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The image of a lawyer in a courtroom, surrounded by legal tomes, is quickly becoming a thing of the past. In Lithuania, a country rapidly expanding its FinTech sector, legal knowledge alone is no longer sufficient.
According to Dr. Paulius Astromskis, an associate professor at Vytautas Magnus University (VMU), the market demands professionals with skills in various fields to keep up with the fast-paced industry. This is especially true for lawyers. The VMU Faculty of Law’s research reveals a clear shortage of compliance specialists for financial institutions. The greatest demand is for “minds” who can develop systems, manage risks, and make decisions, not just “hands” for routine tasks. Liudas Basiulis, head of the European Compliance Professionals Association (ECPA), agrees, highlighting the specific needs of new markets like cryptocurrency services and the impact of artificial intelligence (AI).
Where Law Meets Tech: A Curriculum Built for the Modern World
To address this gap, the VMU Faculty of Law launched a Master’s degree program in Financial Law, designed to combine legal and financial knowledge. The program’s goal is to prepare graduates who can ensure financial institutions’ compliance with the law and address challenges beyond typical operational risks, anti-money laundering, or data protection. The curriculum focuses on emerging financial services, the challenges they present, and the impact of technological advancements, particularly AI, on legal compliance.
Dr. Astromskis explains that a modern compliance officer is no longer just a lawyer; their role requires a blend of expertise in law, business processes, technology, and risk management. One of the most-sought-after competencies by employers is the ability to understand how financial technology works and what risks, like cybersecurity, are involved. According to Dr. Astromskis, professionals with knowledge of the DORA regulation (Digital Operational Resilience in the Financial Sector) will be in high demand.
Liudas Basiulis from ECPA echoes this, stressing that cybersecurity competencies are both critically important and often lacking. Both experts agree that lawyers with this interdisciplinary knowledge are guaranteed a wealth of opportunities in the rapidly growing financial sector.
International Careers: Curiosity, Critical Thinking, and Adaptability
For those dreaming of a career in the European Union (EU) institutions, Aurelia Mari, a senior financial investigator at the European Public Prosecutor’s Office (EPPO) and VMU visiting lecturer, has some advice: be curious and open to the world. She emphasizes that while legal and financial knowledge is crucial, soft skills are equally important for a job at institutions like the EPPO, European Commission, or European Court of Justice. Her top tip for aspiring professionals is to seek out internship opportunities and hone foreign language skills, which can open up greater career opportunities.
Like Dr. Astromskis, Mari also highlights the importance of critical thinking and knowledge of the EU legal system. She notes that being “broad-minded” and able to adapt to different circumstances is a key characteristic for working in an international environment with colleagues from various cultures. Veronika Matiušovaitė, a fifth-year law student at VMU, agrees, identifying critical thinking and analytical skills as some of the most vital qualities for a modern lawyer. She believes that lawyers must not be afraid of making mistakes and should be able to take responsibility.
The Younger Generation: Technology and the Human Touch
Aurelia Mari, who taught a course at VMU, observes that the younger generation is smart and knowledgeable about technology. However, she notes a difference in attitudes, particularly regarding remote work. While younger professionals may work faster and more efficiently with technology, Mari believes that human interaction remains a crucial part of the job, especially when collaborating with colleagues from different countries and cultures.
In conclusion, the path to a successful legal career today requires more than just legal expertise. It demands a synthesis of law, finance, technology, and soft skills like critical thinking and adaptability. By embracing this interdisciplinary approach, aspiring lawyers can unlock a wealth of career opportunities in Lithuania and across Europe.
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