Wednesday, July 12, 2017

Should we be steering more law students to compliance careers?

Prior to joining academia, I served as a compliance officer, deputy GC, and chief privacy officer for a Fortune 500 company. I had to learn everything on the job by attending webinars and conferences and reading client alerts. Back then, I would have paid a law school graduate a competitive salary to work in my compliance group, but I couldn’t find anyone who had any idea about what the field entailed.

The world has changed. Now many schools (including mine) offer relevant coursework for this JD-advantage position. I just finished teaching a summer skills course in compliance and corporate social responsibility, and I’m hoping that I have encouraged at least a few of the students to consider it as a viable career path. Compliance is one of the fastest growing corporate positions in the country, and the number of compliance personnel has doubled in the past 6 years. Still, many business-minded law students don’t consider it in the same vein as they consider jobs with Big Law.

This summer, my twelve students met twice a week for two hours at 7:30 pm. In the compressed six-week course, they did the following:

  • Heard from compliance officers and outside counsel for public companies and government entities
  • Read the same kinds of primary source material that compliance officers and counsel read in practice (such as the Federal Sentencing Guidelines, the Yates Memo, deferred prosecution agreements, and materials from the EU on the upcoming changes to data protection regulation)
  • Compared and contrasted CSR reports from WalMart and Target, and reviewed the standards for the Global Reporting Initiative and the UN Global Compact
  • Advocated before a board as a worker safety NGO for a company doing business in Bangladesh
  • Served as a board member during a meeting (using actual board profiles)
  • Wrote a reflection paper on the ideal role and reporting structure of compliance officers
  • Considered top employment law and data protection risks for fictional companies to which they were assigned
  • Looked at the 10-Ks and CDP report for climate change disclosures after examining the role of socially responsible investors and shareholder resolutions
  • Drafted industry-specific risk assessment questionnaires
  • Drafted three code of conduct policies
  • Wrote a short memo to the GC on health care compliance and the DOJ Yates memo
  • Did a role play during a crisis management simulation acting as either a board member, SEC or DOJ lawyer, the CEO, compliance officer or GC and
  • Conducted a 20-minute board presentation or employee compliance training (worth the biggest part of the grade).

Perhaps the most gratifying part of the semester came during tonight’s final presentations. The students could pick any topic relevant to the fictional company that they were assigned. They chose to discuss child labor in the supply chain for a clothing company, off-label marketing in the pharmaceutical industry, anti-money laundering compliance in a large bank, and environmental and employment law issues for a consumer product conglomerate. Even though I was not their BA professor, I was thrilled to hear them talk about the Caremark duty, the duty of care, and the business judgment rule in their presentations. Most important, the students have left with a portfolio of marketable skills and real-world knowledge in a fast growing field.

If you have your own ideas on how to teach compliance and CSR, please leave them below or email me at mweldon@law.miami.edu.

http://lawprofessors.typepad.com/business_law/2017/07/should-we-be-steering-more-law-students-to-compliance-careers.html

Compliance, Corporate Governance, Corporate Personality, Corporations, CSR, Law School, Marcia Narine Weldon, Teaching | Permalink

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