Thursday, May 2, 2013

Law students should consider a career in "compliance"

That's the advice from Jill Backer, the Associate Director of Employer Relations at Brooklyn Law School, in this article from the New York Law Journal.  Ms. Backer said that she did an informal survey of recent job postings in the New York Times and found "more than 1000 job openings" for compliance work around the NYC area.  So, what exactly is compliance work and how do you get a job doing that?  Here's what Ms Backer has to say that.

A Career in Compliance?

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What exactly is compliance? In recent years, that has been a more difficult question to answer, since the definition is so broad and varies across industries and markets. A very basic definition would be "a movement to be in accordance with established guidelines or legislation." Most large companies now generally do business globally. Imagine the movement necessary to be in accordance with the established guidelines or legislation across all of the jurisdictions where a given lawyer or organization conducts business. It can be a dizzying undertaking. In a regulatory context, compliance is becoming a critical business concern.

Some of the largest industries with compliance issues are health care (with the advent of HIPAA laws), financial services and insurance (with the advent of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Sarbanes-Oxley Act), and now almost every industry deals with data privacy laws.

Health care. The health care industry in this country is changing in many ways, but perhaps one of the largest initiatives is to automate the business of medicine.

. . . .

Financial services. Congress has created more regulation over the financial services industry in the recent wake of corruption and losses. There is an expectation that the financial services industry will be making more attorney hires to help organizations deal specifically with Dodd-Frank and other new laws regulating the industry.

. . . .

Data privacy. Data privacy is another area that has been getting a lot of attention from corporations recently.

. . . .

Social networking is also creating new opportunities for attorneys to get involved in privacy issues and compliance work. Those willing to begin their career with a start-up company (perhaps here in New York City's flourishing Silicon Alley) can find that they can become invaluable as the company grows its business and needs more and more focus on compliance.

Landing the Job

So what do you need to find a job in compliance?

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Read the rest of the article here.


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