Legal Fellow Associate

Federal Reserve Bank of Philadelphia; New York (NY); On-site; USD 131,000 - 160,000; Full time

Job summary

Federal Reserve Bank of New York invites applications for its two-year Legal Fellowship Program. The Legal Fellow rotates through the Legal Function's Enterprise Legal Services and Supervision, Markets, and Financial Services divisions to handle a broad spectrum of financial services, enforcement, contracts, and compliance matters.

The role emphasizes research, writing, and collaboration with internal stakeholders, with a starting salary of $145,000/year. Full-time onsite work is expected.

Qualifications

• Juris doctor with NY bar admission completed or pending before start.
• Must begin work in the same calendar year as law school graduation.
• Strong research and writing skills.
• Strong academic record.
• Commitment to public sector employment.

Responsibilities

• Take ownership of assigned legal matters and cases.
• Draft contracts, memoranda, briefs, and client emails.
• Conduct legal research and analysis on issues.
• Prepare and deliver presentations on timely legal topics.
• Advise internal stakeholders and build relationships.
• Develop technical and practical skills within the Legal Function.
• Support the Legal & Compliance Group on various matters including compliance reviews.

Skills

Research & writing skills

Public sector commitment

Education

Juris doctor

Job description

Federal Reserve Bank of New York

When you work at the New York Fed, you have the opportunity to make an impact in our communities and across the nation. Our mission-driven, curious, and dedicated colleagues apply their diverse perspectives and unique talents to support the strength of the U.S. economy and stability of the global financial system. At the Bank, we work full-time onsite with our teams. We believe being physically together allows us to draw on our collective strengths, while recognizing that the ability to work flexibly from time to time remains important to achieving our mission.

Legal Fellowship Program:

The Legal Fellowship Program is a two-year assignment designed to give a recent law school graduate (including one in a clerkship or legal fellowship) the opportunity to work at the Federal Reserve Bank of New York.

The Legal Fellow will rotate through the two divisions of the Legal Function within the Legal and Compliance Group. Through this rotation, the Legal Fellow will have the opportunity to take on a wide variety of legal work, which may include the following types of matters, among others: financial institution supervision and regulation, market and discount window operations, regulatory enforcement investigations, account and financial services, payments law and regulation, employment, transparency, contracts, and litigation. The Legal Fellow also will have exposure to compliance work, including in the areas of financial crimes (anti-money laundering, countering terrorism financing, and economic sanctions programs), fraud, sensitive data, Markets Desk trading, ethics and conduct, third-party compliance, controls testing, and risk assessment.

Our Unique Work:

The Legal Function's mission is to provide high-quality legal services to the Bank. The function is headed by the Bank's general counsel and is divided into two divisions, each headed by a deputy general counsel:

• Supervision, Markets, and Financial Services (SMFS) division provides legal advice in connection with (i) financial institution supervisory and regulatory matters, including legal support for supervision and regulatory reporting and legal analysis of regulatory applications; (ii) the Bank’s open market, U.S. Treasury auction, foreign exchange, reference rate and discount window operations; (iii) the Bank’s external and sponsored committees; and (iv) the Federal Reserve’s provision of accounts and financial services to depository institutions, the U.S. Treasury and other government agencies, government-sponsored enterprises, foreign central banks and international organizations, and other entities. SMFS also analyzes legislative affairs for the Bank, and the head of the division oversees the Bank Applications Department.

• Enterprise Legal Services (ELS) division provides a range of expertise in support of the Bank’s mission and operations. The Enforcement and Litigation team represents the Bank in litigation and other disputes, advises on litigation risk and oversight matters and, together with the Board of Governors, pursues regulatory enforcement investigations and actions against supervised financial institutions in the Second Federal Reserve District. The Financial Intelligence and Investigations Unit conducts investigations, responds to law enforcement requests, and provides expertise on matters including financial fraud, accounting, and BSA/AML and OFAC-related matters. The Employment and Corporate Matters team advises on employment and labor law matters that impact the Bank’s people, including those related to ethics, immigration, leaves and accommodations, organizational change, and personnel policies, and advises and provides legal support to the Bank’s Freedom of Information Office. The Technology and Contracts team drafts, negotiates and advises on documents relating to the Bank’s procurement of goods and services, software and data licensing, cloud computing, and other technologies as well as matters relating to intellectual property, data privacy and security.

