The Risk & Compliance sector is a dynamic space. Thanks to increasing regulatory pressure on firms, we have seen rapid growth in demand for Legal Risk & Compliance professionals. This has created great potential for careers within the space, with opportunities for specialism and progression emerging across the industry.
At what level could you move into Legal Risk & Compliance?
A Legal Risk & Compliance career benefits legal professionals at all levels, from graduates to senior lawyers. For a legal graduate who has decided they don’t want to be a lawyer, the Legal Risk & Compliance space allows them to utilise their academic background and work in a legal capacity without vying for a fee-earning role. This is advantageous for legal graduates with LPCs who are unable to secure training contracts or are looking for a different route into the industry. Entering law firms through a Legal Risk & Compliance route allows graduates to establish themselves as a professional without closing them off from becoming a solicitor further down the line should they wish to do so.
For more senior lawyers looking to transition from private practice to an in-house role, a move into Legal Risk & Compliance would be ideal. A Risk & Compliance role allows them to work in a sophisticated legal environment while using the skills they have gained throughout their career. Transitioning into the Legal Risk & Compliance sector allows them to step away from a fee-earning role, take on a healthier work-life balance, and have greater predictability in their day-to-day life.
What makes a career in Legal Risk & Compliance rewarding?
Working in Risk & Compliance gives you the ability to work across different functions in the business. If you enjoy the commercial element of law, a career in Legal Risk & Compliance will give you a greater overview of the firm. In terms of the growth of the sector, there are opportunities to develop and specialise according to your personal preference and skillset due to the number of options that are becoming available.
What opportunities for growth are there in the sector?
The Legal Risk & Compliance sector is evolving rapidly, and countless opportunities exist. Candidates can take various avenues within the industry, from becoming a subject matter expert in one specific area of compliance to progressing towards a head of department level role. The sector spans from junior analysts to Director-level positions, so you can stay in the industry for your whole career. There is also the potential to begin your career in the sector before qualifying as a solicitor through the SQE, or to transition into it later in your career.
Is the Legal Risk & Compliance industry accessible and diverse?
The legal market in general has acknowledged that they have a lot of work to do regarding its diversity. However, from a specifically Legal Risk & Compliance standpoint, a lot of diversity is coming through at both junior and senior levels. In 2022, the hiring managers that UNCOVER worked with were 66% female, while 80% of our placed candidates were women. We also saw a high level of ethnic diversity in both candidates and hiring managers across the country, suggesting a healthy range of people and perspectives in the sector.
What are the benefits of working in Risk & Compliance?
There is a huge level of opportunity within the Legal Risk & Compliance sector. The profile of firms that are now hiring has changed dramatically over the years, from solely large City firms to US firms and regional/national firms who are starting to establish dedicated risk & compliance functions. Thanks to this, there is an increasing opportunity for local and flexible working for professionals in this space. Candidates are also able to negotiate for better pay and conditions thanks to the rapidly growing demand for Risk & Compliance professionals, compared to a relatively small talent pool.
The Legal Risk & Compliance sector also offers opportunities for relatively junior people to get access and exposure to high-level work. In a typical paralegal role, candidates are often left to do admin-focused work without any exposure to senior people in the business. In Risk & Compliance teams, because of the nature of the work, you’ll have exposure to senior people in the business relatively early in your career, allowing you to develop a fantastic skill set.
If you’re interested in moving into the Legal Risk & Compliance sector, don’t hesitate to get in touch with a member of our team here at UNCOVER Recruitment for a personal career consultation.
