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(IL) Chicago, Senior Counsel - BMO


The Legal Counsel role provides and manages the delivery of legal advice and services on products, services, initiatives, policies and developments for and on behalf of BMO Financial Group to achieve organizational goals while minimizing legal risk.
The role draws on knowledge of the principles, practices and procedures of the law and knowledge of the financial services industry and its environment to implement areas of improvement, to ensure consistency with market practice, to identify risk, to ensure compliance with internal policies & procedures and to communicate appropriately with stakeholders for various functions/activities for an assigned business area and communicating appropriately with stakeholders.
Key Accountabilities
Legal Advice (60%)
provides and/or manages the delivery of legal advice from external and/or internal counsel
ensures compliance with internal policies and procedures
interprets legislation affecting the organization or assigned groups
Legal Oversight (20%)
ensures ongoing delivery of legal advice
implements areas of improvement to ensure consistency with market practice
as appropriate, contributes to and propose strategy and design of legal advice strategies
Risk Management (20%)
identifies risks and communicates appropriately with stakeholders, in support of functions/activities of an assigned business group
General Accountabilities
  • With minimal supervision, delivers legal advice and instructs external counsel and ensures compliance with internal policies & procedures, for a single or small number of function(s)/activity(ies).
  • Organizes ongoing delivery of legal advice for assigned business area and recommends and implements areas of improvement to ensure consistency with market practice.
  • Participate in strategy and design of legal advice strategies and approaches for the unit activity.
  • Exercises judgment on complex, confidential and sensitive decisions. Typically expected to resolve most day-to-day issues and/or escalate with appropriate analysis and recommendation
  • Participates in devising strategy and making recommendations to minimize risk. Proactively identifies risks and potential problems and communicates appropriately to stakeholders.
  • Identifies and resolves moderately complex issues. Determines root causes of issues. Negotiates complex issue resolution.
  • Responsible for advising on a variety of derivatives and other trading products related matters.
  • Drafting and negotiating derivatives documentation including ISDA’s, CSA’s, Control Agreements, Confidentiality Agreements, Risk Participation Agreements, Confirmations and other derivatives documentation ancillary thereto.
  • Responsible for advising the business on regulatory issues related to derivatives, including initial and variation margin.
  • Participate in project-related matters within Derivatives Legal Group (within the Capital Markets Legal Team) from time to time.
  • Minimum requirements are a degree in law (LLB or JD ) and license to practice law in relevant jurisdiction (e.g. Ontario, Quebec, Illinois, New York, U.K., Hong Kong, People`s Republic of China, etc.)
  • Knowledge in legal field, typically with a functional or business line specialization
  • Knowledge of business and regulatory environment in which BMO Financial Group operates, usually in a specific line of business or specialized activity.
  • Advanced level of knowledge of subject matter legal requirements and the operations of a single client group.
  • Generally, 7 or more years of legal practice or other relevant experience.
  • May require prior private practice or in-house experience delivering legal advice to LOB or experience at regulatory body relating to the regulation of LOB activities.
  • Derivatives experience, with a focus on fund manager, hedge fund, community bank and US corporate counterparties gained from a large law firm and/or large financial institution.
  • Skills in proactively providing ideas, advice and solutions relative to legal issues
  • Strong analytical capability and judgement
  • Strong verbal and written communication skills
  • Above average negotiations skills
  • Good relationship management skills/able to relate at all levels
  • Ability to work independently or in team environment
  • Ability to effectively prioritize workload
  • Strong research skills
  • Strong drafting skills
We’re here to help
At BMO Harris Bank we have a shared purpose; we put the customer at the center of everything we do – helping people is in our DNA. For 200 years we have thought about the future—the future of our customers, our communities and our people. We help our customers and our communities by working together, innovating and pushing boundaries to bring them our very best every day. Together we’re changing the way people think about a bank.
As a member of the BMO Harris Bank team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.