The right compensation package is critical to attracting and retaining top talent and driving performance and value creation. To assess PE firm and portfolio company compensation trends for 2022 and provide critical data for informed decision making, BarkerGilmore surveyed a random sample of counsel at various levels of seniority across a range of PE organizations and portfolio companies in the U.S. Most of the PE firms had more than $1 billion assets under management and at least 50 employees. The majority of portfolio companies generated revenue of less than $500 million and were most commonly in the technology, finance services, or healthcare and pharma sectors. This article summarizes the key survey findings in BarkerGilmore’s report, entitled “Private Equity and Portfolio Company In‑House Counsel Compensation Report,” and further insights from the firm’s managing partner, John Gilmore. It highlights how compensation varies based on factors such as company size and revenue and touches on the importance of a PE mindset for legal professionals joining PE firms, where long‑term incentives and performance‑based compensation play a significant role. For coverage of previous BarkerGilmore surveys, see “Majority of In‑House Counsel Satisfied With Compensation, but Gender Gap Remains, Survey Finds” (Sep. 15, 2020); and “BarkerGilmore Survey Benchmarks Compliance Personnel Compensation by Company Type, Revenue, Gender, Education and Industry” (Dec. 17, 2019).