Sr. Legal Counsel (Retirement Plan Services (RPS), Retirement & Trusts)

T. Rowe Price • Owings Mills, MD

3d • Hybrid

About The Position

The Sr. Legal Counsel will be a member of the legal team supporting T. Rowe Price Trust Company, particularly its collective investment trust (CIT) business. The role requires specialized knowledge of the legal and regulatory frameworks governing CITs, including applicable securities, tax, and banking laws, as well as laws and regulations governing retirement plans such as ERISA. The Sr. Legal Counsel independently conducts legal research, drafts legal documents, and performs other legal-related duties in coordination with senior attorneys. The role is responsible for the accuracy and completeness of its work, may assign tasks and guide less experienced staff, and contributes to team objectives. The position collaborates closely with business, compliance, risk, operations, product, technology, distribution, and other stakeholders. Legal activities are typically highly complex.

The role provides legal advice about the creation, operation, and administration of the Trust Company’s CITs; researches and monitors complex legal issues; analyzes new laws, regulations, proposals, and guidance; and advises the business on their impact. It partners with stakeholders to assess legal and regulatory issues and develop practical solutions, while maintaining an in-depth understanding of CIT products, firm priorities, and regulatory requirements. The Sr. Legal Counsel may manage multiple issues and projects simultaneously, including implementation of new products and services.

Requirements

• Juris Doctor (J.D.) degree from an ABA-accredited law school.
• Active membership in good standing in the Maryland State Bar or another U.S. state bar.
• At least 6 years of total relevant work experience, including regulatory, industry, and/or attorney experience in banking, securities regulation, financial services, and/or retirement.
• Strong analytical, problem-solving, drafting, negotiation, and communication skills, with the ability to provide clear, practical advice on complex matters.
• Ability to collaborate effectively, work independently, manage competing priorities, and build effective partnerships with diverse internal and external stakeholders.

Nice To Haves

• Experience and specialized knowledge of legal matters affecting and governing collective investment trusts (CITs).
• Experience advising on ERISA fiduciary and prohibited transaction matters, workplace retirement programs, participant education and advice, retirement income solutions, and related Department of Labor guidance, exemptions, and regulatory developments.
• Experience supporting the creation and administration of commingled investment vehicles from legal/regulatory and business perspectives.

Responsibilities

• Provide legal advice to internal business units about the creation, operation, and administration of collective investment trusts (CITs).
• Draft, amend, and maintain CIT governing documents, including declarations of trust, supplemental declarations of trust, investment guidelines, and offering circulars.
• Determine client eligibility to invest in CITs under IRS Revenue Ruling 81-100 and relevant securities-law exemptions.
• Draft and negotiate participation, advisory, custody, trading, and accounting agreements.
• Review and comment as a subject matter expert on marketing materials, including client presentations; assist with requests for proposal (RFPs) and client communications.
• Advise on operations and compliance matters, including annual financial reporting, ERISA 408(b)(2) disclosure requirements, and policies and procedures.
• Assist with Trust Company responses to regulatory examinations and inquiries, partnering with compliance and other firm colleagues.
• Prepare and present documents and meeting materials for the Trust Company’s Board of Directors and committees.
• Serve as the primary interface with distribution units and legal team analysts to address onboarding issues and coordinate documents.
• Identify, research, analyze, and monitor complex legal issues related to the area of expertise and supported business.
• Conduct fact-finding and legal or regulatory research, analyze new laws, regulations, proposals, and guidance, and advise the business on their impact.
• Collaborate with business stakeholders and firm partners to evaluate legal and regulatory issues and formulate practical solutions to complex risks.
• Maintain an in-depth understanding of CIT products, firm strategic priorities, and regulatory requirements.
• Handle multiple issues and participate in projects simultaneously, including implementation of new products and services.
• May assign tasks and provide guidance to less experienced staff.

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

What This Job Offers

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