Spaudos centras
Spaudos centras
Legal knowledge alone is no longer enough for today's lawyer. According to Dr. Paulius Astromskis, associate professor at Vytautas Magnus University (VMU), the rapidly expanding FinTech sector in Lithuania requires experienced professionals with relevant skills in various fields. Lawyers are no exception.
"The market research currently being conducted by the VMU Faculty of Law has revealed very clearly that there is a shortage of compliance specialists for financial institutions at all levels. However, the greatest demand is not for "hands" to perform routine tasks, but for "minds" who are able to develop systems, manage risks and make decisions", says the head of the Master's degree study programme Financial Law.
Liudas Basiulis, Head of the European Compliance Professionals Association (ECPA), echoes this opinion, pointing to the specific needs of new markets, such as cryptocurrency services, and the artificial intelligence that will bring major changes. "Currently, the ECPA and the Faculty of Law of VMU are launching a study to analyse the competence levels of compliance professionals, the need for them, their salary situation, and the trends in the use of artificial intelligence (AI) tools. This study will help to better understand the dynamics of the professional field and the emerging changes from the point of view of employees, employers and educational institutions", reveals Basiulis.
Aurelia Mari, visiting lecturer at VMU and Senior Financial Investigator at the European Public Prosecutor's Office (EPPO), also emphasises the need for critical thinking skills and the ability to adapt to different circumstances. She advises future legal professionals who dream of an international career in the European Union (EU) institutions to be curious and open to the world.
Interdisciplinary knowledge – the path to a successful career
The Master's degree study programme Financial Law, launched last autumn at the VMU Faculty of Law, aims to combine knowledge and skills in law and finance. The aim of the programme is to prepare graduates who are able to ensure the compliance of financial institutions with the law and to deal with more than just the typical issues of operational risk, anti-money laundering, cyber-security, or data protection. The programme focuses on the challenges of emerging financial services and markets as well as the impact of technological developments, in particular artificial intelligence, on the legal compliance function.
"Our analysis reveals that the modern compliance officer is no longer just a lawyer. Their profile covers a wide range of interdisciplinary expertise. Successful work requires a synthesis between law, business processes, technology, and risk management", says Dr. Paulius Astromskis.
According to him, one of the most frequently mentioned competences by employers is the ability to understand how financial technology works and what are the main risks involved, such as cybersecurity. "In this case, professionals with knowledge of how the principles of DORA (Digital Operational Resilience in the Financial Sector) regulation work will certainly be in demand", says Dr. Astromskis. Echoing this opinion, the head of ECPA Basiulis also highlights cybersecurity competences as not only some of the most important, but also some of the most lacking.
Both speakers stressed that lawyers with knowledge of this field are guaranteed a wealth of opportunities and, given that the financial sector is one of the fastest growing and one of the main priorities of the state, a demand for job postings in the future.
According to Dr. Astromskis, the specialisation in financial law, which helps to develop all these competences, allows lawyers in this field to work in both traditional legal professions and specialised areas of law. "Judges, lawyers, notaries, corporate lawyers and other lawyers in traditional professions with financial background will be better able to resolve economic and financial disputes, prepare acquisition and merger transactions, and analyse other issues in this field. These lawyers will also have more opportunities to develop specific careers as legal compliance specialists for financial institutions, both within financial institutions and their supervisory authorities", admits VMU associate professor dr. Paulius Astromskis.
Gabija Noreikė, a second-year master's student in Financial Law, says that the main advantage of her studies is the lecturers, who are not only professionals in their field but also practitioners who share their accumulated knowledge during lectures.
While studying for her bachelor's degree in Law and Finance, she also took a minor in economics, where she acquired mathematical, statistical, and analytical skills that, according to her, are important not only in her personal life but also in her chosen profession.
Currently working as an ESG (environmental, social, and governance) analyst at one of Lithuania's banks, Gabija says that her job requires her to pay particular attention to EU regulatory requirements, compliance, and reporting, so legal skills are an important part of this job.
According to the student, interdisciplinarity and the ability to adapt to changing conditions are among the key qualities required of a modern lawyer. "The ESG field in which I work requires not only knowledge of regulatory requirements, but also a general understanding of environmental protection, various business sectors, and greenhouse gases. Other areas of business are also closely related to artificial intelligence, digitisation, and cybersecurity. I am glad that the Master's program in Financial Law provides a wide range of knowledge necessary for a modern lawyer's career," emphasizes Gabija.
Dreamt of fighting crime since childhood
"I dreamt of fighting injustice and criminals from a very young age", says Aurelia Mari, Senior Financial Investigator at the European Public Prosecutor's Office (EPPO). With the invitation of the VMU Faculty of Law, this spring semester she taught a course for future legal professionals on the importance of international cooperation in investigating financial crime cases affecting the financial interests of the EU.
During the lectures, she not only shared her professional experience and knowledge with the students, but also discussed what competences are needed for a modern lawyer who dreams of a career at one of the EU institutions.
