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Invest in Your Legal CareerThe SEC is a law enforcement and regulatory agency that protects the integrity of the securities markets and the interests of investors. With approximately 3000 employees nationwide, including 1300 lawyers, the SEC is small for a federal agency, but it plays a major role in shaping national and international market policy. The Commission's Washington, DC, headquarters is home to more than half of its lawyers. The SEC also employs regulatory and enforcement attorneys in its 11 regional offices, located in major financial centers across the country. These cities are: Atlanta, Boston, Chicago, Denver, Fort Worth, Los Angeles, Miami, New York, Philadelphia, Salt Lake City, and San Francisco. The SEC HistoryThe SEC was born out of the October 1929 stock market crash and the Great Depression. Felix Frankfurter, serving as informal adviser to President Roosevelt, chose the drafters of the Securities Act of 1933, which embodies Louis Brandeis' view that "sunlight is the best of disinfectants" for publicly traded companies. Frankfurter also recruited drafters for the Securities Exchange Act of 1934, which created the Commission, and helped to recruit its first three chairmen, Joseph Kennedy, James Landis, and William O. Douglas. These chairmen presided over the establishment of the agency and the creation of the National Association of Securities Dealers, the self-regulatory organization for the over-the-counter markets. The agency's fourth chairman, Jerome Frank, saw the extension of the SEC's oversight to mutual funds and investment advisers through the Investment Company Act of 1940 and the Investment Advisers Act of 1940. These individuals gave the SEC a legacy of professionalism and creativity that continues today. Our Mission
Our mission is to make sure our markets are the world's fairest and most vibrant. We enforce laws which require people who raise money from investors tell the truth; our markets are honest and orderly; and the securities business serves the needs of investors. The work of the SEC touches all aspects of the public securities markets, and SEC lawyers confront a wide variety of fundamental issues early in their careers. Neither command-and-control nor laissez-faire, the SEC's guiding philosophy is one of full disclosure. The system of industry self-regulation under SEC supervision gives the agency insight into practical regulatory solutions.
The SEC has a proud history of autonomy. The SEC is a five-member, non partisan commission. The SEC handles its own civil litigation and appeals.
The number of Americans with a personal stake in the securities markets has never been higher. With securities investments displacing bank savings accounts during the last decade's market growth, the challenge of the SEC's efforts to protect investors is greater than ever.
The securities markets are changing quickly. The growth of online trading, alternative trading systems, access to foreign markets, and extended trading hours will require rethinking of many SEC rules and enforcement strategies. As our markets increasingly transcend national boundaries, the SEC must protect U.S. investors while accommodating global movement of capital.
As the SEC constantly reevaluates its rules and standards to respond to market change, it offers its lawyers unusual opportunities to shape securities policy. Lawyers form the majority of the SEC's professional staff and serve in policymaking as well as advisory roles. Work in Divisions and OfficesThe divisions and offices of the SEC offer lawyers a wide variety of work, ranging from litigation to rule-writing and from securities law to constitutional, international and administrative issues.
The Division of Enforcement polices the U.S. securities markets, the firms and other participants in the securities industry, and the public disclosures of corporate America. Whether the issue is insider trading, corporations "cooking" their books or new forms of securities fraud using the internet, the SEC's Division of Enforcement wages the Commission's battles to enforce the federal securities laws. Enforcement lawyers:
The foundation of the federal securities laws is disclosure. The Division of Corporation Finance oversees the disclosures made by companies in public offerings and in their annual, quarterly and current reports filed with the SEC. The division's role is to assure full and fair disclosure to shareholders and the market. In addition, the Division of Corporation Finance generally seeks to facilitate the ability of companies to raise capital by interpreting and helping companies comply with SEC rules and policies. Corporation Finance lawyers:
Lawyers work closely with accountants and financial analysts in the division and throughout the Commission. They also work directly with executives and lawyers at companies as well as their outside counsel. Much of the work involves disclosure in novel financing and business structures in: public offerings; proxy contests; tender offers; and mergers.
