Can anyone on here point me to any good sources of information on compliance work? I am a current third year at a lower v-100 in a Texas market and I am seriously starting to consider what life after big law looks like. After last-minute cancelling my long weekend plans to work and being told that I CANNOT TAKE A FULL DAY OFF TO MOVE THIS UPCOMING FRIDAY (move originally scheduled for this past holiday weekend but last month had to push it back bc slow rennovations) I just cannot handle it anymore. After some basic research, it looks like compliance is a career track that I might really enjoy. I am not at all wedded to remaining in the practice of law and landing an in-house gig has been my goal since day 1. Besides some podcast interviews and some WSJ articles, I cannot seem to find much out about this career. I would greatly appreciate it if anyone can point me towards good information on a career in compliance. Thanks!
*Anonymous because I've discussed where I work on here before*
Any good information on compliance? Forum
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Anonymous User
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chruck
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Re: Any good information on compliance?
What type of compliance? And as an attorney (e.g. compliance counsel) or just compliance (e.g compliance officer/AML officer/etc.)?
I have worked in compliance before, and the first difference is that it can be VERY check the box. And the places where working in compliance is exciting (e.g. actually uncovering issues) tend to be places with a lot of issues you wouldn’t want to work at because they could be doing illegal stuff on purpose or through gross negligence.
Second, it’s a cost center. You do not bring in revenue, which means if there are cuts you can be on the chopping block. It can also mean comp will not be as high as you would like. Finally, it’s an area businesses would prefer to automate where possible. I found the shift from regulator (where you are playing offense) to industry (playing defense) to be jarring. It also sucks seeing peers get opportunities at the front office because they made slightly different educational choices or got out of school during a hot job market.
Third, career progression and pay are slower. There isn’t always a clear track to a CCO role, and I have seen partners at law firms come in to get top spots instead of them going to home grown talent. Businesses also seem to be leaning heavier on compliance to do legal type work with out the legal pay (a JD May be preferred but not required). Legal still seems to be doing all things negotiation. But i have seen compliance groups that take over regulatory/legal interpretation and management of outside counsel.
Two roles outside industry to consider are consulting shops (big 4, Accenture, ACA, risk shops). You get to work on more interesting problems and can dip your fit into a lot of different areas. But it can operate like a law firm with more travel (I do think the hours tend to be better but no garuntee weekend plans are not ruined).
Second, working at a regulator. You are more likely to contribute to important work and you will get your weekends back. But the bureaucracy can have you running in the same place for a while.
I have worked in compliance before, and the first difference is that it can be VERY check the box. And the places where working in compliance is exciting (e.g. actually uncovering issues) tend to be places with a lot of issues you wouldn’t want to work at because they could be doing illegal stuff on purpose or through gross negligence.
Second, it’s a cost center. You do not bring in revenue, which means if there are cuts you can be on the chopping block. It can also mean comp will not be as high as you would like. Finally, it’s an area businesses would prefer to automate where possible. I found the shift from regulator (where you are playing offense) to industry (playing defense) to be jarring. It also sucks seeing peers get opportunities at the front office because they made slightly different educational choices or got out of school during a hot job market.
Third, career progression and pay are slower. There isn’t always a clear track to a CCO role, and I have seen partners at law firms come in to get top spots instead of them going to home grown talent. Businesses also seem to be leaning heavier on compliance to do legal type work with out the legal pay (a JD May be preferred but not required). Legal still seems to be doing all things negotiation. But i have seen compliance groups that take over regulatory/legal interpretation and management of outside counsel.
Two roles outside industry to consider are consulting shops (big 4, Accenture, ACA, risk shops). You get to work on more interesting problems and can dip your fit into a lot of different areas. But it can operate like a law firm with more travel (I do think the hours tend to be better but no garuntee weekend plans are not ruined).
Second, working at a regulator. You are more likely to contribute to important work and you will get your weekends back. But the bureaucracy can have you running in the same place for a while.
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Anonymous User
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Re: Any good information on compliance?
I used to work in compliance and agree with a lot of what the previous poster said. However, I actually really enjoyed my roles in compliance and found that there are jobs that can be exciting/intellectually stimulating. Most of them are going to be higher stress though. There is a lot of pressure in compliance because literally everything you do can be examined by a regulator. IMO, compliance roles at medium sized and not overly corporate hedge funds can be really interesting. Once you start getting into banks or places with huge compliance teams, the work becomes more check the box. On small, lean teams it can be super interesting.
