Summer Law Clerk- Legal Group

Company

Federal Reserve Bank of New York

Working at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies. You will work in an environment with a diverse group of experienced professionals to foster and support the safety, soundness, and vitality of our economic and financial systems.

The Bank’s flexible work model supports balancing the demands of work and life, while prioritizing the value of connecting and collaborating with our colleagues in person. Employees are expected to live within a commutable distance of their primary work location to support team collaboration.

At the Federal Reserve Bank of New York, the work we do is consequential and challenging, now more so than ever. Our environment encourages growth and diversity. Our employees flourish in a team-oriented atmosphere and are dedicated to the important mission of the New York Fed.

What we do:   

The Legal Function of the New York Fed hires first-year law students each summer for a 10-week paid clerkship program. Law clerks receive challenging, diverse assignments from the two divisions of the Legal Function, described in the “Overview of the New York Fed’s Legal Function” section below. The assignments frequently involve legal research and writing and are typical of the assignments given to junior attorneys in the Legal Function. Law clerks are paired with mentors for the summer to provide guidance on a personal and professional basis.

OVERVIEW OF THE NEW YORK FED’S LEGAL FUNCTION

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

• The Supervision, Markets & 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) financial and account services of the Bank for the U.S. Treasury, foreign central banks and international organizations, depository institutions, and other customers, and analyzes pending legislation.

• The 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 & Corporate Matters team advises on employment and labor law matters that impact the Bank’s people, including those related to diversity, ethics, immigration, 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.

Your role as a Law Clerk

• Law clerks receive challenging, diverse assignments from the two divisions of the Legal Function, described in the “Overview of the New York Fed’s Legal Function” section above.

•  The assignments frequently involve legal research and writing and are typical of the assignments given to junior attorneys in the Legal Function.

• Law clerks are paired with mentors for the summer to provide guidance on a personal and professional basis.

What we are looking for:  

We seek applicants with outstanding academic records, evidence of strong research and writing skills, an interest in and commitment to public sector employment, maturity, and personal achievement. Please Note: The program is highly competitive, and the class size is limited.

To Apply: Only first-year law students will be considered. The program requires that applicants complete their first year of law by th