Summer Law Clerk Program

Applications for our 2018 summer program will be accepted beginning December 1, 2017. Positions will be filled on a rolling basis.

Overview

The Legal Function is organized into three divisions that correspond roughly to the organizational structure of the Bank. The Function handles the Bank’s legal work, including managing the Bank’s involvement in litigation matters, transactional and contract matters, and policy formulation and implementation across all functional areas of the Bank. It consists of the following divisions:

The Bank Supervision and Markets Division (BSM) provides legal support in the areas of bank and bank holding company regulation and supervision, bank and bank holding company applications under authority delegated by the Board of Governors, capital markets (including open market operations), routine and emergency Discount Window liquidity operations, and domestic and international payments and settlement systems policy and oversight. The division also supports the supervision of financial market utilities and financial institutions designated under the Dodd-Frank Act as subject to Board supervision because of their systemic importance.

The Enforcement, Litigation, Police, Investigations and Corporate Affairs Division (ELPICA) investigates possible violations of law and unsafe and unsound banking practices by banking institutions and institution-affiliated parties, and recommends and drafts enforcement actions for approval by the Board of Governors. ELPICA also handles all litigation in which the Bank has an interest, conducts internal investigations involving potential violations of Bank policies, and responds to all legal process and requests the Bank receives from governmental oversight authorities and other third parties. The Corporate Affairs staff advises Bank management on issues related to human resources, immigration, tax compliance, diversity, corporate governance, access to information, records management, government oversight, and ethics.

The Financial Services, Technology, and Contracts Division (FSTC) provides legal support for the area of the Bank that oversees the Fedwire Funds Service, the Fedwire Securities Service, and the National Settlement Service; provides legal advice on matters involving the Bank’s account relationships with depository institutions, the U.S. Treasury, foreign central banks, and international organizations; and handles all contracting, procurement, technology, intellectual property, and data privacy matters for the Bank.

Program Structure

The Legal Function hires first-year law students each summer for a 10-week clerkship program. Law clerks receive challenging, diverse assignments from each of the three 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 with mentors for the summer to provide guidance on a personal and professional basis. Several cultural and social activities are planned for the enjoyment of the law clerks and other members of the Function. Law clerks are paid approximately $7,000 monthly over the course of the 10-week program.

Requirements

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, which is in late May or early June. The program is highly competitive and the class size is limited. 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 generally be available for in-Bank interviews during January, February, and March of 2018, although certain limited exceptions can be made for remote interviews via Skype or videoconference.

Summer Law Clerk Application

Applicants should submit their résumés and other application materials electronically by accessing the link above. Candidates are requested to supply a cover letter, résumé, and transcript. Undergraduate transcripts are acceptable if first-semester law school grades are not yet available.

Second-Year and Third-Year Law Students:
The Legal Function does not currently hire second-year law school students for summer positions or hire third-year law school students for attorney positions. Accordingly, we are unable to accept résumés 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 applications for such positions directly to the appropriate listing.

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