At a time of record market volume and record index values, the Division of Trading and Markets oversees the nation's securities markets, continually updating its responses to technological and other changes. The division regulates all of the major market participants. It supervises the self-regulatory organizations such as the stock exchanges, the National Association of Securities Dealers (NASD), and the Municipal Securities Rulemaking Board (MSRB). It directly regulates broker-dealers, clearing agencies, transfer agents, and securities information processors. Trading and Markets also oversees the Securities Investor Protection Corporation, which provides insurance to investors when a broker-dealer fails. Lawyers in Trading and Markets:
The Division of Investment Management oversees and regulates the $20 trillion investment management industry and administers the securities laws governing investment companies (including mutual funds) and investment advisers. Lawyers in Investment Management:
As the SEC's chief legal officer, the General Counsel, with his or her staff, may advise the Commission on any kind of issue its work presents. The work of the General Counsel's office is divided among four groups.
The SEC's early warning system for violations in the securities industry is its examination program, administered by the Office of Compliance Inspections and Examinations. By inspecting regulated entities across the country, this office, together with the examination staff of the regional offices, helps prevent securities law violations and stop minor violations before they become serious. A "deficiency letter" process allows informal correction of many compliance problems; more serious violations are referred to Enforcement staff in the Regional offices or in Washington, DC. The office is responsible for examining the stock exchanges and securities associations. These oversight functions give the Commission a window into developments in the regulated community and provide a real-world basis for important policy decisions. These lawyers:
Market globalization poses ever-greater challenges to the SEC. The agency works extensively to encourage international cooperation and promote high regulatory standards worldwide. The Office of International Affairs has primary responsibility for developing and carrying out the SEC's international enforcement and regulatory initiatives. Lawyers in this office:
Approximately one-third of the SEC's lawyers work in its network of eleven regional offices. Most of these are enforcement lawyers, who traditionally file about two-thirds of the enforcement actions instituted by the Commission. Like the matters pursued by the Enforcement Division in Washington, these actions include:
The regional offices are responsible for litigating the cases they file or institute. The offices also have regulatory staffs, composed primarily of accountants and examiners, who examine regulated entities and self-regulatory organizations. Experienced attorney positionsStaff Attorney PositionsWe welcome applications from lawyers with more than one year of experience for all offices at the Commission headquarters and our 11 regional offices throughout the year. To receive consideration, send a cover letter outlining your relevant experience and indicating your areas of interest and a resume. If you have less than five years of legal experience, also submit a 5 to 10 page legal writing sample and your law school transcript. Veterans must submit verification of preference with their application. Hiring decisions are made in each division or office independently - you should submit application materials directly to each location of interest to you. We attempt to acknowledge every inquiry we receive, however, divisions and offices will contact you directly to arrange an interview or to request additional information if they are interested in considering you further. Materials are kept on file for 90 days. Senior and Supervisory Attorney PositionsSenior non-supervisory positions and supervisory/management positions are filled through individual job postings. Vacancies are listed on the SEC's website, at www.sec.gov/jobs.shtml. To receive consideration for positions at this level, you must apply separately to each vacancy by the closing date. Read the announcement closely to determine what materials to submit. You should check the website frequently as it is updated each time a vacancy is announced. Vacancies typically remain open for 10 to 30 days. SalaryThe SEC has a special pay schedule comparable to the Federal banking regulators. Employees receive base pay plus a locality percentage based on their office location. The salary ranges listed below are for the Washington, D.C. metropolitan area. Individual salary levels are determined based on your qualifications, previous legal experience, and salary history (including bonafide job offers).
The SEC rewards superior performance with advancement to a higher step within current grade, awards, and/or promotions to the next grade level. Benefits
Entry-Level Attorney and Internship PositionsEntry-level Opportunities SEC's Advanced Commitment ProgramThe SEC's Advanced Commitment Program allows lawyers to begin work as law clerks after graduation and before they pass the bar. The program is designed for third-year law students, recent JD, LLM and JD/MBA graduates and judicial law clerks. The SEC hires approximately 25 to 50 entry-level lawyers under its Advanced Commitment Program. Opportunities are primarily available at Headquarters in Washington, DC and in the New York and Chicago regional offices. The SEC seeks entry-level attorneys with high academic qualifications and preferably some knowledge of or a significant interest in the securities industry. The SEC visits many law school campuses during Fall On-Campus Recruitment. Interested students should check with their Office of Career Services for details on our campus visit. For students whose campus we do not visit, a cover letter, resume, law school transcript, and legal writing sample may be submitted directly to the SEC location(s) of interest to you. SalaryThe SEC has a special pay schedule comparable to the Federal banking regulators. Employees receive base pay plus a locality percentage based on their office location. The salary ranges listed are for the Washington, DC metropolitan area. Individual salary levels are determined based on qualifications, previous legal experience, and salary history (including bonafide job offers). Entry-level law clerks are typically paid between $75,000 to $84,000. The SEC rewards superior performance with advancement to a higher step within current grade, awards, and/or promotions to the next grade level. Benefits
Summer Honors ProgramThe SEC's Summer Honors Program recruits students in their first and second years of law school and in JD/MBA programs for summer associate positions in the headquarters, regional or district offices. Summer Associates work with senior lawyers and participate in securities law seminars, lectures and discussions given by well-known SEC senior staff and alumni. To apply to the Summer Honors Program at headquarters and/or in the regions and districts, send a cover letter, resume, undergraduate and law school transcripts, a list of current courses, and a 5 to 10 page legal writing sample to the SEC location of interest to you. Summer Associates may receive a small stipend or salary. In addition, some schools fund participants through their career placement or public interest offices and some schools offer academic credit for participation in the program. School-Year InternshipsThe SEC's Student Observer Program allows law students and JD/MBA candidates to work at the Commission during the school year, on either a part-time or full-time basis, subject to the approval of their law schools. Student observers are appointed as volunteers to work at headquarters and in most of the regional offices. Student Observers work with SEC staff members on regulatory or enforcement projects and also participate in a seminar program given by SEC senior staff and prominent members of the private bar. To apply for positions, please see the "Law Student Observer Program" link at http://www.sec.gov/jobs/jobs_fulllist.shtml Citizenship and Background ChecksWhile you need not be a U.S. citizen to work at the SEC on either a temporary or a permanent basis, non-U.S. citizens must meet State Department hiring conditions. If you are not a U.S. citizen, please call the Attorney Recruitment Team at (202) 942-7320 to discuss your eligibility. SEC lawyers are hired contingent on the successful completion of a background check. Securities TradingBecause of access to sensitive securities information, SEC employees are subject to some restrictions on their personal securities trading that are designed to ensure public confidence in their impartiality. These restrictions, which include filing confidential reports of securities holdings and observing certain waiting and holding periods, apply to temporary and volunteer employees as well as the permanent staff. If you have questions about specific restrictions, please contact the Attorney Recruitment Team at (202) 942-7320. Where To ApplyFor permanent positions in Washington, DC, send applications to:
U.S. Securities and Exchange Commission For Summer and/or school-year positions in Washington, DC, send applications to:
U.S. Securities and Exchange Commission For all positions permanent and internships in the regional offices, send application materials to the address indicated on our SEC Addresses: Headquarters, Regional, and District Offices web page. United States
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Entry-level Attorneys | $70,000 to $89,000 | |
One year of legal experience | $84,000 to $107,000 | |
Two years of legal experience | $99,000 to $127,000 | |
Senior/Supervisory positions | $114,000 to $177,000 |
The SEC rewards superior performance with advancement to a higher step within current grade, awards, and/or promotions to the next grade level.
