The financial services industry is very controlled, and the qualifications of a lawyer are in great demand, in the regulated frame work of finance. Hence merging these two dynamic forces, gives way to a very promising alternative career opportunity for lawyers, and simultaneously for any other profession in the legal field, who wish to change directions.
There are many roles and career opportunities in the field of finance, where the understanding of law remains a constant factor. Lawyers with specialisation in the financial sector can be valuable advisors and assets, due to their knowledge in these sectors.
In a country like India, the banking sector represents or acts like one of the main pillars of the economic growth and development. The Indian banking sector is growing exponentially and is regarded as one of the strongest and regulated economies, thus creating massive opportunities for people.
Since the onset of the historical decision of Demonetization, it is certain that most of the monetary transaction will be under the banking system, this will further create a huge demand for services of the legal profession, clearly because any major financial transaction will require to be over looked by a law officer or a legal analyst.
Law becomes a common area for all financial advisors and financial planners. Lawyers are not only approached for legal advice or to handle law suits, they have clear job roles, that span from
Restructuring a business, Initiating and Negotiating over Contracts, Drafting Legal Contracts, Structuring Partnership, Developing Funds, Managing and Settling Non Performing Assets, to more focused and specialised areas of banking such as:
- Investment Banking
- Compliance Officer
- Legal and Taxation Officer
- Legal Analysis
One can either work in a reputed firm after acquiring a degree in law or majoring in corporate law with preferably a degree in economics. If you are planning on entering the financial sector without any experience in finance, it is advisable to pursue an additional degree or experience of banking law or work experience in general banking system. This is specifically a prerequisite for a career as a Compliance Officer, a more specific course or certification on Regulatory Compliance Officer, or Regulatory Compliance Professional is recommended
If you wish to pursue as an Investment Banker, it is important first to assess your love for math and accounts. As they become prerequisites for investment banking. A degree in corporate law along with a sound understanding of entrepreneurship law and business administration is imperative. it is only advisable for you to choose this profession if you have a numerical acumen, networking, negotiating, decision making, and business skills.
If you already have an exposure of working in reputed law firms, dealing in private equity, then you have an open opportunity of associating with the banking sector as a Private Equity Officer.
Additionally, many financial firms have tons of tasks, internally and externally that need legal counsel. From writing to clients, coming up with policies, communications etc…, need a legal purview, hence to have someone on the team with legal expertise is always welcome.
So if you intend to venture into the field of financial services as your area of interest, post completing your degree in Law, you have ample of opportunities. Recommendations are that you focus on finance related aspects of law, and weigh your options based on your skills and liking. It is your choice, get the appropriate experience, education and get started.