If you’re looking for a new area of law to develop your career within, look no further. On Episode 9 of The UNCOVER Pod I sat down with Hinesh Mistry, the Head of Risk and Compliance UKIME at Dentons, to talk about the opportunities that exist in the Legal Risk & Compliance field. He shared his experiences in the sector, including the responsibilities he’s had and the steps that you can take to advance your own career in the industry. Read on to learn more about developing a career in the Legal Risk & Compliance field.
Key Challenges & Responsibilities
There are plenty of varied roles in the Legal Risk & Compliance sector. Hinesh said that “the ability to make decisions that are commercially sound within a very short timeframe” is key to success in the sector. It is also a fast-moving space, as firms will be eager to win business and therefore keen to deliver a rapid turnaround. There is an increasing need to be commercial-minded, which means understanding the level of risk that is acceptable for your firm and your clients, and making business decisions as a result.
Whether you’re working with conflicts, due diligence or in analysis, you will be under pressure to deliver from all areas of the business. While this level of responsibility comes with a lot of privilege, Hinesh shared that it can also be “quite a pressured situation, where you have to make decisions based on limited information, exposure or knowledge. You have to use your wits and your resources to try and gather as much information as you can to make a sound decision.” So, while there are a wealth of opportunities in the sector, it is important to choose a path or firm that you are comfortable with.
New Opportunities
One of the best things about a risk and compliance role is the ability to see the inner workings of your firm from a different perspective. Hinesh stated that “in the compliance field you get to see how firms operate as businesses, but you also see how firms operate as lawyers.” This makes a Legal Risk & Compliance role an ideal stepping stone for people who aren’t sure which side of the business they are most interested or capable of working in, as well as ideal position for individuals who enjoy more diversity in their role.
Within the Legal Risk & Compliance sector there are plenty of opportunities to engage with strategy, innovation and technology, alongside more typical legal work. When you’re working in risk and compliance, you will have the opportunity to assess clients’ companies, potential investments and external partners, which gives you exposure to a plethora of other industries and skills. This can also improve your visibility in the industry, as you will have the chance to build connections with a wide range of contacts.
Hinesh also noted that “there’s so much that goes on within compliance, and it’s so fruitful in terms of opportunity. It is what you make of it, but there’s loads of opportunity, and the sector is growing because it’s relatively new and more firms are seeing the value of compliance than ever before.” That means that there will be a variety of roles opening up in the coming months and years as firms receive building pressure from governments to comply with new legislation across all levels of the business.
Advice for Junior Candidates
When it comes to landing your first role in the Legal Risk & Compliance sector, Hinesh’s advice is to “be open minded. It’s a very fast paced environment, so an opportunity may present itself when you least expect it.” He also recommended tapping into as many networks and communities as possible so that you can regularly engage with any changes in the space. As innovation happens in the sector, Hinesh’s parting words of wisdom are to “remain dynamic” so that you can fit into roles across the sector.
To learn more about a career in the Legal Risk & Compliance sector, listen to The UNCOVER Pod here.
