While most of the modern understanding of Lycanthropy is more a product of Hollywood than of folklore per se, the stories of people who could turn into animals are fairly old in basis. The word itself derives from the Greek, and hearkens back to the days when the mythic cycles told of the Gods descending to the Earth and taking the form of animals for various purposes. Neither were these stories limited to the Greco-Roman mythic cycles; the Norse had their own versions, as did the Chinese, as did every other civilization–the Tempter taking the form of a snake, according to traditional interpretations of the Genesis story, could be seen as another example of these.
Generally, the animal transformations could be grouped into voluntary and involuntary types; the involuntary ones–the hollywood Werewolf, the transformation of Actaeon into a deer–being the result of some sort of curse or divine disfavor and the voluntary ones typically the result of some form of magic.
The Hollywood version of the Werewolf, as a myth of modern society, presents some interesting implications. Various films have described the interactions with society that a typical werewolf would have to handle; in many cases, they are depicted as lonely figures that are required to keep apart from society and associate more with their animal brethren than with humans.
Integrating them into society would not necessarily be too difficult, though. While there would certainly need to be some regulation–rabies vaccinations and licensing, for a start–many of the ‘savage’ aspects of the lycanthropic transformation could be handled by a good trainer. The lycanthrope is generally depicted along the same lines as particularly vicious dogs are–slavering, biting, etc.–so the techniques used to establish proper canine behavior could well be put to good use, albeit with some slightly greater hazard to the trainer than the norm. Given that the lycanthrope may retain some human understanding, though, the training could well proceed faster than it otherwise would; they’ll be more likely to understand the instructions being given than a regular dog would.
Add to this some therapy for the human side of the equation, in order to counteract the feelings of isolation that would otherwise result, and the situation begins to look even better. With proper canine conditioning and human understanding, the heretofore savage and uncontrollable lycanthrope could well become a valuable member of society.
There would be significant career opportunities available for a werewolf as well. Wildlife management of all types could benefit from someone able to see from the animal perspective and communicate from the human perspective. Wolf pack management in national parks would benefit–who better to manage the pack than someone who is, at least sometimes, a wolf themselves? Urban areas could benefit, as well–the city of Chicago has a number of coyotes that live inside city limits and act to keep the vermin population down; tracking them could be more easily accomplished by a lycanthrope.
Then, the immunity to normal weaponry would also help; SWAT would very much benefit from lycanthropic members–until criminals began to produce silver bullets, at any rate.
There’s really no need for lycanthropes to hide from modern society any more than any other group, nor any call for modern society to discriminate agaisnt their condition. Their inconveniences can be overcome, and their unique talents used for the betterment and benefit of society and society’s interactions with the natural world.