Aurelia says that her choice of profession was for the most part shaped by her innate curiosity, but also by the environment she grew up in. "When I was growing up in Italy, the country was often plagued by serious crime, with a number of criminal organisations operating at that time. Eventually, I realised that I wanted to work in the field of criminal law because it would help me not only to fight crime, but also to make a real difference in people's lives", she admits.
International cooperation for effective crime solving
For the last few years Aurelia has been working for the European Public Prosecutor's Office (EPPO). This is the first institution of its kind in Europe with prosecutorial powers, and it fights fraud, corruption and financial crime affecting financial interests across the EU.
In her day-to-day work as a Senior Financial Investigator, she assists EU prosecutors with their investigations by examining evidence gathered by national law enforcement authorities and using it to provide a legal and financial analysis to support the investigation so that the prosecutor can bring the case to court.
"The EPPO is composed of two levels: the central level and the decentralised level. The EPPO’s central level, with its headquarters in Luxembourg, consists of: the European Chief Prosecutor; 24 European Prosecutors (one per participating EU country). The EPPO’s decentralised level consists of the European Delegated Prosecutors working at a decentralised level in each country, i.e. Lithuania has a European Prosecutor, who is based in Luxembourg, and delegated prosecutors, who work in the European Delegated Prosecutors' Office in Vilnius", she explains.
According to Aurelia, such international cooperation contributes to a faster resolution of cross-border financial fraud or corruption crimes. "For example, a prosecutor in one country can investigate a case that affects another EU member state. Under Article 31 of the Council Regulation (EU) 2017/1939 of 12 October 2017, implementing enhanced cooperation on the establishment of the European Public Prosecutor’s Office, a prosecutor can issue investigative measures such as freezing of assets and searches that can be executed in the other country in a matter of days or even hours. The European Delegated Prosecutors from different EU member states are all colleagues of the same EPPO office, this is the game changer. This enables the European Public Prosecutor's Office to curb criminal activities much more effectively", says the legal expert. As for the recent cyber challenges, she also mentioned that the proceeds of fraud against the EU’s financial interests may be further cyberlaundered and the EU is thus adapting in understanding cybercrimes too.
It is important not only to understand the legal system, but also to continuously develop critical thinking skills
In her interactions with young people, Aurelia says she is often asked by her audience what qualities are the most important for a job like hers. She notes that in addition to legal education and financial knowledge, soft skills also play a big role for those dreaming of a career in one of the EU institutions.
"My main advice to those who want to get a job at the EPPO or any other institution of this type, such as the European Commission, the European Court of Auditors or the European Court of Justice, is to look for internship opportunities first. Foreign language skills are also very important in my job. This can make a strong contribution and open even greater career opportunities. For example, my mother tongue is Italian, I also speak English, Spanish and French, but I would love to improve German too!" says Aurelia, who lives in Luxembourg, where the European Public Prosecutor's Office is based and where German is one of the official languages.
Like Associate Professor Paulius Astromskis, she also stresses the importance of critical thinking and knowledge of the EU legal system. "These are core skills that I have to use regularly in my work. Being broad-minded is another important characteristic. Working here in an international environment, I have to deal with colleagues from other countries all the time, so there are different patterns of communication and behaviour. For example, Scandinavians are quieter, while Greeks or Southern Italians like to speak loudly and gesticulate. It's important not to be afraid to put yourself in a new light or to adapt to different circumstances. Curiosity is the driving force behind everything", she says.
Veronika Matiušovaitė, a fifth-year student of integrated law studies at Vytautas Magnus University, also highlights critical thinking and analytical skills as some of the most important qualities a modern lawyer needs. The young woman, who aspires to a career in criminal law, says that lectures in this field of law not only develop her thinking and help her to better understand various situations, but also enable her to see certain things differently.
I really enjoy analysing and delving into complex issues, so in the future I hope to pursue a career in law, specifically in the field of criminal law. My goal would be to defend the accused and represent their interests in court. I believe that it is very important for a modern lawyer not to be afraid of making mistakes, and when mistakes are made, to be able to take responsibility and not get lost in various situations. You need not only critical thinking, but also a perspective," says the young woman confidently. During her studies, she not only actively participated in the activities of the European Law Students' Association (ELSA), but also, at the invitation of the former dean of the Faculty of Law at Vytautas Magnus University and Member of the European Parliament (MEP) Prof. Dainius Žalimas, had the opportunity to visit the European Parliament in Strasbourg (France) together with other students and see up close how the European Parliament works.
The younger generation is thirsty for knowledge but shies away from human contact
The expert, who gave an intensive course to VMU law students on the importance of international cooperation in criminal investigations, not only shared her knowledge about the tools used, the countries involved in investigating crimes, and the types of crimes, but also talked more about the EPPO itself.
"The younger generation is smart and hungry for knowledge. They know how to deal with technology and are convinced that many tasks can be done remotely. I do not share this attitude myself. When you interact with colleagues from different countries and cultures on a daily basis, you learn new things and acquire new skills together. On the one hand, the younger generation does things faster and more efficiently, but I believe that human interaction remains an important part in this job," emphasises Aurelia.
