The findings come from the latest research from Russell Reynolds Associates which has been collecting and examining data on Fortune 500 in-house hiring and how women are faring as candidates for the top legal jobs at those companies. 

Women in GC roles rising dramatically

In 2012, Fortune 500 companies filled 24 percent of their open general counsel positions with female candidates. In 2016, 35 per cent of those jobs went to women - an increase of nearly 50 percent over the course of five years.

Changes in way GCs hired

Even more encouraging are changes in the way women are being hired for the GC role, according to the research. Traditionally, more women have ascended to the general counsel job as internal candidates promoted from inside a company. Prior to 2014, 28 per cent of women appointed to a Fortune 500 GC position were internal candidates and just 19 per cent came from outside the company. During the last three years, however, the number of women moving from external positions has rocketed – up 63 per cent. Now, as many women are being hired for the GC role from external sources as those appointed internally.

Law firms declining as source of GC positions

In the past, according to the repot, companies made a third or more of external GC appointments from the top partner ranks at law firms - a factor that helped shrink the pool of female candidates available for general counsel positions. But law firms have been declining as a source for general counsel appointments. Since 2014, the number of Fortune 500 general counsel appointed from law firms has slid by nearly 50 percent. 

Candidates hired with previous GC experience grown sharply

Meanwhile, the number of candidates hired with previous general counsel experience has grown sharply. Since 2014, 91 per cent of women hired from an external source came to their new job with in-house experience, and a strong majority had served previously as general counsel (61 per cent). In simple terms, companies are hiring more frequently from a candidate pool that includes a rapidly increasing population of women resulting in women taking a greater percentage of the overall appointments, and a larger number of them are coming to the GC role with previous in-house experience.

Changing nature of GC role

In addition the report said that the changing nature of the general counsel role itself was critical to more women beinf hired. ‘General counsel are increasingly the fulcrum around which pivots a series of critical business issues, from political, regulatory and litigation risk in the United States and abroad to globalisation issues and strategic M&A. This increasing complexity is why Fortune 500 boards and CEOs are looking for candidates with an in-house background. They're seeking a GC who can essentially ‘plug and play’ that is, who can step right into the role of leading a large legal department and quickly tackle the host of business issues facing the enterprise,’ read the report.