The results are in!

Document Subect to NDA

Do Not Print or Circulate

WARNING:

You are attempting to violate a non-disclosure agreement.

"At any time, upon the request of Claypoole, you agree to return promptly to Claypoole Search all Confidential Information which may be in your possession or control. If certain Confidential Information cannot be returned, you agree to destroy it and to certify such destruction. If certain Confidential Information cannot be returned or destroyed, you agree that it will remain subject to the confidentiality provisions of this letter agreement."

Introduction Summary General Counsel Associate General Counsel Chief Compliance Officer

Introduction

For two decades, we have been conducting a survey on compensation levels for legal and compliance professionals at alternative managers. Until 2021, we collected virtually all our data through phone interviews. Since then, we transitioned to collecting data both online on our secure website and over the phone. This year, for the first time, we collected 100% of our data online. Unfortunately (and predictably), it led to decreased participation, something we suspect is a singular event in the history of our survey.

This study provides ranges, medians, quartiles and deciles for total compensation (base salary + cash bonus + deferred compensation + equity) earned in 2023 across a variety of variables. Participants include General Counsel, Associate General Counsel and Chief Compliance Officers of alternative asset managers, including hedge funds, fund of funds, private equity funds, venture funds, blended funds, family offices and the alternative asset management divisions of major asset managers and financial institutions. Participants work in major markets, including the New York Tri-State Area, Boston, Chicago, Washington DC, Northern/Southern California and London. NYC, as always, ads in participation but the west coast is gaining ground.

It's important to note that participation in the survey is voluntary, which may skew the results towards the lower end of the compensation spectrum. We know of many highly paid professionals who would fall into (or above) the top decile and do not participate. Therefore, the upper ranges of industry compensation levels are likely higher than reported here.

The results this year are very interesting. We will be recording a podcast with my thoughts and speaking with an industry publication or two soon.

THIS DOCUMENT HAS ALWAYS BEEN PROVIDED FREE OF CHARGE TO THOSE WHO CONTRIBUTE DATA, AND PARTICIPANTS HAVE BEEN ASKED NOT TO SHARE THE SURVEY WITH NON-CONTRIBUTERS, THE IDEA BEING THAT THE MORE DATA WE CAN GATHER, THE MORE USEFUL THE SURVEY WILL BE. TO DISCOURAGE SHARING, THE SURVEY IS BEING CIRCULATED ON A SECURE WEBSITE. REQUESTS FOR HARD COPIES WILL BE EVALUATED INDIVIDUALLY.

Summary - All Job Categories

	Sample	Low	Bottom Decile	Bottom Quartile	Median	Top Quartile	Top Decile	High
All GC GC GC/CCO	108 40 68	$350,000 $467,500 $350,000	$610,500 $570,000 $623,500	$768,750 $794,375 $750,000	$1,075,000 $1,167,500 $1,025,000	$1,721,250 $1,432,750 $1,829,000	$2,589,400 $2,175,200 $2,650,000	$6,868,750 $6,868,750 $4,850,000
All AGC AGC AGC/CCO	62 51 11	$150,000 $150,000 $625,000	$304,000 $300,000 $650,000	$425,419 $402,500 $702,500	$616,244 $520,000 $1,070,000	$800,000 $759,500 $1,512,500	$1,682,500 $1,652,000 $1,725,000	$2,680,000 $2,650,000 $2,680,000
All CCO GC/CCO AGC/CCO CCO	118 68 11 39	$195,000 $350,000 $625,000 $195,000	$447,000 $369,300 $650,000 $623,500	$650,000 $460,000 $702,500 $750,000	$900,000 $1,025,000 $1,070,000 $852,500	$1,475,000 $1,829,000 $1,512,500 $886,250	$2,357,500 $2,650,000 $1,725,000 $1,386,600	$4,850,000 $4,850,000 $2,680,000 $4,250,000

