Legal Counsel Opportunities (permanent and FTC) - (004686)

 

Join our award winning legal team and work at the frontier of financial services to help maintain monetary and financial stability in the UK and see that banks, insurers, large investment firms and financial infrastructure firms are safely run!

Only a few legal teams can truly say that much of the work they do is unique. Fewer still have a hand in writing the laws they uphold and only a handful wake up quite so often to hear about their work of the day in the morning’s news.

The Legal Directorate consists of around 150 colleagues from both the private and public sectors and from many different legal and cultural backgrounds.  The growing diversity of our legal team is matched only by the diversity of our legal work.

What we all have in common is a strong commitment to the Bank of England’s mission to maintain monetary and financial stability for the good of the people of the UK. We aim to do as much of our work as possible in-house.  This means that the breadth, depth and complexity of the legal issues we handle are very unusual for an in-house function. 

We support all areas of the Bank of England, including the Prudential Regulation Authority, which promotes safety and soundness of banks, insurers and large investment firms.  We work closely with colleagues in policy areas across a range of disciplines and have regular engagement at the very top of the organisation.  We also liaise regularly with colleagues in the legal teams at the FCA and at HMT, as well as in other central banks.

All of this – together with the collegiality of our lawyers, paralegals and dedicated support staff - is what makes our Legal Directorate, the In-House Legal Team of the Year 2020.

So why not consider joining our team!  We are looking for new colleagues who are willing to learn quickly, engage openly and rise to the challenge. We share information and insights freely and invest in training our team. We are collaborative, not competitive and we do not have billable hours. The work we do here is challenging and sometimes demanding, but always rewarding!

We are fully supportive of part-time and flexible working, and we are an equal opportunity employer.  We go out of our way to celebrate our differences and listen to each other, so that everyone’s voice is heard. 

More than a third of our colleagues work on a part time basis and even before Covid 19 mandated remote working, the majority of our colleagues worked flexibly at some point during the week, whether to take care of others or simply to take care of themselves.

 

Department Overview

Alongside the General Counsel's Office, the Legal Directorate is split into five main teams:

• Central Banking, which provides legal advice on the Bank’s constitution and governance; Markets and Banking operations; commercial contracts, procurement and intellectual property; notes procurement, production and distribution; data and information management; employment policy and employee relations matters and the Bank’s financial and funding arrangements.

 

• EU & International, which co-ordinates the provision of legal advice to the Bank in connection with the UK’s withdrawal from the European Union, including in relation to international trade. 

 

• Enforcement & Litigation, which leads investigations and the imposition of any enforcement sanction within the PRA. It runs the investigative process from inception to recommendations concerning the appropriate sanction. It also runs any settlement process and any litigation should a matter be contested.  ELD is also responsible for any non-regulatory litigation that the Bank may become involved in. 

 

• Financial Stability, which provides legal advice on the regulation and supervision of Financial Market Infrastructure (such as central counterparties, payment systems and securities settlement systems), on macro-prudential policy and regulation and associated legal framework for the Bank’s Financial Policy Committee and on the Bank’s role as the UK’s resolution authority. 

 

• Insurance and Deposit Takers, providing legal advice to the PRA when making policy, setting standards and supervising banks, insurers and investment firms (including where firms are in difficulty).

We are also supported by a Strategy and Operations team, who work with Champions across the Legal Directorate to organise a rich and regular programme of legal training and ensure that we share our knowhow through our bespoke in-house legal wiki.

Our legal work is often high profile, frequently complex, and sometimes entirely unique, but we are a collegiate team and very willing to share our knowledge.  We understand that advising in a public law context will be new to many and we have tried and tested induction processes which will help you get up to speed quickly.

Job Description

We currently have a number of permanent and fixed term vacancies available across the Legal Directorate, at scales E and scales F, to suit a broad range of legal expertise and experience, in areas such as: 

• prudential regulation of banks, investment firms and insurers
• financial services and financial regulation
• insurance
• markets and banking
• competition and state aid
• insolvency and restructuring
• litigation and dispute resolution
• investigations and enforcement
• data privacy and information law
• employment law
• commercial contracts, technology and intellectual property
• public procurement
• policy formation and legislative drafting
• environmental and climate change
• international trade

We welcome new colleagues with experience in any of these areas and also from flexible lawyers who are willing to learn.  We also welcome applications from lawyers who are returning to work after taking a career break.  When you join our team, we’ll show you the ropes and support you every step of the way.

