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The differences between general counsels and bankruptcy specialists can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a general counsel and a bankruptcy specialist. Additionally, a general counsel has an average salary of $125,248, which is higher than the $35,498 average annual salary of a bankruptcy specialist.
The top three skills for a general counsel include litigation, legal issues and legal advice. The most important skills for a bankruptcy specialist are relief, pacer, and foreclosure.
| General Counsel | Bankruptcy Specialist | |
| Yearly salary | $125,248 | $35,498 |
| Hourly rate | $60.22 | $17.07 |
| Growth rate | 10% | 10% |
| Number of jobs | 50,275 | 4,381 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 45% | Bachelor's Degree, 50% |
| Average age | 46 | 46 |
| Years of experience | 4 | 4 |
A general counsel, also called a chief legal officer, is the chief lawyer in the legal department of an organization. The counsel represents an enterprise for any pending legal matters. They work proactively to lessen possible problems associated with legalities and potential risks. They have to monitor practices and the people within the law firm for misconduct. They also perform dominant roles in regulation, ethics, public affairs, and legislation. It is common for them to serve as the public spokesperson of the company during the publicity of legal matters.
The bankruptcy specialist is responsible for filing and documentation loan bankruptcy materials with the appropriate attorneys. They ensure full compliance with loan bankruptcy regulations and monitor accounts throughout the loan bankruptcy process to contact the appropriate party when necessary. A bankruptcy specialist might be an administrator or lawyer in a bankruptcy office and supports bankruptcy law. They are likely to evaluate state declaration and affidavits for legal progression, interact with customers and outside counsel about bankruptcy proceedings through written and verbal communication, and work with local counsel and upper management in effectively reviewing client's files.
General counsels and bankruptcy specialists have different pay scales, as shown below.
| General Counsel | Bankruptcy Specialist | |
| Average salary | $125,248 | $35,498 |
| Salary range | Between $75,000 And $208,000 | Between $27,000 And $46,000 |
| Highest paying City | San Francisco, CA | Norfolk, VA |
| Highest paying state | California | California |
| Best paying company | Martin's Point Health Care | The PNC Financial Services Group |
| Best paying industry | Finance | Finance |
There are a few differences between a general counsel and a bankruptcy specialist in terms of educational background:
| General Counsel | Bankruptcy Specialist | |
| Most common degree | Bachelor's Degree, 45% | Bachelor's Degree, 50% |
| Most common major | Law | Business |
| Most common college | Stanford University | Stanford University |
Here are the differences between general counsels' and bankruptcy specialists' demographics:
| General Counsel | Bankruptcy Specialist | |
| Average age | 46 | 46 |
| Gender ratio | Male, 61.5% Female, 38.5% | Male, 31.0% Female, 69.0% |
| Race ratio | Black or African American, 5.6% Unknown, 4.4% Hispanic or Latino, 7.8% Asian, 6.4% White, 75.6% American Indian and Alaska Native, 0.3% | Black or African American, 5.7% Unknown, 4.4% Hispanic or Latino, 7.9% Asian, 6.5% White, 75.2% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 10% | 10% |