Sample

Low

Bottom Decile

Bottom Quartile

Median

Top Quartile

Top Decile

High

All GC

GC/CCO

$350,000
$467,500
$350,000

$610,500
$570,000
$623,500

$768,750
$794,375
$750,000

$1,075,000
$1,167,500
$1,025,000

$1,721,250
$1,432,750
$1,829,000

$2,589,400
$2,175,200
$2,650,000

$6,868,750
$6,868,750
$4,850,000

All AGC

AGC

AGC/CCO

$150,000
$150,000
$625,000

$304,000
$300,000
$650,000

$425,419
$402,500
$702,500

$616,244
$520,000
$1,070,000

$800,000
$759,500
$1,512,500

$1,682,500
$1,652,000
$1,725,000

$2,680,000
$2,650,000
$2,680,000

All CCO

GC/CCO

AGC/CCO

CCO

$195,000
$350,000
$625,000
$195,000

$447,000
$369,300
$650,000
$623,500

$650,000
$460,000
$702,500
$750,000

$900,000
$1,025,000
$1,070,000
$852,500

$1,475,000
$1,829,000
$1,512,500
$886,250

$2,357,500
$2,650,000
$1,725,000
$1,386,600

$4,850,000
$4,850,000
$2,680,000
$4,250,000

General Counsel

Entire Grouping	Sample	Low	Bottom Decile	Bottom Quartile	Median	Top Quartile	Top Decile	High
All GC GC GC/CCO	108 40 68	$350,000 $467,500 $350,000	$610,500 $570,000 $623,500	$768,750 $794,375 $750,000	$1,075,000 $1,167,500 $1,025,000	$1,721,250 $1,432,750 $1,829,000	$2,589,400 $2,175,200 $2,650,000	$6,868,750 $6,868,750 $4,850,000

Entire Grouping

Sample

Low

Bottom Decile

Bottom Quartile

Median

Top Quartile

Top Decile

High

All GC

GC/CCO

$350,000
$467,500
$350,000

$610,500
$570,000
$623,500

$768,750
$794,375
$750,000

$1,075,000
$1,167,500
$1,025,000

$1,721,250
$1,432,750
$1,829,000

$2,589,400
$2,175,200
$2,650,000

$6,868,750
$6,868,750
$4,850,000

By Experience	Sample Size	GC	GC/CCO	Low	Bottom Decile	Bottom Quartile	Median	Top Quartile	Top Decile	High
16 Years or More 15 Years or Less	84 24	30 10	54 14	$350,000 $367,500	$632,500 $505,000	$821,750 $684,250	$1,163,422 $844,000	$1,781,250 $1,281,250	$2,462,500 $3,200,000	$6,868,750 $4,850,000

By Experience

Sample Size

GC/CCO

Low

Bottom Decile

Bottom Quartile

Median

Top Quartile

Top Decile

High

16 Years or More

15 Years or Less

$350,000
$367,500

$632,500
$505,000

$821,750
$684,250

$1,163,422
$844,000

$1,781,250
$1,281,250

$2,462,500
$3,200,000

$6,868,750
$4,850,000

By Assets	Sample Size	GC	GC/CCO	Low	Bottom Decile	Bottom Quartile	Median	Top Quartile	Top Decile	High
$20Bn and Over $5Bn to $19Bn Under $5Bn	14 40 54	6 18 16	8 22 38	$490,000 $350,000 $367,500	$638,000 $595,000 $600,000	$793,750 $775,000 $715,625	$1,500,000 $1,225,000 $900,000	$2,129,000 $1,837,500 $1,315,208	$2,850,000 $3,510,000 $2,000,000	$3,750,000 $6,868,750 $4,850,000

By Assets

Sample Size

GC/CCO

Low

Bottom Decile

Bottom Quartile

Median

Top Quartile

Top Decile

High

$20Bn and Over

$5Bn to $19Bn

Under $5Bn

$490,000
$350,000
$367,500

$638,000
$595,000
$600,000

$793,750
$775,000
$715,625

$1,500,000
$1,225,000
$900,000

$2,129,000
$1,837,500
$1,315,208

$2,850,000
$3,510,000
$2,000,000

$3,750,000
$6,868,750
$4,850,000

By Type	Sample Size	GC	GC/CCO	Low	Bottom Decile	Bottom Quartile	Median	Top Quartile	Top Decile	High
Hedge PE/Venture Blended	51 19 38	14 8 18	37 11 20	$350,000 $467,500 $490,000	$575,000 $617,000 $693,300	$725,000 $776,250 $803,000	$1,005,000 $1,160,000 $1,170,922	$1,575,000 $1,670,000 $1,880,750	$2,075,000 $3,550,000 $3,038,600	$3,800,000 $4,850,000 $6,868,750

By Type

Sample Size

GC/CCO

Low

Bottom Decile

Bottom Quartile

Median

Top Quartile

Top Decile

High

Hedge

PE/Venture

Blended

$350,000
$467,500
$490,000

$575,000
$617,000
$693,300

$725,000
$776,250
$803,000

$1,005,000
$1,160,000
$1,170,922

$1,575,000
$1,670,000
$1,880,750

$2,075,000
$3,550,000
$3,038,600

$3,800,000
$4,850,000
$6,868,750

By Location	Sample Size	GC	GC/CCO	Low	Bottom Decile	Bottom Quartile	Median	Top Quartile	Top Decile	High
New York Elsewhere	65 43	24 16	41 27	$367,500 $350,000	$663,500 $497,000	$825,000 $675,000	$1,166,844 $980,000	$1,916,000 $1,376,805	$2,919,200 $2,320,000	$6,868,750 $4,850,000

