Legal and compliance departments are growing

These developments are causing a growing need for manpower in companies. Deutsche Bank is still searching for employees for its already much larger compliance teams, and the European Central Bank is also looking to fill further positions.

In the real economy, legal departments are being established or expanded, or independent compliance teams created. The latter are also gradually catching on in the Mittelstand. Although it is generally the head general counsel who have to develop a compliance structure, this is why the HR market in compliance has been far more dynamic than in the legal field for some time.

The changing risk profile means that those very companies that used to believe legal teams were unnecessary are now building them up. Attractive jobs for young lawyers from transaction firms are thus arising in investment companies. That it is this of all sectors making preventive investments because of the rising reputational risk is perhaps the most obvious sign of change. On top of this, ever more legal risks are arising. Nowadays it is not only companies like the Norwegian sovereign wealth fund that want to have their target companies vetted for human rights and ecological issues. Finding external advisors who are prepared for these is tricky. Few commercial law firms see much business in this yet – they view it as a nice add-on.

Read about how hiring strategies are changing

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