How You’ll Make an Impact as a Legal Fellow:

• As a Legal Fellow, you will have the responsibilities of a new attorney in the Legal Function. You will be expected to:

• Take ownership of and work on a variety of assigned legal matters, including:
  • Conducting research and analysis of legal, factual, operational, or policy issues;
  • Drafting contracts, legal memoranda, briefs, client emails, and other documentation;
  • Creating and implementing processes to help ensure compliance with law and mitigate legal risk.

• Prepare and deliver presentations on timely legal issues.
• Advise and build relationships with internal stakeholders.
• Develop and maintain relevant technical and practical skills and share that knowledge within the Legal Function.
• Contribute to all aspects of the work of the Legal and Compliance Group as requested.
• In this role you also will have the opportunity to work on compliance matters, such as performing due diligence work, assisting on policy updates, and ethics and conduct reviews.

The Unique Skill Sets We’re Looking For:

• Juris doctor, with admission to the New York State bar completed or pending prior to beginning the fellowship.

• Must be able to begin work in the same calendar year as graduation from law school or completion of a clerkship or legal fellowship that began immediately following graduation from law school.

• Research and writing skills;

• Strong academic record;

• A commitment to public sector employment.

Other Things to Know:

Salary:

Salary: $145,000/year

We believe in transparency at the New York Fed. This salary range reflects a variety of skills and experiences candidates may bring to the job. We pay individuals along this range based on their unique backgrounds. Whether you’re stretching into the job or are a more seasoned candidate, we aim to pay competitively for your contributions.

How We’ll Support You:

Our programs and benefits are designed to support you through all your life stages:

• Learning & Growing: Educational assistance, career development tools, and stretch opportunities

• Supporting Your Family: Parental leave, adoption assistance, back-up dependent and elder care, college planning resources, and more

• Managing Your Health: Comprehensive insurance plans, leave policies, onsite Health & Wellness Center, and onsite Fitness Center

• Optimizing Your Finances: Pension plan, 401(k) with generous match, financial planning resources, and subsidized public transportation program

Our Culture is deeply grounded in our Touchstone Behaviors

By working with us, you’ll have the opportunity to develop and demonstrate your ability to Communicate Authentically, Collaborate Inclusively, Drive Progress, Develop Others, and Take Ownership. These competencies shape our culture here at the Bank. They also provide a shared language for how we work together and achieve success and set clear expectations for leading with impact at every stage of your career. Learn more.

The New York Fed expects its employees to perform their duties with honesty, integrity, and impartiality, and without improper preferential treatment of any person. Learn more about our code of conduct and conflicts of interest rules.

We value accessibility for all candidates and are happy to discuss an accommodation or assistance. Visit our careers page for more information about requesting an accommodation during the recruiting process.

This is not necessarily an exhaustive list of all responsibilities, duties, performance standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, management reserves the right to revise the job or to require that other or different tasks be performed when circumstances change.

This position requires access to certain sensitive information and is therefore limited to (1) U.S. citizens or (2) applicants who have either already applied for U.S. citizenship or are eligible to apply, and will apply, for U.S. citizenship before the first day of the internship.

Individuals who are not already a U.S. citizen or who have not already applied for U.S. citizenship must sign a declaration of intent upon receiving the offer letter confirming that they are eligible to apply, and will apply, for U.S. citizenship prior to the first day of the program.

• Full Time / Part Time Full time


• Regular / Temporary Regular


• Job Exempt (Yes / No) Yes


• Job Category Legal Family Group


• Work Shift First (United States of America)