Assistant General Counsel – Special Assets and Litigation

Live Oak Bank; United States; Remote; USD 150,000 - 200,000; Full time

Job summary

An innovative digital bank is seeking an Assistant General Counsel to provide critical legal advice on non-performing loans and bankruptcy. This role supports the Special Assets Department and advises senior management on legal matters, enhancing the profitability of the bank. The ideal candidate will have a strong legal background with at least ten years of experience, particularly in loan workouts and litigation. Join a team that values dedication, innovation, and teamwork, and contribute to empowering small business owners across the nation.

Qualifications

• Minimum of ten years professional legal experience required.
• Experience with loan workouts, foreclosures, and bankruptcy is essential.

Responsibilities

• Provide legal support on troubled loan assets and litigation.
• Collaborate with internal departments on operational issues.
• Prepare and negotiate documents for workouts and settlements.

Skills

Legal Analysis

Loan Workouts

Bankruptcy Law

Litigation

Contract Negotiation

Education

Juris Doctorate (JD)

Job description

About Us

Live Oak Bank is a digital bank that serves small business owners across the country. Our groundbreaking spin on service and technology has fueled our mission to be America’s Small Business Bank. Our products help customers buy, build, and expand their business, and our high-yield savings and CD products help them grow their hard-earned money. At Live Oak, we never lose sight of the well-being of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined, and we seek those who embody and embrace what it takes to empower the American dream.

How This Role impacts Live Oak and its People

Assistant General Counsel – Special Assets and Litigation provides critical legal advice and operational guidance concerning non-performing loans, workouts, and bankruptcy. This role also manages litigation concerning the aforementioned areas in addition to supporting Managing Counsel regarding lender liability claims and other “bank defendant” actions. This role does not manage other legal professionals, but primarily supports the Special Assets Department and assists legal personnel in their development.

What You’ll Do at Live Oak

• Provide comprehensive legal support to the Bank, advising senior management on troubled loan assets, collateral monetization, bankruptcy, and general litigation.
• Define issues, analyze problems, evaluate alternatives, and make appropriate recommendations with regard to the special assets to enhance the profitability of the Bank.
• Advise a broad team of professionals supporting the Bank’s Credit operations and related functions, providing direction and supervision to Special Assets team members and assisting in their development.
• Interact with attorneys across the United States, both representing the Bank as outside counsel and representing borrowers.
• Interact with internal departments such as Underwriting, Operations, and Credit to ensure cohesive operations.
• Leverage a network of external law firms to represent the Bank as primary or local counsel.

How You’ll Do It

• Support Special Assets early in the process through forbearance, loan restructuring, and liquidation/collection strategies.
• Assist the Loan Modification Team with collateral and forbearance terms during loan modifications and forbearance agreements.
• Escalate potential litigation issues to senior counsel and Finance to address legal exposure and loss reserves.
• Provide guidance concerning Credit policies, practices and procedures.
• Collaborate regularly with Special Assets and Credit teams on operational issues, processes, requirements, and documentation.
• Prepare, review, and negotiate documents to effectively document workouts and settlements, including forbearance agreements, settlement agreements, trustee deeds, and Article 9 sale documents.
• Oversee the filing of applicable security documents to modify or release liens in real and personal property collateral.
• Occasionally accompany outside counsel and appear on behalf of Bank at hearings, depositions, and collateral sales.
• Review and advise on SBA 7(a) ten-tab guaranty packages prior to submission to the National Guaranty Purchase Center.

Required and Preferred Experience

• A juris doctorate degree (or equivalent) and license to practice in at least one state is required

• A minimum of ten years professional legal experience is required

• Experience with loan workouts, foreclosures, forbearance agreements, and bankruptcy is required

• Experience litigating lender liability claims is strongly preferred

Our Values

• Dedication:Possess a deep commitment to Live Oak Bank’s mission and core values, exemplified through a strong work ethic, adaptability and pride in your work.

• Ownership:Take initiative to deliver positive results by proactively and creatively solving problems, while maintaining a high degree of quality.

• Respect:Treat everyone wi.th courtesy, politeness, and kindness.

• Innovation:Embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.

• Teamwork: Foster collaboration, accountability, and trust with others and understand that together, we do more

For a detailed overview of our employee benefits please visit: http://www.liveoakbank.com/careers/

Live Oak Bank is an Affirmative Action and Equal Opportunity Employer, Minorities/Women/Veterans/Disabled. We consider applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, veteran status or disability. Equal access to programs, service and employment is available to all persons. Those applicants requiring reasonable accommodation to the application and/or interview process should notify human resources [e-mail].

EEO is the Law

Commitment to Diversity
Live Oak Bank is committed to creating and maintaining a workplace in which all employees have an opportunity to participate and contribute to the success of the business and are valued for their skills, experience, and unique perspectives. This commitment is embodied in company policy and the way we do business at Live Oak Bank and is an important principle of sound business management.

The base pay range for this position is $125,000.00 - $175,000.00 per year. Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy. A candidate’s salary is determined by several factors including travel, relevant work experience or skills and expertise.

Please note that we provide at least the minimum requirement of paid sick leave to our employees who reside in states that require employer-paid sick leave, including but not limited to Arizona, California, Colorado, District of Columbia, Maine, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington.