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re: Career Advice: Keep looking or back to school?
Posted on 11/29/11 at 11:17 am to wrlakers
Posted on 11/29/11 at 11:17 am to wrlakers
quote:
I mean that no associate is going to leave a job right before December-when bonuses are paid. They'll wait and get the bonus, then bail when they are upset about the amount or whatever. January and February are better times to get the job.
This is only applicable to white shoe New York/LA firms. That doesn't sound like the kind of job this guy is gunning for if he wants to practice family law in Alabama.
To the OP, I would say that it's far too early to think about going back to school. You've only been unemployed for a month or two, as you really only start counting when bar results come in. I didn't find a permanent job until about three months after bar results came in. In the meantime I clerked for a solo practitioner doing busywork style stuff - drafting small settlements, doing Westlaw research - for $10 an hour (raised to $15 once I officially got my bar license!) I would imagine that there are small family law firms who would be willing to take you on in that kind of capacity, and it would get you that initial experience you need.
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Posted on 11/29/11 at 11:26 am to WhoDatBammer
quote:
When you say Anti Money Laundering and Fraud, do you mean looking into law enforcement (FBI etc?)
No I mean working for a bank or other financial services firm. There are major regulations with regards to AML that banks and financial firms have to comply with; notably the Patriot Act and Bank Secrecy Act.
Your job options could also include working for a consulting firm that provide advisory services to these banks and financial services firms to help them meet AML compliance guidelines.
With Fraud virtually every corporation has a fraud department. Also you could consider working for the Fraud and Forensics department of a Big 4 firm like Ernst & Young, PwC, Deloitte or KPMG.
I also mentioned working in compliance of which you could be used to help out with Dodd Frank, Fair Lending, FATCA etc. initiatives.
Posted on 11/29/11 at 11:26 am to Tiger n Miami AU83
quote:
Tiger n Miami AU83
I would have thought that FBAR would be a little lighter with the new rules that came out in March?
Posted on 11/29/11 at 11:48 am to MStant1
I don't know if they want people with experience practicing or not but compliance is huge right now in the O&G industry and i know a few lawyers who have switched over to that if you really want a job something to look into.
Posted on 11/29/11 at 11:49 am to MStant1
quote:
I would have thought that FBAR would be a little lighter with the new rules that came out in March?
Somewhat. But because people have become more compliant over the last 2-3 years, primary through the voluntary disclosures. The rules that FinCen put out in March were clarifications to compliance issues that had come up over the past couple of years. They did not change the scope of the reporting except when they clarified something that was previously unclear. The HIRE Act actually added some additional reporting for individuals with especially large balances in foreign bank accounts (I think $500k). It is just an additional layer and not very extensive though.
My main point was there will be a shift next year towards criminal prosecution where it can be found. In about two weeks, all amnesty and voluntary disclosure, which has prevented a lot of criminal prosecution, will end. The two questions as far as job opportunities go are: (1)Is FinCen aware of a large number of individuals that they will be going after criminally now? (2) Will federal budget cuts prevent hiring?
My opinion is even though the programs have been a cash cow, I do not see the government providing the funding to uncover a lot of cases to go after, so it may not be a very viable option for the OP. However, the HIRE Act and more specifically, FATCA is going to add another huge layer of compliance on financial institutions in the next two years (though the banks are fighting it all over the globe). If FATCA is actually enforced, the amount of information that is going to have to be disclosed is going to be along the lines of what FBAR reporting disclosed (maybe not to the same extent, but significant). If that happens, the government will have plenty more parties to go after. It has already affected a lot of the large financial institutions around the world. Credit Suisse settled with the US government to avoid litigation as have others. Some, like HSBC quit even offerring foreign accounts to US citizens to avoid potential litigation and disclosure.
Bottom line, the foreign financial disclosures, reporting, and enforcement is still likely to be a big deal for several more years.
Posted on 11/29/11 at 2:18 pm to barry
quote:
I don't know if they want people with experience practicing or not but compliance is huge right now in the O&G industry and i know a few lawyers who have switched over to that if you really want a job something to look into.
can you talk a little bit more about this?
Posted on 11/29/11 at 3:05 pm to theOG
quote:
can you talk a little bit more about this?
This. I have a little experience in the industry (doing title work in AL/MS). Absolutely hated that work, but could see myself getting back in the OG industry in a different area.
Posted on 11/29/11 at 3:46 pm to WhoDatBammer
Basically compliance would cover anti-briabary regulations, EPA regulations, how to navigate doing business in "high risk" countries, etc. Basically keeping everyone in check with the ridiculous amount of laws and regulations O&G business have to follow.
This post was edited on 11/29/11 at 3:47 pm
Posted on 11/30/11 at 9:19 am to barry
how in the world do you go about finding one of these jobs?
Posted on 12/4/11 at 9:44 pm to MStant1
quote:
No I mean working for a bank or other financial services firm. There are major regulations with regards to AML that banks and financial firms have to comply with; notably the Patriot Act and Bank Secrecy Act.
Most jobs out there look for some banking/compliance experience, so it's really hard to get started. My friend has a JD and is AML certified, but he still hasn't been able to get a entry-level job with no prior banking experience.
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