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Why Compliance Is a Hot Practice Area By Lori Tripoli Law Practice Management Expert
Having doubts about the viability of compliance as a career option?
Consider that the Association of Corporate Counsel Chief Legal Officers Survey identifies compliance as a top concern of chief legal officers. The Robert Half Salary Guide for the Legal Field identifies hiring opportunities in compliance as a trend both at law firms and in corporate legal departments. More and more regulations are being issued covering the financial industry and other fields. The number of Federal Register pages published on proposed and final federal rules grew from almost 22,000 pages in 1976 to more than 45,500 in 2014.
Those working in this area can, in part, thank certain bad actors, such as Bernie Madoff, for the increased attention devoted to compliance. Madoff, of course, was the financial wizard who just happened to run the largest Ponzi scheme ever discovered. “Bernie Madoff certainly put many aspects of the financial industry on notice with respect to their compliance responsibilities,” says David Smyth, a partner at Brooks Pierce in Raleigh, N.C. He is also a former assistant director in the Securities and Exchange Commission’s enforcement division.
Read more on “Legal Job Market Heats Up As Demand For Compliance Increases” »
What Do Compliance Lawyers Do? By Lori Tripoli Law Practice Management Expert
Given that compliance is such a hot practice area in our current regulatory climate. Thanks in part to the high-profile acts of a few bad actors triggering greater enforcement and a corporate universe anxious to minimize risk, it is perhaps no surprise that there is plenty of work for compliance lawyers. “Companies that treat their compliance obligations seriously and devote time and effort to that are going to drastically limit the number and scope of the government inquiries they have to face,” says David Smyth, a partner at Brooks Pierce in Raleigh, N.C.
The need to comply with statutes and regulations stretches across industries, of course. “Pharma companies obviously have to pay close attention to Food and Drug Administration regulations. Companies with overseas customers need to think about the Foreign Corrupt Practices Act (FCPA) and import/export regulations. Media companies will have to consider Federal Communications Commission regulations, and often won’t have to worry about any of those others,” Smyth says. “Lately, we have seen an increased attention to retail, tech, and financial industries. The agencies that enforce anti-bribery laws typically look at the entire industry in the course of investigating a subject company, so the risk of being investigated and paying a hefty penalty will remain high across the industry,” observes Laura Martino, general counsel and national compliance director for Tower Legal Solutions in New York.
Read more on “Minimization Of Risk In Corporate Universe Creates Greater Demand For Compliance Lawyers” »
Are you a Legal and/or Compliance Professional? Interested in working from home?
National consulting firm, is looking for temporary legal and compliance professionals to work remotely. Candidates must have regulatory compliance and/or industry compliance backgrounds, particularly in the Investment Advisers Act of 1940, Investment Company Act of 1940 and FINRA rules.
Candidates must have worked for the SEC and/or directly for an investment advisory firm including Venture Capital firms, Hedge Funds, Private Equity firms for at least 5 years. This project will start immediately!
For consideration, send your resume in Word format to:
Daniel Hurd | VP Legal Staffing & Consulting Services