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.
Applications for our 2024 Summer Law Clerk Program are now being accepted. Please click here.
On November 16, 2023, we hosted a Zoom webinar information session about the New York Fed Summer Law Clerk Program. A recording of the webinar is available here . The slides from that program are available here.
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.
We accept applications through the New York Fed’s public website beginning in December and fill positions on a rolling basis. Most years, the class is filled by mid-February.
Only first-year law students will be considered. The program requires that applicants complete their first year of law school 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:
- Why do you want to work at the New York Fed?
- How have your personal, professional, and academic experiences contributed to your interest in public service? and
- 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 therefore limited to U.S. citizens and U.S. permanent residents who have applied for naturalization prior to the first day 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.
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.
The Legal Function’s mission is to provide effective, efficient, and client-focused legal services to the Federal Reserve Bank of New York. The function is headed by the Bank’s general counsel and consists of 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.
The Legal Function does not currently hire second-year law school students for summer positions. Third-year students may wish to inquire about our two-year Legal and Compliance Fellow Honors Program.
Positions in the Legal Function for experienced attorneys become available from time to time. These positions are posted separately, so please submit applications for such positions directly to the appropriate listing.
