1+ months

Senior Legal Counsel \u2013 Employee Retirement Income Security Act

Arlington Heights, IL 60004
  • Job Code

At HSBC, the health and well-being of our employees remains of utmost importance.  Many of our roles are permitted to work from home (in states in which HSBC is licensed to operate) until further notice. Upon resumption of normal operations, this role may be performed at our Arlington Heights, Illinois office.


This position provides legal advice and guidance to the U.S. and global business lines regarding ERISA and to U.S. HR regarding employee benefits and compensation.


Impact on the Business

  • Support business divisions in the U.S. and globally regarding financial services (including banking and investment activities) with ERISA plans, IRAs, and entities in which they invest.
  • Provide education on, and mitigation strategies for addressing, the risks associated with being or becoming a fiduciary and prohibited transaction issues.
  • Provide advice on the application of prohibited transaction exemptions and review and negotiate ERISA provisions in agreements including, but not limited to, investment management agreements and derivative agreements.
  • Design presentations and provide consultation regarding the impact of legislation and regulations.
  • Draft ERISA policies and related materials for application across the enterprise, identify compliance gaps, and support remediation efforts.
  • Work with internal clients to structure and implement employee benefits programs and executive compensation arrangements governed by the Internal Revenue Code, ERISA, and other federal and state laws.
  • Address issues under Title I of ERISA for company plans investing in alternative investments, as well as draft and negotiate investment management and side letter agreements.
  • Advise fiduciary committees and HR staff regarding fiduciary responsibility, the requirements for tax-qualification, reporting and disclosure requirements, and the selection and monitoring of benefits-related service providers.
  • Assist in the design and drafting of company plan documents and participant communication materials.
  • Support compensation-related responsibilities, including bonus and incentive compensation arrangements.

Customers / Stakeholders

  • Provide prompt, commercial, practical legal advice to assigned areas.
  • Be pro-active in the provision of legal support and in advising the area/business promptly of material legal developments and their implications.
  • Ensure legal management is fully briefed on major issues arising in relevant business area and major legislative changes in area of expertise.
  • Liaise with panel law firms and other appropriate external parties as needed.

Leadership & Teamwork

  • Maintain and develop positive and professional working relationships with all team members within Legal and assigned departments for which the jobholder is responsible.
  • Participate effectively as part of the Legal Team.
  • Share legal knowledge and best practices with legal colleagues.
  • May manage internal support staff as appropriate.

Operational Effectiveness & Control

  • Provide legal services in a cost-effective manner.
  • Manage the approach to legal risk within assigned departments, to ensure that the interests of the HSBC Group are adequately protected.
  • Assist the business to remain compliant with legal risk management requirements set out in the Group Standards Manual and Legal FIM.
  • Awareness of the operational risk scenario associated with the role and to ensure that all actions during employment with HSBC take account of the likelihood of operational risk occurring.
  • Leadership over all regulatory and compliance matters and the management of operational risk.
  • Complete other responsibilities, as assigned.

Major Challenges

  • Ability to prioritize workloads in terms of legal risk and commercial consideration.
  • Maintain knowledge of HSBC Group operations and policies.
  • Ability to handle tasks with less supervision.
  • Enhanced relationship with higher levels of management inspiring confidence of customers/stakeholders.

Role Context

  • The jobholder assists the Senior Management team in Legal matters to manage legal risk across the Lines of Business/Areas in accordance with established policies and procedures. The diversity of HSBC’s business, its geographic spread and the constant changes internally and externally means the diversity of matters which the jobholder is required to manage and advise on is very wide.
  • The role requires an understanding of the structure of the HSBC Group and its culture and the ability to handle increasingly complex legal issues
  • The jobholder must also establish close mutually supportive working relationships with other members of the Global Legal Function.
  • Works under supervision of more senior lawyers, but will work independently on routine matters.

Management of Risk

  • Ensure compliance, operational risk controls in accordance with HSBC or regulatory standards and policies.
  • The jobholder is responsible for providing legal advice against the backdrop of both the external Legal framework and the internal Group Standards Manual and the Legal FIM. Assists assigned departments to manage legal risks associated with the initiatives they are undertaking.

Observation of Internal Controls

  • Maintains HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators.


Posted: 2022-05-06 Expires: 2022-07-06

HSBC offers the opportunity to develop a fulfilling career within a supportive and inclusive environment. We aim to be a place where everyone can achieve their full potential, regardless of their background.

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Senior Legal Counsel \u2013 Employee Retirement Income Security Act

Arlington Heights, IL 60004

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