Recruiting for our summer program will begin on December 1. Positions will be filled on a rolling basis.

Overview

The Legal Function handles all of the Bank's legal work, including managing the Bank's involvement in litigation, conducting transactions and formulating general policy, participating in negotiations, and drafting and reviewing documents, contracts and correspondence. It consists of the following divisions: The Bank Supervision and Markets Division provides legal support in the areas of bank regulation and supervision (examination), bank and bank holding company applications under authority delegated by the Board of Governors, capital markets (including open market operations), routine and emergency liquidity assistance through the so-called “Discount Window”, and the domestic and international payments and settlement system oversight. BSM also has oversight responsibility of the Bank Applications Function. The Corporate Affairs Division provides legal support on issues related to human resources, ethics, immigration, records management, tax compliance, public information, corporate governance, and the Corporate Secretary’s Office. The Enforcement and Litigation Division attorneys, investigators, and staff handle all litigation in which the Bank has an interest, and pursue regulatory enforcement investigations and formal actions under authority delegated by the Board of Governors. Enforcement and Litigation also has oversight responsibility for the Federal Reserve Law Enforcement Unit, which includes training and legal support of the law enforcement officers. Enforcement and Litigation is also responsible for conducting internal investigations in the Bank, as required. The Financial Services and Automation Division provides legal support in the areas of financial services and payments (including check collection, cash distribution, Fedwire funds transfers, Fedwire securities transfers, automated clearing house transfers, and net settlement arrangements), automation and technology (including intellectual property matters), account and relationship management issues for the Bank’s customers (depository institutions, the US Treasury Department, foreign central banks and international financial organizations) and handles contract and procurement matters for the Bank.

Program Structure

The Legal Function hires four first-year law students each summer for a 10-week clerkship program. Law Clerks receive challenging, diverse assignments from each of the four divisions of the Legal Function. The assignments usually involve legal research and writing, and are typical of the assignments given to attorneys in the Legal Function. Law Clerks are paired up with mentors for the summer to provide guidance on a personal and professional basis. Many cultural and social activities are planned for the enjoyment of the Law Clerks and other members of the Group, including wine and cheese receptions, a tour of the New York Stock Exchange, a lunch in Chinatown and other events. Law Clerks are paid approximately $6,000 monthly.

Qualifications

First-Year Law Students: The Summer Law Clerk Program requires that applicants complete their first year of law school by the beginning of the clerkship—late May/early June. The program is highly competitive and the size is limited to four Law Clerks. We seek applicants with intellect, creativity and drive. We look for outstanding academic records, evidence of strong research and writing skills, relevant work experience, an interest in and commitment to public sector employment, maturity and personal achievement. Applicants must be available for in-Bank interviews during January, February and March. Second-Year and Third-Year Law Students: The Legal Function does not currently hire second-year law students for summer positions or hire third-year law students for attorney positions. Accordingly, we are unable to accept applications from second-year or third-year students. Experienced Attorneys: Positions in the Legal Function for experienced attorneys become available from time to time. These positions are posted separately, so please submit resumes for such positions directly to the appropriate listing or check this site in the future for further updates. Applicants should submit their resumes electronically. Search Current Openings It is not necessary to include your transcript when you submit your resume for consideration. Selected candidates may be requested to supply this information at a later date.