Sr. Legal Counsel (Retirement Plan Services (RPS), Retirement & Trusts)
About The Position
The Sr. Legal Counsel will join 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 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. It collaborates closely with business, compliance, risk, operations, product, technology, distribution, and other stakeholders. The legal activities are typically highly complex. The position advises internal business units on the creation, operation, and administration of the Trust Company’s CITs. It also researches and monitors complex legal issues, assesses new laws and regulatory developments, and advises business partners on their impact. The Sr. Legal Counsel works with stakeholders to develop practical solutions to complex legal and regulatory risks, maintains an in-depth understanding of CIT products, firm priorities, and regulatory requirements, and may work on multiple projects simultaneously, including new product and service implementations. The role is eligible for hybrid work, with up to one day per week from home. FINRA licenses are not required and will not be supported for this role.
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 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, including 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 impacting 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 both legal/regulatory and business perspectives.
Responsibilities
- Advise internal business units on the creation, operation, and administration of the Trust Company’s 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 a CIT under IRS Revenue Ruling 81-100 and applicable securities-law exemptions.
- Draft and negotiate participation, advisory, custody, trading, and accounting agreements.
- Review and comment on marketing materials as a subject matter expert, assist with requests for proposal (RFPs), and help prepare or review client communications.
- Advise on operations and compliance matters, including annual financial reporting and ERISA 408(b)(2) disclosure requirements, and edit or update policies and procedures.
- Assist with responses to regulatory examinations and inquiries, coordinating with compliance and other firm-wide colleagues.
- Prepare and present documents and meeting materials for the Trust Company’s Board of Directors and its 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 independent 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 develop 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
- A 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
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What This Job Offers
Job Type
Full-time
Career Level
Senior
Education Level
Ph.D. or professional degree
