course of Summer 2024, Larson Maddox surveyed 110 Tech In-House Counsels from across the US to better understand the key trends in this constantly shifting landscape that is the US Tech legal market. Below are the results and key takeaways.
Survey Overview
110 Tech In House Counsels from across the US with YOE ranging from First year to seasoned General Counsels were surveyed. ~25% of respondents are located in the SF Bay area while the second most common location is NYC. Some participants work at seed stage startups while others come from 'FAANG' or 'Big Tech', and everything in between. A few of these participants support their legal department across several practice areas, while others specialize in one area of practice.
The point being - this is a macro view of the Tech legal market as we enter the back half of 2024.
There are 5 questions below in which we will discuss the results.
1: Are you looking to make a move in 2024?
Answer
40% of participants said 'Yes', they are looking to a move before the end of the year.
25.5% of participants said 'Maybe'.
Reaction
If our sample size is accurate, almost 2/3 of the tech legal market is considering a move in the next 4-6 months. Expect a lot of activity in Q4. This is likely a combination of folks feeling market stabilization and less risk associated with making a move. At the same time, there are still several candidates feeling job insecurity in their current roles and are making sure to keep one ear to the market.
2. What are the 3 most important factors when looking for a new job?
Answer
Reaction
Compensation reigns supreme and it always will. But notice the second and third most valued factors: culture/team and remote flexibility. This can't be overstated. Who you work with and how you work with them matter more in the market than any time in years past. Creating the right culture and employee flexibility can be the difference in landing a great hire or settling for your second choice.
3. Which size/stage company is currently most attractive to join?
Answer
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Maybe this is no surprise, but the late stage VC environment is the arena most candidates want to enter. This has also been the stage that has been the most "on-pause" in the last 18 months with the lack of opportunities for an exit, whether an IPO or M&A. With interest rate cuts on the horizon, I fully expect this area to become active in the next 6-12 months.
In the opposite light, Private Equity backed tech companies are the least attractive for candidates to join in this market. In my experience working with PE backed companies, it really varies from one firm to another in terms of how much they value and are willing to grow their legal teams. As a candidate, I would try to ignore the reputation of PE and judge each opportunity individually.
4. How many days per week do you commute to the office?
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Answer
~60% of participants are 100% remote!
~35% of participants commute into the office 1-3 days per week
~5% of participants are commuting to the office 4-5 days per week
Reaction
I was slightly surprised by how many tech attorneys are still 100% remote. There has been a lot of chatter about RTO this year but what this number tells me is that there is still a ton of flexibility in the tech industry and candidates seem to know this.
What I'm not surprised to see is how few folks are going into the office 4-5 days per week. It will be extremely difficult to hire top talent if this is the expectation and regardless of market conditions, I don't see this changing any time soon.
5. Is equity included in your total compensation?
Answer
~75% of participants have equity included in their compensation package
~25% of participants do not have equity included in their compensation package
Reaction
These results are in line with what I would have expected to see. Equity has always been an important factor in tech. It's part of what makes the industry so attractive and why so many candidates look to join at the early stage. In my experience, even if the equity payout is minimal, it can still make all the difference, as it makes legal feel valued and more bought in to the growth of the business. However, it is worth noting that cash is still king in this market. If you can not offer equity, but your cash offering is attractive, you should still have a solid talent pool to choose from when hiring.
TL;DR
40% of participants say 'Yes', they are looking to a move before the end of the year.
25.5% of participants say 'Maybe'.
Most important factors when looking for a job are 1. Compensation, 2. Culture/Team, 3. Remote/In Office Flexibility
Most Attractive Stage Company: Later Stage VC Backed (Series D+).
Least Attractive Stage Company: Private Equity Owned.
~60% of participants are 100% remote!
~35% of participants commute into the office 1-3 days per week
~5% of participants are commuting to the office 4/5 days per week
~75% of participants have equity included in their compensation package
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How to Connect with Garrett at Larson Maddox
Thank you for reading. If you'd like to chat further, if I can be a resource in anyway (hiring needs for your company, job opportunities for yourself, general market chat), please reach out via email at garrett.rosen@larsonmaddox.com.
Located in Los Angeles, I'm a legal recruiter in tech, connected with the best legal talent on the market, and partnered with both start-up and big tech clients.
Legal Recruitment Consultant
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