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Aspiring Lawyers - Applications & General Advice
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[Ask Me Anything] Using your Law Background in Consulting - A Career in Financial Regulation, Governance, and Risk
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<blockquote data-quote="RSB99" data-source="post: 100653" data-attributes="member: 19970"><p>Great question [USER=7730]@ASaspsolicitor7[/USER] </p><p></p><p>The simplest way to explain this is - a consultant's job in financial regulation is a lot broader and business-oriented than a financial regulation advisory lawyer. </p><p></p><p>You are right in pointing out that an advisory lawyer who works in the financial regulation practice of a law firm also advises on key regulations. </p><p></p><p>However, a financial regulatory consultant not only interprets and advises on the regulation's impact (like a lawyer), but goes beyond by helping the client to implement it within the business. This can be through amending the client's operating model to ensure abidance with the regulation, drafting internal policies and procedures / conducting regular checks to make sure they are working, training senior management to engage with regulators, etc. </p><p></p><p>Here is a side by side comparison of the career descriptions of a real lawyer and consultant that I have copy-pasted from their respective firm websites.</p><p></p><p><u>Financial regulation advisory partner from a Magic Circle firm</u> </p><p></p><p><em>X's practice includes all aspects of financial markets regulatory advice for broker-dealers and investment banks. X advises investment managers, private banks, hedge funds and private equity funds on regulatory issues affecting them. </em></p><p></p><p><u>Consultant from a global consulting firm specialised in regulatory compliance and governance</u></p><p></p><p><em>Z draws on his extensive public- and private-sector experience to advise financial institutions on regulatory compliance. Z has carried out board-level reporting on regulatory issues, oversaw policies and standards for business conduct and product governance, set up market-abuse controls, and helped lead firms' regulatory relations.</em></p><p></p><p>Hope this makes sense!</p></blockquote><p></p>
[QUOTE="RSB99, post: 100653, member: 19970"] Great question [USER=7730]@ASaspsolicitor7[/USER] The simplest way to explain this is - a consultant's job in financial regulation is a lot broader and business-oriented than a financial regulation advisory lawyer. You are right in pointing out that an advisory lawyer who works in the financial regulation practice of a law firm also advises on key regulations. However, a financial regulatory consultant not only interprets and advises on the regulation's impact (like a lawyer), but goes beyond by helping the client to implement it within the business. This can be through amending the client's operating model to ensure abidance with the regulation, drafting internal policies and procedures / conducting regular checks to make sure they are working, training senior management to engage with regulators, etc. Here is a side by side comparison of the career descriptions of a real lawyer and consultant that I have copy-pasted from their respective firm websites. [U]Financial regulation advisory partner from a Magic Circle firm[/U] [I]X's practice includes all aspects of financial markets regulatory advice for broker-dealers and investment banks. X advises investment managers, private banks, hedge funds and private equity funds on regulatory issues affecting them. [/I] [U]Consultant from a global consulting firm specialised in regulatory compliance and governance[/U] [I]Z draws on his extensive public- and private-sector experience to advise financial institutions on regulatory compliance. Z has carried out board-level reporting on regulatory issues, oversaw policies and standards for business conduct and product governance, set up market-abuse controls, and helped lead firms' regulatory relations.[/I] Hope this makes sense! [/QUOTE]
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[Ask Me Anything] Using your Law Background in Consulting - A Career in Financial Regulation, Governance, and Risk
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