Managing Legal Counsel – U.S. Registered Funds and Subadvised Funds

T. Rowe Price • Owings Mills, MD

2d • $174,000 - $350,000 • Hybrid

About The Position

T. Rowe Price is seeking an experienced attorney to provide specialized legal counsel to its U.S. registered funds platform, with a significant focus on its subadvised fund business and related product initiatives. The role supports registered investment products and products for which T. Rowe Price serves as subadviser, including mutual funds, ETFs, closed-end funds, and other registered investment vehicles. It works closely with external clients and internal partners across Investments, Distribution, Capital Markets, Trading, Operations, Compliance, and Risk on client onboarding, fund governance, regulatory matters, disclosure obligations, and business initiatives.

The Managing Legal Counsel serves as a trusted advisor on the firm's businesses, products, and regulatory environment, developing practical legal solutions and advising on existing and proposed laws and regulations affecting registered funds. The position supports decisions involving subadvised and proprietary registered funds and provides legal guidance through product formation, registration, launch, governance, and ongoing maintenance.

This role is eligible for hybrid work, with up to one day per week from home. Base salary ranges depend on location: $174,000–$297,000 for Maryland, Colorado, Washington, and remote workers; $191,000–$327,000 for Washington, D.C.; and $218,000–$350,000 for New York and California. Placement within the range depends on relevant experience and skills. Employees may also be eligible for a discretionary bonus based on company and individual performance.

Requirements

• Juris Doctor (J.D.) degree from an accredited law school.
• Active license to practice law and admission to the Maryland State Bar or another state bar.
• At least 10 years of total relevant legal experience.
• Significant experience advising registered investment companies, investment advisers, or other financial services organizations.
• Strong knowledge of federal securities laws and regulations, including the Investment Company Act of 1940 and Investment Advisers Act of 1940.
• Experience drafting, negotiating, and interpreting complex investment management agreements and related legal documentation.
• Demonstrated ability to analyze complex legal and regulatory issues and provide practical, business-focused legal advice.
• Strong communication and relationship-management skills, including the ability to work effectively across business and functional teams.

Nice To Haves

• Experience supporting SEC-registered funds, subadvised funds, and institutional investment products.
• Experience advising on fund disclosure, regulatory filings, investment restrictions, and compliance matters.
• Experience advising registered investment companies and preparing registration statements, prospectuses, shareholder disclosures, and related SEC filings.
• Experience preparing materials for registered fund boards and board committees and advising those bodies.
• Demonstrated ability to influence stakeholders and manage complex cross-functional initiatives.
• Strong client relationship and project management skills.

Responsibilities

• Serve as the primary legal advisor for a portfolio of subadvised registered fund clients and investment strategies.
• Provide counsel on the formation, registration, launch, governance, and ongoing maintenance of registered investment products, particularly subadvised registered funds.
• Advise business partners on registered fund matters, including client-specific impacts, product development initiatives, product changes, and regulatory considerations.
• Consult with clients and internal partners on the Investment Company Act of 1940, Securities Act of 1933, Securities Exchange Act of 1934, SEC rules and guidance, exchange requirements, and industry developments.
• Lead negotiation, drafting, and interpretation of investment management agreements, subadvisory agreements, confidentiality agreements, side letters, amendments, and other client-facing documents.
• Advise on investment guideline development and revisions, client-specific requirements, fee schedule changes, and related contractual implications.
• Identify legal risks and develop solutions aligned with business objectives, firm standards, and regulatory requirements.
• Review client questionnaire responses, due diligence materials, board-related documentation, and contract renewal materials.
• Partner with Product, Investments, Capital Markets, Trading, Distribution, Operations, Compliance, Risk, and other internal and external stakeholders on matters affecting the registered funds platform.
• Monitor and analyze regulatory developments and industry trends affecting registered funds, and advise stakeholders and clients on potential impacts.
• Assist with preparing, reviewing, and maintaining registration statements, prospectuses, statements of additional information, shareholder communications, board materials, and other regulatory filings and disclosures.
• Conduct legal analysis and research on business and regulatory matters and provide practical recommendations to clients and internal stakeholders.
• Provide guidance and support to less experienced legal department colleagues as appropriate.

Benefits

• Competitive compensation
• Annual bonus eligibility
• Generous retirement plan
• Hybrid work schedule
• Health and wellness benefits, including online therapy
• Paid time off for vacation, illness, medical appointments, and volunteering days
• Family care resources, including fertility and adoption benefits
• Employee stock purchase plan with matching contributions
• Medical, dental, and vision coverage
• Tuition assistance
• Wellness programs, including fitness reimbursement and an Employee Assistance Program
• Flexible and remote work opportunities

What This Job Offers

• Job Type: Full-time
• Career Level: Senior
• Education Level: Ph.D. or professional degree