While you need not be a U.S. citizen to work at the SEC on either a temporary or a permanent basis, non-U.S. citizens must meet State Department hiring conditions. If you are not a U.S. citizen, please call the Attorney Recruitment Team at (202) 942-7320 to discuss your eligibility. SEC lawyers are hired contingent on the successful completion of a background check.
Because of access to sensitive securities information, SEC employees are subject to some restrictions on their personal securities trading that are designed to ensure public confidence in their impartiality. These restrictions, which include filing confidential reports of securities holdings and observing certain waiting and holding periods, apply to temporary and volunteer employees as well as the permanent staff. If you have questions about specific restrictions, please contact the Attorney Recruitment Team at (202) 942-7320.
For all legal positions at the Northeast Regional Office send a resume, writing sample and transcripts to:
Northeast Regional Office
Attn: Tracy Crichlow
3 World Financial Center
Room 4-300
New York, NY 10281
(212) 336-1100
Visit our website at www.sec.gov/jobs.shtml
TTY/TDD callers may also call via the Federal Relay Service (800) 877-8339
The Midwest Regional Office ("MRO"), of the Securities and Exchange Commission, is responsible for enforcing the federal securities laws and conducting comprehensive examinations in its nine state region, as well as on a national basis. Located in Chicago's Loop, the MRO employs over 190 people. The MRO enjoys a well-earned reputation for bringing "cutting edge" cases and conducting tough but fair examinations of key broker-dealers, investment advisers and investment companies.
MRO staff attorneys are responsible for investigating, and when appropriate litigating, violations of the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940 and the Investment Company Act of 1940. Cases result from a wide variety of venues including: SEC examinations of broker-dealers, investment advisers, investment companies; self-regulatory organizations such as the New York and Chicago Stock Exchanges, and other national stock exchanges; and, the National Association of Securities Dealers. MRO cases cover a broad range of violations including but not limited to:
MRO staff attorneys receive "hands-on" training while managing their own caseloads. Working in conjunction with SEC accountants and examiners, staff attorneys learn to develop and execute complex investigations and to conduct settlement negotiations. When cases do not settle, MRO attorneys gain invaluable trial experience in the Federal district courts or in administrative proceedings. If you are looking for an opportunity to join a fast paced, highly professional environment, the MRO may be for you.
The SEC has a special pay schedule comparable to the Federal banking regulators. Employees receive base pay plus a locality percentage based on their office location. The salary ranges listed below are for the Midwest Regional Office. Individual salary levels are determined based on qualifications, previous legal experience, and salary history (including bonafide job offers).
Entry-level Attorneys | $68,000 to $87,000 | |
One year of legal experience | $82,000 to $105,000 | |
Two years of legal experience | $97,000 to $125,000 | |
Senior/Supervisory positions | $112,000 to $173,000 |
The SEC rewards superior performance with advancement to a higher step within current grade, awards, and/or promotions to the next grade level.
While you need not be a U.S. citizen to work at the SEC on either a temporary or a permanent basis, non-U.S. citizens must meet State Department hiring conditions. If you are not a U.S. citizen, please call the Attorney Recruitment Team at (202) 942-7320 to discuss your eligibility. SEC lawyers are hired contingent on the successful completion of a background check.
Because of access to sensitive securities information, SEC employees are subject to some restrictions on their personal securities trading that are designed to ensure public confidence in their impartiality. These restrictions, which include filing confidential reports of securities holdings and observing certain waiting and holding periods, apply to temporary and volunteer employees as well as the permanent staff. If you have questions about specific restrictions, please contact the Attorney Recruitment Team at (202) 942-7320.
For all legal positions at the Midwest Regional Office send a resume, writing sample and transcripts to:
Midwest Regional Office
Attn: Emlee Hilliard-Smith, Esq.
175 West Jackson Boulevard, Suite 900
Chicago, IL 60604
(312) 353-7390
Visit our website at www.sec.gov/jobs.shtml
TTY/TDD callers may also call via the Federal Relay Service (800) 877-8339
http://www.sec.gov/jobs/lawyers.htm
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