Broadly, the responsibilities include:

• With appropriate levels of support from senior lawyers, providing legal advice and support to all areas of the Bank on complex legal issues and in a manner which is focussed on outcomes which help the Bank to achieve its objectives.
• Advising at all levels of seniority within the Bank, including liaising with colleagues who do not work with lawyers on a regular basis.
• Working in multi-disciplinary teams to scope and deliver against agreed timescales, ensuring that legal risk is adequately identified, managed and mitigated.
• Working openly and collaboratively in teams internally and with external bodies.
• For scale E lawyers, mentoring and coaching more junior colleagues, as well as leading on work and client relationships.
• Investing time in developing your own technical knowledge to develop expertise in the relevant practice areas.
• Contributing willingly to the implementation of strategic initiatives and demonstrating the Bank’s values at all times.

Role Requirements

 

Minimum Criteria – Scale E

• An experienced and qualified barrister or solicitor, with more than 4 years’ PQE
• Experience gained in a law firm or at the Bar or in-house at a financial institution, insurance company, public body or other private company.

 Minimum Criteria – Scale F

• A qualified barrister or solicitor.  At all scales, we are open to applications from lawyers qualified in a non-UK jurisdiction.
• Experience gained in a law firm or at the Bar or in-house at a financial institution, insurance company, public body or other private company.

Essential Criteria

Essential Criteria – Scale E

• Deep technical knowledge and ability to provide advice which consistently and clearly identifies, manages and mitigates legal risk.
• Advanced ability to think strategically and creatively to solve problems and processes.
• Advanced legal analytical, drafting skills and project management skills, including experience delivering complex project workstreams.
• Advanced legal risk awareness, including an ability to build solutions and deliver pragmatic outcome-focussed judgments that take account of the business environment.
• Demonstrable ability to build effective working relationships with and develop networks across the Legal Directorate and amongst internal and external stakeholders.
• A proven ability to delegate to more junior lawyers and willingness to invest in their development.
• Ability to adapt styles and put forward ideas credibly at senior levels.
• Ability to work flexibly with appropriate levels of supervision for the relevant Scale and to challenging deadlines across multiple matters.
• Curiosity and problem solving skills, with a desire to develop expertise in new technical areas, and to do so quickly, seamlessly, and to a consistent high standard.
• An approachable, personable and professional manner, able to work collaboratively as part of a team or autonomously, as required.
• Strong levels of ethical behaviour and self-awareness, with a willingness to accept and learn from feedback and proactively identify areas for personal development.

Essential Criteria – Scale F

• Developing technical knowledge and ability to provide advice which consistently and clearly identifies, manages and mitigates legal risk.
• Developing ability to think strategically and creatively to solve problems and processes.
• Developing legal analytical, drafting skills and project management skills, including experience delivering complex project workstreams.
• Developing legal risk awareness, including an ability to build solutions and deliver pragmatic outcome-focussed judgments that take account of the business environment.
• Developing ability to build effective working relationships with and develop networks across the Legal Directorate and amongst internal and external stakeholders.
• Ability to adapt styles and put forward ideas credibly at senior levels.
• Ability to work flexibly with appropriate levels of supervision for the relevant Scale and to challenging deadlines across multiple matters.
• Curiosity and problem solving skills, with a desire to develop expertise in new technical areas, and to do so quickly, seamlessly, and to a consistent high standard.
• An approachable, personable and professional manner, able to work collaboratively as part of a team or autonomously, as required.
• Strong levels of ethical behaviour and self-awareness, with a willingness to accept and learn from feedback and proactively identify areas for personal development.  

 

Desirable Criteria - both scales

• A good understanding of and interest in the Bank’s mission, responsibilities and priorities.
• Some public law knowledge or experience.
• Experience from one or more of the practice areas highlighted above.

 

 

 

Additional Information

As a unique institution, we have a reward package which sets us apart from other organisations.  It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits.  We also offer a working environment which fully supports individuals through flexible working, wellbeing initiatives including an on-site medical and dental unit.

We offer a competitive salary (plus a strong flexible benefits package and pension offering).  At Scale E, we can offer a base salary of circa £80,000.  At Scale F, we can offer a base salary of around £60,000.  The total package also includes:

• A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.  The current cost to the Bank of providing this pension is 35% of your salary.
• A discretionary performance award based on a current award pool and target award of 10%
• A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits
• 25 days annual leave with option to buy up to 13 additional days through flexible benefits
• Private medical insurance and income protection insurance

 This role is London based.

 

We are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working.  This role is therefore open to job shares, flexible and part time working patterns.

We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV.

Please fully complete the application form questions as requested as any incomplete submissions may not be reviewed.

The closing date for applications is 1st March 2021.

Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.