Managing Legal Counsel – Global Advisory (R&D)

About This Position

The Managing Legal Counsel (MLC) will be a member of the Global Advisory - North America Institutional team, providing legal advice and guidance on various institutional investment advisory matters in support of a variety of business units and legal entities within the T. Rowe Price organization. The MLC may engage in a variety of functions, including drafting and reviewing documents related to private funds and alternative investment strategies; providing guidance on investment vehicle structures; negotiating institutional separate account agreements and amendments; negotiating agreements with program sponsors for the firm's separately managed accounts business; supporting legal filings such as the Form ADV; analyzing and interpreting new laws and regulations and advising on their impact to T. Rowe Price entities; and providing legal support and guidance to firmwide strategic initiatives as well as departmental projects. Additionally, this role will be responsible for coordinating and working with other members of the Legal team regarding issues relating to the Investment Advisers Act as well as other rules & regulations impacting investment advisers (e.g., CFTC rules).

Role Summary

• Requires specialized knowledge and expertise in their own job discipline and deep experience in integrating related disciplinary knowledge
• Leads disciplinary or cross-functional program of notable risk; uses sophisticated analytical thought to identify innovative solutions
• Accountable for work of self and others; sets standards around which others will operate
• Works independently, with guidance in only the most complex situations
• Acts as advisor to management and key external stakeholders on broad ranging projects

Responsibilities

• Provides guidance on establishment, structure and terms of private fund offerings and similar alternative investment vehicles. Drafts, reviews, and negotiates legal agreements relevant to covered business units, including but not limited to, fund formation and governing documents, investment management agreements, side letters, among others. Manages and coordinates input from numerous internal teams. Reviews presented business issues related to investment advisory activities, conducts legal research and investigations, and crafts legal solutions, balancing internal and external stakeholder interests with the risks of adverse legal actions, revenue loss, or reputational damage to the entity. Issues are typically complex or without much precedent and require creative solutions. Provides thoughtful and thorough legal analysis under tight deadlines and prioritizes competing tasks and requests. May enlist more junior colleagues to conduct more routine assignments within large-scale matters/issues.
• Communicates and collaborates with leaders who also serve in an advisory or oversight capacity, such as compliance, risk, audit, etc., and develops the legal response/position for complex issues identified as significant risks or areas of noncompliance.  Coordinates with global colleagues on matters of broad relevance.  Reviews summaries of legal matters and due diligence activities prepared by less experienced professionals for accuracy.
• Maintains an in-depth understanding of practice or functional area products and services or specializes in a specific product or practice area. Maintains expert knowledge of all regulators relevant to the practice or functional areas. Advances knowledge through participation in external industry or professional events.
• Handles a portfolio of moderate to complex, often specialized, legal issues, including serving as an advisor to internal and external stakeholders, relevant to issues affecting the assigned entities.
• Provides work guidance and mentoring to less experienced attorneys or other legal department colleagues. Manages outside counsel as needed.  May manage a micro-team.

Qualifications

Required:

• Law Degree from accredited School of Law and admission to the MD State Bar or other State Bar AND 10+ years of total relevant work experience
• Attorney with experience in practice area providing guidance on establishing private funds and alternative investment vehicles, including drafting and reviewing related governing documents
• Experience with the Investment Advisers Act of 1940 and related regulatory regimes (e.g., Commodities Exchange Act, Securities Act, Exchange Act, Investment Company Act)

Preferred:

• Experience negotiating investment management agreements for institutional and high net worth clients
• Experience interacting with Investment, Distribution, Operations and Trading groups within institutional asset manager
• Demonstrated experience interacting with other attorneys, legal analysts and compliance groups
• Ability to interact effectively and work in partnership with a diverse group of internal and external contacts

FINRA Requirements

FINRA licenses are not required and will not be supported for this role.

Work Flexibility

This role is eligible for hybrid work, with up to two days per week from home.

Base Salary Ranges

Please review the job posting for the location of this specific opportunity.

$170,000.00 - $291,000.00 for the location of: Maryland, Colorado, Washington and remote workers
$187,000.00 - $320,000.00 for the location of: Washington, D.C.
$213,000.00 - $350,000.00 for the location of: New York, California

Placement within the range provided above is based on the individual's relevant experience and skills for the role.  Base salary is only one component of our total compensation package.  Employees may be eligible for a discretionary bonus, which is determined upon company and individual performance.

Commitment to Diversity, Equity, and Inclusion

At T. Rowe Price, our associates are our greatest asset. We thrive because our company culture is built on inclusion and because we sustain a work environment where associates can bring their best selves to work every day. The backgrounds, talents, and experiences of our global associates allow us to embrace new ideas and perspectives that move our business priorities forward and enable us to deliver strong client outcomes. Here, you can expect equal opportunity and fair and consistent treatment for all. 

Benefits

T. Rowe Price is an equal opportunity employer and values diversity of thought, gender, and race. We believe our continued success depends upon the equal treatment of all associates and applicants for employment without discrimination on the basis of race, religion, creed, color, national origin, sex, gender, age, mental or physical disability, marital status, sexual orientation, gender identity or expression, citizenship status, military or veteran status, pregnancy, or any other classification protected by country, federal, state, or local law.