Compliance has always been considered an "alternative" career for lawyers. Indeed, compliance positions generally do not require a law degree, however, because of the complex laws and regulations involved, a law degree is extremely helpful and many compliance professionals do have law degrees and law practice experience.
Because compliance is a field that is growing rapidly, even as the number of "lawyer" positions in the U.S. have decreased, compliance is quickly becoming a very attractive career for lawyers. Additionally, unlike most legal department positions, which are filled almost exclusively with lawyers coming from large law firm practice, compliance department positions hire from a broader spectrum, and even hire for junior and entry level positions (also unlike legal department positions, which tend to begin at a more senior level).
What is Compliance?
Compliance work generally takes place in highly regulated industries such as healthcare and finance, and involves many functions, including implementing and testing controls to ensure compliance with government regulations, responding to routine and non-routine regulatory inquiries, and addressing customer complaints. Compliance professionals who are also lawyers are not acting as lawyers in their compliance roles, and thus do not benefit from attorney-client privilege.
The compliance department of a large organization is usually separate from the legal department. The Compliance Department often reports to a Chief Compliance Officer, rather than a single officer who oversees both legal and compliance (though this structure is common as well).
What Skills are Important for a Compliance Professional?
Communication/writing skills. Writing and communication skills are extremely important. The ability to distill complex regulations into ordinary, understandable language is crucial.
Analytical abilities. Compliance professionals must be excellent problem solvers.
Litigation skills. A litigation background may be helpful, as litigation is in many ways the flip-side of compliance. Compliance professionals are focused on risk management and avoiding problems that could lead to litigation.
What Areas/Industries are Hot Right Now?
If you are considering a career in compliance, you may wish to consider one of the following areas of specialization, which are currently seeing growth:
- Real Estate
- Commodities/Energy
- Anti-Money Laundering
- Anti-Fraud
- Banking
What Resources Can I Access to Learn More About Careers in Compliance?
Ethics & Compliance Officer Association
Securities Industry and Finance Markets Association
National Society of Compliance Professionals
Regulatory Compliance Association
Additionally, if you are interested in a career in compliance, you may wish to consider Fordham's new Corporate Compliance Institute, which will take place July 8-26, 2013.
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