Summer Law Clerk- Legal Group - Federal Reserve Bank (FRB)
New York, NY 10001
About the Job
Company
Federal Reserve Bank of New YorkAt 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.
Applications for our 2024 Summer Law Clerk Program will be accepted beginning December 1, 2023.
More information about the program and work appears below.
PROGRAM STRUCTURE
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. Law clerks are paid approximately $7,000 monthly over the course of the 10-week program.
APPLICATION, INTERVIEWS, AND OTHER REQUIREMENTS
We accept applications through the New York Fed’s public website from December 1, 2023 to February 15, 2024. Positions are filled on a rolling basis starting in December 2023 or January 2024. Once all positions are filled, the application portal may be closed prior to February 15, 2024.
Only first-year law students will be considered. The program requires that applicants complete their first year of law by the beginning of the clerkship, which is ordinarily in late May.
The program is highly competitive, and the class size is limited. 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.
Candidates must supply a cover letter and resume with their on-line application. An applicant’s cover letter should be uploaded in the same section of the application site that asks for a resume to be uploaded. The cover letter should address the following questions:
(1) Why do you want to work at the New York Fed?
(2) How have your personal, professional, and academic experiences contributed to your interest in public service?
(3) What do you think are the most important issues confronting the U.S. central bank?
In addition, all applicants must submit law school transcripts as soon as they are available. If a law school GPA is not yet available when submitting an application, please enter “0.0” as a GPA.
A writing sample is required from candidates invited to interview.
Applicants must generally be available for web-based videoconference interviews during December 2023, January and February of 2024. With respect to the summer program itself, law clerks can expect a hybrid in- person/remote work environment that will require them to reside within commutable distance of our head office in New York City.
Summer law clerks must remain in the United States for certain aspects of the pre-employment & background check process, which will start approximately 6 weeks prior to the first day of the internship. In addition, all candidates must comply with information handling rules.
The New York Fed is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, pregnancy, or military service.
This position is expected to require access to confidential supervisory information and is limited to U.S. citizens and U.S. permanent residents who have applied for naturalization by the first date of the internship.
In addition, all candidates must undergo an enhanced background check, comply with all applicable information handling rules, and will be tested for all controlled substances prohibited by federal law, including marijuana.
For any questions regarding the Summer Law Clerk Program, please write to Cristina Fajardo at cristina.fajardo@ny.frb.org.
WHY THE NEW YORK FED?
Working at the New York Fed positions you at the center of the financial world and offers a unique perspective on national and international markets and economies. You'll work in an environment with a diverse group of talented professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. It's a challenge that demands the skills of a professional and the intellectual curiosity of a scholar—all combined with a passion for public service. Working here provides talented law students the chance to grow their skills at an institution that has served a critical role in the financial system of the United States and the world for over a century.
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.
Salary :
Your regular wages for the ten weeks will be paid on a semi-monthly basis and will be calculated based on an annual salary of $93,000.00 , less applicable taxes.
Our Touchstone Behaviors—Communicate Authentically, Collaborate Inclusively, Drive Progress, Develop Others, and Take Ownership—help shape the culture of the Bank. They also provide a shared language for how we work together and achieve success, and they set clear expectations for leading with impact at every stage of your career with us. Learn more.
Full Time / Part Time
Full timeRegular / Temporary
TemporaryJob Exempt (Yes / No)
YesJob Category
InternshipWork Shift
First (United States of America)The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.
