About the role
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LI-DNI
Team Overview
The new Legal Counsel will join LaSalle’s Global Funds Team (GFT) reporting to the Global Funds Counsel. GFT is a sophisticated legal team sitting alongside the global Legal & Compliance team of LaSalle and JLL. This team is highly specialized on fund structuring, fund setup and investor on-boarding. GFT also supports product development as part of the product development core group. This role is global but based in London. The team currently consists of the Global Funds Counsel, one Legal Counsel and two Paralegals (one based in London and another in Chicago).
Role and Accountabilities
As GFT Legal Counsel, the primary responsibility of this role will be to support the business in all legal aspects of the product development, fund structuring and fundraising lifecycle (including development of the concept and structuring, fund marketing, fund documentation, investor onboardings and closings) for a number of existing and new LaSalle products (commingled funds and tailored cross border separate accounts). At LaSalle, GFT takes the lead for the project management of the fund launch making this an exciting and commercial legal role. The new Legal Counsel will need to establish a close working relationship with stakeholders across the business to become a trusted partner able to contribute to the goals of the business by combining their excellent legal knowledge and project management skills with a commercial approach. Main stakeholders are LaSalle’s Marketing and Investor Relations (IR) teams and various LaSalle fund and portfolio managers around the globe. This position is also expected to work closely and on a daily basis with our regional tax teams, our regional legal and compliance teams, LaSalle’s finance teams and LaSalle’s AIFM in Luxembourg.
Responsibilities
Deliverables include (but are not limited to):
Product Development Support
Cooperating with Marketing, IR, the fund teams and Research to develop new fund products (GFT’s focus is on the fund structures and key fund terms).
Creating or managing the custody of overviews/databanks for fund key terms,IR client feedback and other legal / market know-how which is relevant to the business.Anticipating market developments resulting from changes of laws and regulations, educating the business teams about these changes and developing product ideas based on these changes.
Initial Fund Structuring
- Leading the process to draft and agree a term sheet and structure chart with all relevant parties.
- Setting up the project plan and time schedule for the fund formation.
- Advising the business team regarding the fund structure depending on target investors (based on both investor type and jurisdiction) and type and jurisdiction of the fund target assets together with our regional tax teams, our Global head of tax and external legal and tax counsel.
- Advising the fund teams regarding the selection of SFDR/SFDR2 categorizations and a Lasalle Net Zero Pathway.
- Advising and supporting Marketing and IR with the creation of global marketing products (flyer, pitchbooks, pipeline decks etc.).
- Drafting and reviewing the legal parts of the INREV DDQ and Investor DDQs.
Fund Set up and Fund Launch
- Leading the project management for fund formation and fund launch.
- Leading the preparation of key legal documents (term sheets, PPM, LPA, Subscription documents, etc.) together with external counsel and reviewing while maintaining consistency with LaSalle standard key term and clauses.
- Supporting the set-up of the fund structure with regional legal teams and external service provider, and coordinate/review the constituent documents with external law firms.
- Coordinating the actual fund launch with internal and external parties.
Investor Onboarding
Leading and organising the negotiations with the investors - side letter negotiations and potential requests for LPA amendments together with external counsel, coordinate all comments and amendments internally with fund team, regional legal and compliance teams, regional tax teams, AIFM, risk department, finance and other relevant teams.
Coordinating onboarding process with the tax, compliance, and investor services team (via online platform).
Supporting disclosure documents (preferential treatment) together with external counsel.
Coordinating “closings” of mandates and funds e.g.., organise/review required resolutions and board meetings on a global basis together with the AIFM team or regional legal teams.
Coordinating the MFN process together with external counsel and review the MFN Booklet.
Ongoing support of our fund products
Advising on the application of new legislation and regulations and working with portfolio managers and other LaSalle teams to implement any required changes across the fund documentation, e.g., supporting restructuring of existing funds due to changes of the market or regulatory/tax environment (for example ELTIF 2, LTAF, AIFMD II, sustainability regulatory developments etc.) or reclassification of the SFDR category (Art. 6 to Art. 8 or 9) or the new categories that will be implemented under SFDR2.
Working with portfolio and fund managers regarding queries in respect of the ongoing operation of LaSalle products, e.g., providing interpretations of fund documents in relation to live transactions (esp. LPA), refinancings and/or investor requests.
Serving as the internal resource and gatekeeper for certain legal queries and other house standard terms, (e.g. rechargeable fund expenses), providing guidance to fund teams based on LaSalle's precedent language and market practice.
Assisting on an ad hoc basis with other service provider agreements, such as the negotiating and review of distribution agreements with third-party distributors and placement agents.
Employee Co-Investment Programme and Carried Interest Issuances
Advising the employee co-investment team in Chicago on the legal and regulatory aspects of LaSalle's employee co-investment programme, including structuring, documentation, and ongoing compliance requirements.
Managing new offerings under the employee co-investment programme, including the preparation of the necessary offering documents and assisting with onboarding new employees.
Assisting with periodic transfers, redemptions and subscriptions that arise with respect to existing offerings, including when co-invested employees depart or when co-investment opportunities are offered on a deal-by-deal basis.
Periodic assistance with the issuance of carried interest or team share points to certain professionals within the firm with respect to certain funds and mandates, including the preparation and execution of documents in relation thereto.
Managing external Law firms (Panel)
Building strong relationships with and managing LaSalle’s panel of outside counsel to ensure timelines and budgets are met and that LaSalle’s precedent documents are utilized, and market best practices are considered in the drafting (global consistency of key terms and fund documents across our global products).
Required Qualifications & Experience
- Between four - six years’ experience as a funds lawyer in an in-house environment for an investment manager, or within an international law firm (e.g., as senior associate).
- Private equity, credit and/or real estate funds experience required with strong experience for fund structures for equity and debt funds (Luxembourg structures as well as more traditional “offshore” jurisdictions).
- Must be able to demonstrate high familiarity with key fund terms and broader issues relevant to the private equity, credit and/or real estate funds industry.
- Must show strong project management and communication skills.
Good working knowledge of the regulatory framework relating to investment management, in particular:
A comprehensive knowledge of the AIFMD framework required, including AIFM operational requirements, the marketing of investment funds (EU passporting and NPPR) and AIFMD II amendments, particularly those con