Global Credit Finance Legal Department - Vice President and Counsel

Why this role is important to us

State Street’s commercial lending division, Global Credit Finance (“GCF”), helps support the custody clients of State Street by providing commercial loans to such clients.  GCF has more than $100 billion in loan commitments with clients in the U.S. and Europe.   The person filling this role, along with an attorney colleague based in Europe, will be responsible for all aspects of legal support to GCF.

The tax advantaged investments (“TAI”) team is a part of Corporate Tax at State Street and provides equity funding to both low-income housing projects and to renewable energy projects, which help provide affordable housing and clean energy, respectively, throughout the U.S.  The legal support for TAI will be in the form of providing transactional law advice and corporate governance advice (not tax advice).        

What you will be responsible for

You will provide legal support, with the assistance from external legal counsel, for various products offered by the Global Credit Finance division, including (a) leverage and liquidity facilities to mutual funds; (b) subscription line facilities to various private funds; (c) net asset value loans; (d) commercial real estate loans; (e) loans to various non-bank credit intermediaries such as CLOs and BDCs; and (f) broadly syndicated leveraged loans.  In addition, you will assist (i) GCF in developing new loan products; (ii) State Street with pledging GCF originated loans to the Federal Reserve under its discount window; (iii) GCF analyze various bank regulations impacting GCF’s business, including capital and regulatory reporting regulations; and (iv) GCF answer legal questions relating to its products raised by other State Street stakeholders such as credit risk, compliance and audit functions. 

The candidate also will be responsible for the following:

• Updating and maintaining the guidelines provided to external legal counsel that describes what GCF loan documents should provide in terms of structure; covenants; collateral and other terms. 
• Providing legal advice in connection with strategic initiatives and special projects.
• Manage a panel of external legal counsel utilized by GCF globally. 

In addition, you will be a part of a multi-disciplinary committee that approves various TAI investments made by State Street.  You will use your good judgment and legal training to assist non-attorney TAI colleagues and external legal counsel with transactional and governance issues that are escalated to you.  On rare occasions, you will provide assistance to TAI with respect to distressed projects.        

The above cited duties and responsibilities describe the general nature and level of work performed by people assigned to the job. They are not intended to be an exhaustive list of all the duties and responsibilities that an incumbent may be expected or asked to perform.

Who we are looking for

Experienced attorney to provide legal support to GCF and TAI.  The role is located at One Congress Street in Boston, MA and qualifications include:

• Juris Doctorate from an accredited law school.
• License to practice law in Massachusetts.
• 10+ years of experience at a major law firm and/or major bank with a focus on commercial lending, including broadly syndicated loan facilities, loans to various types of investment funds, structured products and commercial real estate loans. 
• Experience structuring loan facilities and drafting and reviewing all types of loan documents (including collateral documents).
• Experience with federal tax credit programs (low-income housing and renewable energy) and/or project finance, are a plus.
• Experience with multi-jurisdictional loan facilities; loan work-outs; lender liability matters; borrower insolvencies; and bank regulations, are a plus.
• Ability to identify critical legal risks and succinctly convey those to non-attorney colleagues.
• Team player who is a strong collaborator with other team members and support partners. 
• 4 days in office, 1 day remote plus option to work remotely up to 4 weeks per calendar year.

What we value

These skills will help you succeed in this role:

• Deep understanding of commercial lending, including debtor creditor laws.
• General familiarity with bank regulation.
• Results oriented with strong project management and execution skills.
• Strong interpersonal and communication skills with ability to sustain strong relationships with clients, peers and staff.
• Ability to interact with multiple levels in an organization and in multiple jurisdictions.
• Keen understanding of market practice impacting the business lines in the relevant jurisdictions and ability to work with business units to achieve practical solutions within applicable regulatory and risk parameters.
• Strong time management, planning and organizational skills.
• Ability to work independently but also thrive in a global, dynamic and team-oriented environment.
• Flexibility and an eagerness to learn.

About State Street

What we do. State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation we’re making our mark on the financial services industry. For more than two centuries, we’ve been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients.

Work, Live and Grow. We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary in locations, but you may expect generous medical care, insurance and savings plans among other perks. You’ll have access to flexible Work Program to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential.

Inclusion, Diversity and Social Responsibility. We truly believe our employees’ diverse backgrounds, experiences and perspective are a powerful contributor to creating an inclusive environment where everyone can thrive and reach their maximum potential while adding value to both our organization and our clients. We warmly welcome the candidates of diverse origin, background, ability, age, sexual orientation, gender identity and personality. Another fundamental value at State Street is active engagement with our communities around the world, both as a partner and a leader. You will have tools to help balance your professional and personal life, paid volunteer days, matching gift program and access to employee networks that help you stay connected to what matters to you.

State Street is an equal opportunity and affirmative action employer.

Discover more at StateStreet.com/careers

Salary Range:

$130,000 - $205,000 Annual

The range quoted above applies to the role in the location specified. If the candidate would ultimately work outside of the location above, the applicable range could differ.

Job Application Disclosure:

It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.

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