Legal Fellow Associate

Federal Reserve System•New York, NY

7d•Onsite

About The Position

The Legal Fellowship Program is a two-year assignment for a recent law school graduate, including someone completing a clerkship or legal fellowship, to work at the Federal Reserve Bank of New York. The Legal Fellow rotates through the two divisions of the Legal Function within the Legal and Compliance Group and performs work comparable to that of a new attorney. Matters may involve financial institution supervision and regulation, markets and discount window operations, regulatory enforcement investigations, accounts and financial services, payments law and regulation, employment, transparency, contracts, and litigation. Fellows may also gain exposure to compliance matters involving financial crimes, fraud, sensitive data, Markets Desk trading, ethics and conduct, third-party compliance, controls testing, and risk assessment. The Supervision, Markets, and Financial Services division advises on supervisory and regulatory matters; the Bank’s market, Treasury auction, foreign exchange, reference rate, and discount window operations; external and sponsored committees; and the provision of accounts and financial services. The Enterprise Legal Services division supports the Bank through enforcement and litigation, financial intelligence and investigations, employment and corporate matters, and technology and contracts work. The Legal Fellow takes ownership of assigned legal matters, conducts legal, factual, operational, and policy research and analysis, drafts contracts and other legal documents, helps create and implement processes to support legal compliance and mitigate risk, prepares and delivers presentations, advises and builds relationships with internal stakeholders, develops and shares relevant skills, and contributes to the Legal and Compliance Group as requested. The position may also involve due diligence, policy updates, and ethics and conduct reviews. The position is full-time and onsite with the team. The Bank notes that flexibility from time to time remains important. Salary is $145,000 per year. Applicants must submit a cover letter, resume, and most recent law school transcript; finalists will complete a brief writing assignment. The cover letter should explain why the applicant wants to work at the New York Fed and identify an aspect of its work they would like to learn more about. The role is limited to U.S. citizens and certain applicants eligible and committed to applying for U.S. citizenship before the program begins.

Requirements

Juris Doctor degree.
Admission to the New York State bar completed or pending before beginning the fellowship.
Must be able to begin work in the same calendar year as law school graduation, or completion of a clerkship or legal fellowship that began immediately following law school graduation.
Research and writing skills.
Strong academic record.
Commitment to public sector employment.
Must meet the stated U.S. citizenship eligibility and application conditions because the position requires access to sensitive information.

Responsibilities

Rotate through the two divisions of the Legal Function within the Legal and Compliance Group.
Take ownership of and work on assigned legal matters.
Conduct research and analysis of legal, factual, operational, and policy issues.
Draft contracts, legal memoranda, briefs, client emails, and other documentation.
Create and implement processes to help ensure compliance with law and mitigate legal risk.
Prepare and deliver presentations on timely legal issues.
Advise internal stakeholders and build relationships with them.
Develop and maintain relevant technical and practical skills, and share knowledge within the Legal Function.
Contribute to the work of the Legal and Compliance Group as requested.
Assist with compliance matters, including due diligence, policy updates, and ethics and conduct reviews.