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Legal Counsel - Derivatives

State of Wisconsin Investment Board See More Job Openings by This Employer

Full Time

Madison, WI

August 21, 2025 Attorney

Job Description

Making a Difference

The State of Wisconsin Investment Board (SWIB), founded in 1951, is a premier global investment organization responsible for managing the more than $156 billion of assets of the fully funded Wisconsin Retirement System (WRS), the State Investment Fund and other state funds. Through SWIB’s effective and innovative investment management, WRS remains one of the only fully funded US public pensions. We are the 9th largest public pension fund in the U.S. and the 25th largest public or private pension fund in the world. SWIB is recognized by the investment industry for our teamwork and innovation. SWIB pursues sophisticated global investment strategies across the asset and risk allocation spectrum. Providers across the investment ecosystem seek to partner with SWIB.

Serving more than 691,000 beneficiaries of the WRS, SWIB is a mission-driven organization focused on providing a strong financial future to those who committed their careers to public service. For public employees and the 1,500 Wisconsin employers who contribute on their behalf, we are a trusted partner. Our team innovates continuously to meet the challenges of an evolving investment landscape while growing and protecting the assets of the WRS.

SWIB provides a strong, steady economic pillar for the state of Wisconsin by growing the trust funds under its management, managing risk, and optimizing costs of the long term. We are a mission-driven organization and the participants we serve are our mission. By bringing a disciplined, prudent, and innovative approach to market opportunities, SWIB has been successful in generating required returns and maintaining the trust of the beneficiaries and stakeholders of the funds we oversee.

Home To Top Talent

Our high-performing staff is key to what makes us a premier investment manager. SWIB is committed to investing in talented professionals to implement our robust, sophisticated investment strategies and to keep the organization at the forefront of the investment industry. We encourage innovation and offer professional development opportunities to help staff sharpen and expand their skills. Approximately 61 percent of SWIB’s investment professionals are Chartered Financial Analyst (CFA) charterholders.

Job Description:

About the Team

The Legal Division at SWIB supports SWIB’s mission to be a trusted and skilled global investment organization contributing to strong financial futures for Wisconsin retirees. We work to ensure that SWIB maintains the highest ethical standards and operates in compliance with applicable legal and regulatory requirements and SWIB policies and procedures. SWIB’s Legal Division works hand-in-hand with our colleagues throughout the organization, including Investment Management, Trading, Operations, IT, Data Management, Finance, Risk, Internal Audit, Compliance, and Human Resources.

SWIB’s new Legal Counsel will join a talented team of experienced asset-management attorneys. The Legal Counsel position will play an integral role in an ever-changing, fast-paced environment and will provide legal services related to agency contracts, state statutes, and agency policies, public records requests, and as needed, private and public market investments under the supervision of Senior Legal Counsel. This is a unique opportunity for a motivated individual to learn the inner workings of an asset-management firm, in-house counsel’s role in supporting SWIB’s core mission, and to join a team with a strong culture of mentorship and career-long learning.

Position Overview

Essential activities:

Negotiate and draft counterparty documentation, including ISDAs and MCAs, MRAs (bilateral and GMRAs), MSFTAs, Long Form Confirms, prime broker agreements, securities lending agreements, collateral agreements, and related documentation.
Analyze and assess the legal, regulatory and tax implications of proposed terms and conditions in derivatives transactions and counterparty agreements.
Collaborate with internal stakeholders, including investment professionals, traders, risk management professionals, and compliance teams, to ensure compliance with legal and regulatory requirements.
Advise and provide guidance on legal issues related to derivatives and trading activities.
Stay updated on relevant legal and regulatory developments impacting derivatives markets and documentation.
Conduct legal research and prepare memoranda on derivatives-related matters.
Maintain relationships with external counterparties, external counsel, and regulatory bodies.
As needed, provide legal support for other attorneys working with investment-management teams
Work with other attorneys and SWIB’s records specialist to respond to public records requests.

The ideal candidate:

J.D. required
Minimum of 5+ years’ experience post-J.D. as either in-house counsel or within a law firm practice
Experience reviewing and negotiating ISDAs and MCAs, MRAs (bilateral and GMRAs), MSFTAs, Long-form Confirmations, prime broker agreements, securities lending agreements, collateral agreements
Experience reviewing and negotiating agreements with consultants and service providers
Experience collaboratively working with non-legal personnel
Additional experience in tax matters related to the above agreements
Familiarity with public equities securities laws and regulations
Familiarity with public records laws
Ability to understand and balance the competing interests of diverse constituencies and an appreciation of the role of in-house counsel in protecting the interests of the organization
Excellent attention to detail
Familiarity with or willingness to learn investment-management concepts as well as issues unique to government agencies
Ability to identify unique and creative solutions to complex problems

SWIB Offers:

Competitive total cash compensation, based on AON (formerly McLagan) industry benchmarks
Comprehensive benefits package
Educational and training opportunities
Tuition reimbursement
Challenging work in a professional environment
Hybrid work environment

The position requires U.S. work authorization.

Pursuant to our Hybrid Remote Work Policy, all staff have the flexibility to work remotely, but are required to have a weekly presence in our offices, the frequency of which is dependent on their distance from office. Staff are not required to reside locally; however, we offer relocation reimbursement to the Dane County area per our policy.

All SWIB employees are subject to SWIB’s Ethics Policy and Personal Trade Approvals Policy. These policies include restrictions on outside business activities and employment and have limits on personal trading. You may request copies of these policies from SWIB’s talent acquisition team and any questions can be answered by SWIB’s compliance team.

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