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Currently working in banking compliance (assisting banks with interpreting and complying with CFPB, FDIC, etc. regulations). It's a JD-preferred position, 8-5, and $70K.

I'm curious what the thoughts are on this type of position and whether it's worth sticking with or if I should take the opportunity to jump back into legal practice. I'm really not sure what doors this opens unless I want to go work in-house at a community bank later on and do compliance work. I'm also feeling like I sort of bypassed the opportunity to actually try actual legal practice (since this was my first job post-bar passage) and kind of feels like I wasted a Tesla worth of debt to get a degree/license I don't even use. I also want to be making considerable more money in 2-4 years and don't see that in this position/company.

Anonymous User wrote:Currently working in banking compliance (assisting banks with interpreting and complying with CFPB, FDIC, etc. regulations). It's a JD-preferred position, 8-5, and $70K.

I'm curious what the thoughts are on this type of position and whether it's worth sticking with or if I should take the opportunity to jump back into legal practice. I'm really not sure what doors this opens unless I want to go work in-house at a community bank later on and do compliance work. I'm also feeling like I sort of bypassed the opportunity to actually try actual legal practice (since this was my first job post-bar passage) and kind of feels like I wasted a Tesla worth of debt to get a degree/license I don't even use. I also want to be making considerable more money in 2-4 years and don't see that in this position/company.

How long have you been out of school and how long have you been in this position?

OP, I also started in a compliance role. I know several people who have moved from compliance directly into law firms, including at my current firm. You are by no means cutting yourself out of legal practice. I will say that I think consumer banking law is probably the least relevant/marketable compliance specialty in terms of private practice, but more marketable in house at a bank or at a regulator. You also have fewer exit options in niche consumer banking role because the regulations simply aren't relevant. Below are the options as I see them, in order of difficulty. Use them as stepping stones to each other combined with a healthy dose of networking.

Move to a compliance role at a bank that offers asset management or sales/trading/investment banking. If you can't get an AM/IB role off the bat, transfer to consumer or commercial banking and then move into one of those roles later. You could also move to a fund/large asset manager, but this will be harder. Fund people are viewed more favorably than bank people. Banks just aren't sexy, sorry.

Move to a legal in house role at your bank

ALT: Move to a legal in house role at another bank (harder)

ALT: Move to a regulator, as enforcement (hardest, most prestigious), rule-making, examinations

Move to a law firm. DC will be more relevant for your type of work. (You CAN go directly to a firm from compliance but it will be by networking 90% of the time and not via direct applying. I think with your experience this will also be harder).

Optional step: move back to compliance or in house because being in a law firm is way worse

I will also note that it's important to stay in a core/business-focused role. Don't ever move into AML/policies/exams at a big bank. It's the kiss of death.

OP here

November passer. I worked for a few years before law school and have had bad jobs and good jobs. This isn’t a bad job - great benefits (health 100% covered and great 401k and in the city I wanted to be in). But I’m just concerned with what doors this is opening (or closing). It’s mostly banking regulatory compliance (CFPB, FDIC, OOC). It’s not with an actual bank - just consult with banks. I don’t see much upwards mobility with the company and I’m not sure what opportunities are going to open up with this besides going to work in an actual bank as a compliance officer.