Financial Services and Products Associate 3 to 6 years' PQE

We are recruiting an Associate / Senior Associate with three to six years’ PQE to join our Financial Services and Products practice.

About Macfarlanes

We are a distinctive London-based law firm with a unique combination of services built and shaped around the needs of our clients. Our unrivalled blend of expertise, agility and culture means we have the flexibility to meet their most challenging demands and adapt to the changing world around us. While many of our services can be found at other firms, the mix cannot.

We find, recruit and train talented people from all backgrounds, building careers for the long term, to one day shape and lead the firm. We know each other personally which means we work together with more cohesion, and less formality. Our culture is thoughtful, challenging and supportive, and we are a place where everyone, at whatever level, can thrive. We remain focused on equal treatment in recruitment, retention and promotion.

What this means for you

Offering a partner-led service enables our fee earners to learn and develop through working closely with a senior member of the team. Our size means that you will often be very close to the front line or in a client facing role, gaining a greater insight into the issues facing our clients. 

We expect all our fee earners to assume real responsibility, as well as to participate in client and business development activities. That means wider exposure for you and a steep learning curve.

Our matters often have a cross-border element, so our fee earners frequently liaise with global businesses and specialists in overseas jurisdictions.

The importance we place on the development of our fee earners’ legal and commercial skills has allowed us to develop the excellent reputation we have – we believe our education and training programme is second to none.

We all work together as part of a cohesive and supportive team, with the firm recognising, appreciating and rewarding the efforts of its employees.

Practice overview

Our Financial Services and Products Regulation practice consists of three Partners, our Head of ESG, one Senior Knowledge Lawyer, one Senior Counsel, seven Senior Associates and six Associates.

The team covers a broad range of work including advising on all aspects of FCA/PRA applications and notifications, the regulatory aspects of corporate and banking transactions and restructurings, outsourcings, new product launches, trading and market conduct, and other contentious and non-contentious regulatory matters. We also work closely with our disputes team on contentious regulatory matters. Besides the group’s own following of clients, we also enjoy wide and varied referrals from across the firm, working closely with our private client, investment management, derivatives and trading, tax and reward, finance, corporate and employment practices.

Our client base is broad and includes asset managers of all kinds, banks and investment firms, corporate finance houses, sovereign wealth funds, private equity firms, hedge fund managers, benchmark administrators, e-money issuers and payment services providers, technology providers, inter-dealer brokers, family offices, corporates, wealth managers and individuals.

This is an exciting time to join a growing, dynamic and highly regarded team in a key area of strategic importance for the firm. All members of the team are expected to take a role developing the practice and client base, as they progress in their career.

What our clients say about us

‘The regulatory team are extremely knowledgeable and pragmatic about business matters. They use simple language for their clients to help understand complex issues or solutions.’

‘The financial services and products regulatory team is exceptional. Their knowledge of the FCA is second to none and I would not go anywhere else for regulatory advice. They can explain some quite tricky regulatory issues in a way that is logical and straightforward, always identifying risks and guiding us through their resolution. They are a pleasure to work with.’

‘It’s a very good team. We appreciated the professionalism and quality of the advice we received throughout our discussions.’

‘The firm’s regulatory team, has been extremely helpful in helping us to negotiate the introduction of additional regulatory obligations and developments over the last three years.’

‘They have provided clear advice along every step of the way – whether this be in relation to larger reviews undertaken or smaller, more time sensitive queries. Every response has been provided efficiently with follow up calls offered.’

The role

The successful candidate will have experience in the following key areas, as appropriate to their PQE:

• buy-side experience, with some sell-side experience an advantage;
• in-depth knowledge of MiFID II, AIFMD and MAR (CRR and EMIR would be an advantage);
• experience of working with institutional asset managers, private equity and credit fund managers, and hedge fund managers;
• experience of running regulatory due diligence in support of corporate and banking teams, drafting due diligence reports and commenting on SPAs, BSAs, etc.;
• experience in advising on perimeter issues relating to e.g. authorisations, client money issues, interaction between MiFID II and RAO, etc.;
• experience in managing regulatory applications, e.g. authorisations, variations of permission, change in control, waiver applications, etc.;
• experience in relation to the governance, systems and controls of financial institutions, operation in practice of the SM&CR; and
• experience managing client matters, developing the practice and supporting the junior members of the team. This should include supervising junior lawyers and trainees, managing client relationships, as well as marketing and assisting in presentations and pitches.
• In addition to the above, contentious regulatory experience (e.g. s166, enforcement, internal investigations/reviews) and experience advising on retail financial services including Consumer Duty would be advantageous but is not essential.