By Location

Sample Size

GC/CCO

Low

Bottom Decile

Bottom Quartile

Median

Top Quartile

Top Decile

High

New York

Elsewhere

$367,500
$350,000

$663,500
$497,000

$825,000
$675,000

$1,166,844
$980,000

$1,916,000
$1,376,805

$2,919,200
$2,320,000

$6,868,750
$4,850,000

Associate General Counsel

Entire Grouping	Sample	Low	Bottom Decile	Bottom Quartile	Median	Top Quartile	Top Decile	High
All AGC AGC AGC/CCO	62 51 11	$150,000 $150,000 $625,000	$304,000 $300,000 $650,000	$425,419 $402,500 $702,500	$616,244 $520,000 $1,070,000	$800,000 $759,500 $1,512,500	$1,682,500 $1,052,000 $1,725,000	$2,680,000 $2,650,000 $2,680,000

Entire Grouping

Sample

Low

Bottom Decile

Bottom Quartile

Median

Top Quartile

Top Decile

High

All AGC

AGC

AGC/CCO

$150,000
$150,000
$625,000

$304,000
$300,000
$650,000

$425,419
$402,500
$702,500

$616,244
$520,000
$1,070,000

$800,000
$759,500
$1,512,500

$1,682,500
$1,052,000
$1,725,000

$2,680,000
$2,650,000
$2,680,000

By Experience	Sample Size	AGC	AGC/CCO	Low	Bottom Decile	Bottom Quartile	Median	Top Quartile	Top Decile	High
16 Years or More 15 Years or Less	19 43	0 36	4 7	$254,000 $150,000	$348,000 $308,000	$443,613 $420,000	$650,000 $612,488	$984,000 $786,750	$1,100,656 $1,725,000	$1,925,000 $2,680,000

By Experience

Sample Size

AGC

AGC/CCO

Low

Bottom Decile

Bottom Quartile

Median

Top Quartile

Top Decile

High

16 Years or More

15 Years or Less

$254,000
$150,000

$348,000
$308,000

$443,613
$420,000

$650,000
$612,488

$984,000
$786,750

$1,100,656
$1,725,000

$1,925,000
$2,680,000

By Assets	Sample Size	AGC	AGC/CCO	Low	Bottom Decile	Bottom Quartile	Median	Top Quartile	Top Decile	High
$20Bn and Over $5Bn to $19Bn Under $5Bn	31 20 11	29 14 8	2 6 3	$375,000 $200,000 $150,000	$405,000 $290,000 $225,000	$457,000 $390,000 $297,000	$720,000 $635,000 $475,000	$851,538 $816,500 $637,500	$1,650,000 $1,342,500 $938,000	$2,650,000 $2,680,000 $1,725,000

By Assets

Sample Size

AGC

AGC/CCO

Low

Bottom Decile

Bottom Quartile

Median

Top Quartile

Top Decile

High

$20Bn and Over

$5Bn to $19Bn

Under $5Bn

$375,000
$200,000
$150,000

$405,000
$290,000
$225,000

$457,000
$390,000
$297,000

$720,000
$635,000
$475,000

$851,538
$816,500
$637,500

$1,650,000
$1,342,500
$938,000

$2,650,000
$2,680,000
$1,725,000

By Type	Sample Size	AGC	AGC/CCO	Low	Bottom Decile	Bottom Quartile	Median	Top Quartile	Top Decile	High
Hedge PE/Venture Blended	24 12 26	19 8 24	5 4 2	$150,000 $225,000 $383,000	$216,200 $304,000 $413,613	$371,250 $585,000 $453,000	$510,000 $1,099,178 $606,244	$650,000 $1,406,250 $753,750	$1,024,400 $2,557,500 $1,388,500	$1,925,000 $2,680,000 $2,500,000

