Career Advice Archives - Page 3 of 3

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.

Salary & Remuneration

The first factor to be addressed in your retention strategy is salary and remuneration. When it comes to money, a lot of companies will dance around the subject. Obviously, there are certain restrictions on smaller firms, meaning that they won’t be able to offer the highest rates of pay. Despite that, in order to be in the same game, these companies do need to be somewhat competitive.

Offering a clear structure for salary increases or bonuses will promote a healthy attitude towards money within the company. Having salary transparency when it comes to hiring is another important step towards improving retention. Whilst the other three elements are important, people will always need to put food on the table. A competitive salary is still arguably the most important factor in keeping your people.

Engaging Work

Exposure to interesting work is another important factor in attracting and retaining your people. In a firm’s day-to-day process there are certain tasks that are non-negotiable, but it’s important to divide these tasks to give your people opportunities for growth and keep them engaged. Taking an individualised approach to task distribution is essential to successful management. If you’re not offering your employees a progression plan or personal development goals, they’re not going to see a future within your company. Giving your people a personal growth strategy will foster a positive retention rate.

Flexibility

The next thing that candidates are looking for is flexibility. Law firms are typically able to offer a hybrid working environment, where their people can work from home for two or three days a week. In a candidate-short market, companies need to be conscious of the need for flexibility. Whether that means not having set working hours or taking advantage of hybrid models, it’s important to factor flexibility into your offer.

Personal Management

The final point may be obvious, but making your people feel valued will revolutionise your retention rates. Getting to know your staff on a personal level, and an outside of work perspective, will build a rapport that creates company loyalty. Find out what they enjoy, what drives them and what their family dynamic is like. Building real relationships is essential, because people won’t want to lose those deep relationships if they’re offered an alternative position.

To discuss a retention strategy for your company, get in touch with one of our consultants today.