In this article, Audit Analytics looks into the departure statistics for the general counsel/chief legal officer. Although the disclosure requirements are not as strict as for the CEO and CFO positions, these roles, as noted by the NYSE’s Robert Barker, are “critical to corporate operations.”
Over the last five years, there have been a total of 812 general counsel/chief legal officer departures filed through a Form 8-K. The number of these departures has continued to increase each year since 2011. With a five-year-high of 179 departures, 2015 also saw the largest increase, jumping 9% from the prior year. While it is still too soon to tell if the departure rate will continue to increase, there have already been 37 reported general counsel/chief legal officer departures so far this year.