This job description encompasses the main duties of the role and is by no means exhaustive. It is anticipated that duties may vary from time to time according to the needs of the practice area.

The candidate

The successful candidate will have three to six years’ PQE from a highly regarded regulatory practice, which may include experience gained in the legal function of a financial services and products firm. They will have excellent academic credentials from degree upwards.

The successful candidate will have good presentation skills both written and oral, and will be able to juggle multiple matters and take an active role running client files with more limited partner supervision, particularly on more straightforward matters. Demonstrable enthusiasm for the practice area is essential, along with a can-do attitude, independence and initiative as well as experience supervising and training more junior lawyers and trainees.

We expect all our associates to forge close working relationships with clients, assume real responsibility and develop their experience on a variety of regulatory matters.

Our commitment to inclusion

Inclusion is one of our key priorities and it is a goal we are actively working towards. We believe that an inclusive, forward-thinking culture is intrinsically important and enables us to provide innovative solutions to our clients.

We welcome applications from people of all backgrounds, bringing different perspectives and experiences, making Macfarlanes an exciting and stimulating place to work. We seek to recruit the best candidates, regardless of age, gender, race, ethnicity, social or economic background, religion, disability, sexual orientation or any other characteristic.

As part of this commitment, we will ask you certain diversity data questions. We would really appreciate you and/or your recruiter completing these questions when submitting an application to Macfarlanes as this data enables us to measure our progress and identify any actions needed to continue to support an inclusive culture. This data is anonymised to maintain the privacy of applicants. If you have any questions relating to how this data is used, please contact a member of the recruitment team.

Should you require any adjustments during the application and/or interview process, please do not hesitate to inform your recruiter or a member of the recruitment team. Please note, the job description is available in other accessible formats (for example, large print)

We are a Disability Confident Employer and will offer an interview to disabled applicants who best meet the essential criteria for the role. If you would like to apply through the Disability Confident Interview Scheme, please email the recruitment team at recruitment@macfarlanes.com.

Key people

Lora Froud
Practice Area Head and Partner

Her clients include operators, asset managers, depositaries and custodians of investment funds. Advice is wide ranging and incorporates restructurings and reorganisations, outsourcing and hosting arrangements, investment management agreements, depositary agreements and platform and distribution arrangements.

In addition, she regularly assists clients with related EU and UK regulatory and compliance matters. She has particular experience in advising on the UCITS regime, AIFMD, MiFID and ESG developments.

Michael Sholem
Partner

Michael specialises in advising banks, fund managers and financial technology firms in relation to financial regulatory issues.

Michael's practice focuses on the supervision and regulation of banks, investment firms, payment institutions and asset managers, including in connection with new authorisations, changes of control, corporate governance, financial benchmarks, ESG regulation and regulatory investigations.

His practice has also included advising non-financial groups on the impact of new regulation, with a particular focus on market infrastructure and financial technology. He also has extensive experience advising clients on developments in European Union laws and Brexit issues and has a particular interest in ESG and cryptocurrency.

Alexandra Green
Partner

Alex has over a decade of experience advising asset managers, wealth managers, banks, mortgage providers, insurers, corporate finance advisers and intermediaries on all aspects of their financial services and products regulatory obligations.

Alex’s practice includes advising on:

• new service and product launches, conduct of business obligations, product governance and the Consumer Rights Act 2015;
• regulatory restructurings, consolidation and acquisitions;
• client money and assets;
• perimeter questions;
• regulatory developments including recently MiFID II, SMCR, Brexit and the Consumer Duty;
• distribution and outsourcing;
• section 166 skilled person reports and other regulatory investigations and reviews;
• a wide variety of applications to the FCA and PRA including more unusual applications such as unusual waivers;
• handling rule breaches and communication with the FCA and PRA;
• corporate governance, systems and controls; and
• anti-money laundering obligations.