Nearly every S&P 500 company relies on external compensation consultants to guide executive pay decisions—and the market is highly concentrated among a handful of firms. According to MyLogIQ’s CompanyIQ® platform, which tracks executive compensation trends and disclosures, the latest analysis reveals how this critical advisory market has evolved over the past five years.

Key Findings from MyLogIQ’s CompanyIQ® Research

• Widespread reliance: 99% of S&P 500 companies disclosed using at least one external compensation consultant between 2020 and 2024.
• Concentrated market: Just five firms—FW Cook, Meridian, Semler Brossy, Pay Governance, and Pearl Meyer—account for well over 60% of all engagements.
• Market leader: FW Cook consistently held the top spot, advising about 1 in 5 S&P 500 companies.
• Growth leaders: Pay Governance and Semler Brossy gained the most new clients during the period.
• Stability rules: 74% of companies kept the same consultant throughout the five years, reflecting strong long-term advisor relationships.
• Multiple advisors: Some large firms, including Alphabet, Nike, and ServiceNow, engaged more than one consultant for added perspective.

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