Making a career change from legal to compliance

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Let’s be honest, compliance is boring but it’s a job for life!! As a result of tighter FSA regulations on hedge funds, lawyers are constantly faced with regulatory issues and the demand for compliance specialists is on the increase. In some cases lawyers have made the career change to compliance as they consider it to be a career choice which will offer them job security.

The majority of lawyers working within financial services, investment banking and fund management tend to have a good understanding of compliance and can make an easy career change. It’s a perfect career move for a law graduate or paralegal that’s unable to secure a training contract. There are also a significant number of lawyers who have worked in a number in-house legal departments for global banks that have developed their current position into a legal/compliance role offering them job security which enables them to be more marketable in a difficult job market. In some cases making the transition from a legal career to a compliance role can be difficult for lawyers working in a law firm for a long duration of time, as the average starting salary for a junior compliance associate is £32,000, which is a far cry from the average salary of a City lawyer.

On the plus side for law graduates and paralegals, the average salary for a paralegal is £25,000 with little prospect of career development whilst a career in compliance will pay 15% more and in some cases extra training and qualifications will be compensated by the employer. Due to an influx of law graduates and paralegals with little or no prospect of a training contract, the majority of investment banks are specifically targeting this pool of candidates, which is a cost effective means of recruiting young talent and moulding them into a compliance manager that will be specifically trained to identify the daily risks which investment banks will face from the FSA.  

For paralegals and law graduates with average academics it’s worthwhile considering to study a Securities Institute Diploma or Financial Planning Certificate, which is less academic but still a recognised qualification.

For further information on compliance opportunities in London and mainland Europe, please contact Gavin Crocker on +44 207 220 8111 or email a copy of your CV to: gavin.crocker@grlaw.co.uk