By Type

Sample Size

AGC

AGC/CCO

Low

Bottom Decile

Bottom Quartile

Median

Top Quartile

Top Decile

High

Hedge

PE/Venture

Blended

$150,000
$225,000
$383,000

$216,200
$304,000
$413,613

$371,250
$585,000
$453,000

$510,000
$1,099,178
$606,244

$650,000
$1,406,250
$753,750

$1,024,400
$2,557,500
$1,388,500

$1,925,000
$2,680,000
$2,500,000

By Location	Sample Size	AGC	AGC/CCO	Low	Bottom Decile	Bottom Quartile	Median	Top Quartile	Top Decile	High
New York Elsewhere	40 22	31 20	9 2	$200,000 $150,000	$373,500 $258,600	$468,500 $387,250	$622,500 $517,500	$800,000 $864,888	$1,725,000 $1,274,000	$2,680,000 $2,650,000

By Location

Sample Size

AGC

AGC/CCO

Low

Bottom Decile

Bottom Quartile

Median

Top Quartile

Top Decile

High

New York

Elsewhere

$200,000
$150,000

$373,500
$258,600

$468,500
$387,250

$622,500
$517,500

$800,000
$864,888

$1,725,000
$1,274,000

$2,680,000
$2,650,000

Chief Compliance Officer

Entire Grouping	Sample	Low	Bottom Decile	Bottom Quartile	Median	Top Quartile	Top Decile	High
All CCO GC/CCO AGC/CCO CCO	118 68 11 39	$195,000 $350,000 $625,000 $195,000	$447,000 $623,500 $650,000 $369,300	$650,000 $750,000 $702,500 $460,000	$900,000 $1,025,000 $1,070,000 $852,500	$1,475,000 $1,829,000 $1,512,500 $886,250	$2,357,500 $2,650,000 $1,725,000 $1,386,600	$4,850,000 $4,850,000 $2,680,000 $4,250,000

Entire Grouping

Sample

Low

Bottom Decile

Bottom Quartile

Median

Top Quartile

Top Decile

High

All CCO

GC/CCO

AGC/CCO

CCO

$195,000
$350,000
$625,000
$195,000

$447,000
$623,500
$650,000
$369,300

$650,000
$750,000
$702,500
$460,000

$900,000
$1,025,000
$1,070,000
$852,500

$1,475,000
$1,829,000
$1,512,500
$886,250

$2,357,500
$2,650,000
$1,725,000
$1,386,600

$4,850,000
$4,850,000
$2,680,000
$4,250,000

By Experience	Sample Size	GC/CCO	AGC/CCO	CCO	Low	Bottom Decile	Bottom Quartile	Median	Top Quartile	Top Decile	High
16 Years or More 15 Years or Less	88 30	54 14	4 7	30 9	$195,000 $270,000	$463,200 $369,750	$661,875 $600,000	$951,250 $752,500	$1,500,625 $1,275,000	$2,350,000 $2,792,000	$4,850,000 $4,850,000

By Experience

Sample Size

GC/CCO

AGC/CCO

CCO

Low

Bottom Decile

Bottom Quartile

Median

Top Quartile

Top Decile

High

16 Years or More

15 Years or Less

$195,000
$270,000

$463,200
$369,750

$661,875
$600,000

$951,250
$752,500

$1,500,625
$1,275,000

$2,350,000
$2,792,000

$4,850,000
$4,850,000

By Assets	Sample Size	GC/CCO	AGC/CCO	CCO	Low	Bottom Decile	Bottom Quartile	Median	Top Quartile	Top Decile	High
$20Bn and Over $5Bn to $19Bn Under $5Bn	25 39 54	8 22 38	2 6 3	15 11 13	$400,000 $270,000 $195,000	$572,600 $494,000 $400,000	$725,000 $682,500 $617,500	$1,200,000 $1,000,000 $850,000	$1,916,000 $1,401,250 $1,197,500	$2,650,755 $2,844,000 $2,000,000	$3,750,000 $4,850,000 $4,850,000

By Assets

Sample Size

GC/CCO

AGC/CCO

CCO

Low

Bottom Decile

Bottom Quartile

Median

Top Quartile

Top Decile

High

$20Bn and Over

$5Bn to $19Bn

Under $5Bn

$400,000
$270,000
$195,000

$572,600
$494,000
$400,000

$725,000
$682,500
$617,500

$1,200,000
$1,000,000
$850,000

$1,916,000
$1,401,250
$1,197,500

$2,650,755
$2,844,000
$2,000,000

$3,750,000
$4,850,000
$4,850,000

By Type	Sample Size	GC/CCO	AGC/CCO	CCO	Low	Bottom Decile	Bottom Quartile	Median	Top Quartile	Top Decile	High
Hedge PE/Venture Blended	56 28 34	37 11 20	5 4 2	14 13 12	$195,000 $370,000 $340,000	$399,000 $435,000 $588,800	$622,500 $732,500 $735,000	$775,000 $1,247,639 $911,250	$1,050,000 $1,988,125 $1,669,375	$1,975,000 $3,575,000 $2,305,000	$3,900,000 $4,850,000 $4,850,000

