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  • With the market currently stagnating in the wake of COVID-19, the balance between supply and demand in the job market for lawyers and compliance officers has changed. Specifically, the number of job openings has dropped to much less than half compared to pre-COVID levels, although the number of job seekers has not declined significantly. The following are some of the things that prospective job seekers should keep in mind under the current circumstances.

    • The number of positions in line with your own preferences will be reduced.
      • If you have your heart set on a career change and need to move quickly, review your salary expectations, industry, size of the company, size of legal and compliance department, and any other compromises that you are willing to make.
      • If you don’t need to make a move so soon, consider waiting for two years or so, depending on the case.
      • However, depending on your seniority and experience, waiting 2 years may reduce your market value, so reconfirm your position in the market with your agent.
    • Companies are likely to hold back their 2021 lateral hiring budgets to make up for the losses created by Corona’s impact.
      • If you are considering a job change by 2021 at the latest, don’t expect too much from 2021 and settle within this year.
      • Even if you don’t get a satisfactory offer this year, consider the possibility that compromising on the offer at hand may lead to a better outcome rather than pinning your hopes on 2021.
      • If you don’t want to compromise, acknowledge the fact that you will have a risk waiting until 2022 to find what you like.
    • Increasing competition with other applicants intensifies the need to distinguish yourself from others.
      • Make sure you do your homework on the company before the interviews.
      • Build your story around how you can help, not why you want to work for the company.
      • Eliminate extraneous adjectives and refrain from verbose speech.
      • Talk to a recruitment agent about how to prepare for an interview.

    We have listed a number of key points, but at the end of the day, a career change is a result of taking the “right opportunity”. We listen to the attorneys and compliance officers every day to learn about their career prospects and aspirations, and then do our best to bring the “right opportunity” in front of them. If you are interested in learning more about your career and the possibilities for the future, please contact us. We can start with a brief 15-minute conversation. We look forward to the opportunity to speak with you.

    Posted by 

    Yuki Wada

    Financial Services, Compliance, Private Practice

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