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New data has shown that the number of chief executive officers of ASX200 companies boasting law degrees has reached 15 per cent.
According to the findings of recruitment firm Robert Half’s 2018 CEO Tracker, which analyses the background and experience of the current leaders of ASX200 companies, the number of ASX200 CEOs is at 15 per cent, or 30 in total.
While Robert Half didn't respond to the question of why there has been an increase in the number of lawyers in such positions, it is possible that the recent shift towards law is at least partly a result of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
A Bachelor of Laws emerged as the fourth most popular diploma or degree for the CEOs in 2018, ahead of Bachelor of Business and Bachelor of Engineering degrees (12 ASX200 CEOs), and behind Bachelor of Commerce (36), Bachelor of Economics (22) and Bachelor of Science (17).
And, despite the growing influence of technology in the modern professional landscape, only eight per cent of the CEOs have a background in technology.
Elsewhere, the findings showed that there has been an increase in new appointments, with a 20 per cent turnover in the top role, meaning that 63 per cent of ASX200 CEOs have been in their roles for five years or less.
It also showed that the CEOs are “internationally credentialed, mostly male, have completed a postgrad [sic] degree and are more than likely based in Sydney”.
Speaking about the results, Robert Half Asia Pacific senior managing director David Jones said the typical profile of an Australian CEO has not changed dramatically over the past 12 months.
“CEOs need to be resilient, innovative and forward-thinking, with education and experience being factors that make successful leaders,” he said.
“And while many companies have taken the initiative to put gender diversity forward as a necessity for recruitment, more work can be done at the top echelons of Australian companies, not just for the sake of balance, but for the benefits that female leadership can bring.”
EDIT: A previous version of this story noted that Robert Half had hypothesised that the increase in the number of CEOs with legal backgrounds may have been as a result of the banking royal commission, which has since been amended.
Jerome Doraisamy is the managing editor of Lawyers Weekly and HR Leader. He is also the author of The Wellness Doctrines book series, an admitted solicitor in New South Wales, and a board director of the Minds Count Foundation.
You can email Jerome at:
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