By Type

Sample Size

GC/CCO

AGC/CCO

CCO

Low

Bottom Decile

Bottom Quartile

Median

Top Quartile

Top Decile

High

Hedge

PE/Venture

Blended

$195,000
$370,000
$340,000

$399,000
$435,000
$588,800

$622,500
$732,500
$735,000

$775,000
$1,247,639
$911,250

$1,050,000
$1,988,125
$1,669,375

$1,975,000
$3,575,000
$2,305,000

$3,900,000
$4,850,000
$4,850,000

By Location	Sample Size	GC/CCO	AGC/CCO	CCO	Low	Bottom Decile	Bottom Quartile	Median	Top Quartile	Top Decile	High
New York Elsewhere	75 43	41 27	9 2	25 14	$195,000 $270,000	$490,000 $444,000	$663,750 $622,500	$1,005,000 $750,000	$1,662,500 $1,325,000	$2,326,000 $2,350,000	$4,850,000 $4,850,000

By Location

Sample Size

GC/CCO

AGC/CCO

CCO

Low

Bottom Decile

Bottom Quartile

Median

Top Quartile

Top Decile

High

New York

Elsewhere

$195,000
$270,000

$490,000
$444,000

$663,750
$622,500

$1,005,000
$750,000

$1,662,500
$1,325,000

$2,326,000
$2,350,000

$4,850,000
$4,850,000

Please read carefully.

By checking the box 'Accepted and Agreed' below, you hereby agree to all of the terms and conditions of this Confidentiality Agreement. In consideration for Claypoole Search (“Claypoole”) permitting you to access this website and the data contained herein, you hereby agree as follows:

You understand and agree that this website and all of the data contained herein are proprietary and confidential information of Claypoole. It is Claypoole’s policy to maintain as secret and confidential any and all information contained on this website, including but not limited to, the information used to compile the data contained herein ('Confidential Information'); provided that Claypoole may provide access to this website to persons who have provided such information and agree to the terms and conditions of this Confidentiality Agreement.

You will use the Confidential Information solely for the internal human resources function in the legal department at your firm. You agree that without the prior written consent of Claypoole, you will not use Confidential Information for any other purpose, or (ii)reproduce the information in any manner or in any form (whether written, or electronic), including, without limitation, printing, downloading to a hard drive or other form of memory, or forwarding by email. You agree not to permit any person other than employees of your firm who require the Confidential Information for the sole purpose of fulfilling the human resources function in the legal department of your firm (your 'Representatives') to access this website or any of the Confidential Information.

You agree that you will not, directly or indirectly, use, publish, disseminate or otherwise disclose any Confidential Information without the prior written consent of Claypoole, unless such disclosure is required by law, regulation or legal process, provided that you will give prior written notice to Claypoole and cooperate with Claypoole to avoid or minimize any such disclosure. You may disclose Confidential Information only to your Representatives, and you agree that you will be responsible for any breach of this letter agreement by your Representatives.

At any time, upon the request of Claypoole, you agree to return promptly to Claypoole Search all Confidential Information which may be in your possession or control. If certain Confidential Information cannot be returned, you agree to destroy it and to certify such destruction. If certain Confidential Information cannot be returned or destroyed, you agree that it will remain subject to the confidentiality provisions of this letter agreement.

You acknowledge that were you or any of your Representatives to breach these provisions, the damages to Claypoole and its clients would be irreparable and, therefore, agree that, in addition to damages and reasonable attorney’s fees, Claypoole will be entitled to enjoin any such breach in any competent court.

If the foregoing accurately reflects our legally binding agreement, please execute this Confidentiality Agreement by checking the box 'Accepted and Agreed' below. If you do not agree to all of the terms and conditions of this Confidentiality Agreement, then do not check the box 'Accepted and Agreed'.

The results are in!

Document Subect to NDA

Do Not Print or Circulate

WARNING:

You are attempting to violate a non-disclosure agreement.

COMPENSATION OF LEGAL AND COMPLIANCE PROFESSIONALS AT ALTERNATIVE ASSET MANAGERS 2024 (2023 DATA SET)

Table of Contents

Introduction

Summary - All Job Categories

General Counsel

Associate General Counsel

Chief Compliance Officer

Compensation Survey Results

Please read carefully.