Jobs › IMC Trading

Legal Counsel

IMC Trading · Chicago, IL · Legal & Compliance

Posted Sep 30, 2026 · We last checked this listing on Oct 6, 2026

Apply at IMC Trading

Likely interview questions for this role

Written from this job description, not a generic list. Each one notes what the interviewer is really checking.

About your past

Tell me about a negotiation where you had to give up something important. How did you decide what to trade?

What they are checking: Commercial judgment about which points matter most to the business and which are worth conceding.

Tell me about a time you had to push back on a business team that wanted to move faster than was legally safe.

What they are checking: Whether they hold the line on real risk while staying a partner to traders, not a blocker.

What would you do

A prime broker wants to tighten its margin terms during a volatile market. How do you advise the business?

What they are checking: Whether they can balance legal leverage with keeping a critical counterparty relationship working.

How would you lead implementation of a new transaction reporting rule that affects both the US and EU entities?

What they are checking: Whether they can run a regulatory project across jurisdictions with Risk, Treasury and operations.

Treasury asks you how a capital or liquidity rule change affects the firm. How do you explain it to non-lawyers?

What they are checking: Whether they turn complex regulation into clear guidance that internal teams can act on.

You have several urgent agreements from different desks due the same week. How do you prioritize?

What they are checking: How they manage a heavy workload by weighing business impact and risk across desks.

About the work

Walk me through the provisions you focus on first when negotiating an ISDA Master Agreement and CSA for a trading firm like this one.

What they are checking: Real depth in OTC derivatives documentation and knowing which terms carry the most risk.

How do netting and collateral arrangements protect us if a counterparty fails, and where do they fall short?

What they are checking: Understanding of close-out netting enforceability and the practical limits of collateral protection.

What are the key points you look at in a give-up agreement for futures clearing?

What they are checking: Familiarity with clearing relationships and the responsibilities split among executing and clearing brokers.

How do securities lending and repo documentation differ, and what risks do you watch for in each?

What they are checking: Breadth across financing documents named in the posting, including the GMSLA and GMRA style terms.

What do you look for in an account control agreement or deposit agreement with a bank?

What they are checking: Practical knowledge of banking documents that protect the firm's cash and control rights.

Practice this interview out loud.

Offer builds a real interview for this exact role at IMC Trading from your resume and this job description, asks the questions one at a time, and tells you what landed. The first one is free.

Practice this out loud

The full job description

As published by IMC Trading.

We're looking for a seasoned attorney to serve as Legal Counsel. This role is responsible for supporting all our business lines (e.g. trading in equity options, equities, ETFs, futures). This includes supporting all legal agreements and documentation related to our treasury function, prime brokerage arrangements, and clearing relationships. Your Core Responsibilities:  • Provide legal advice across the US and London / EUR markets across a wide array of asset classes and topics, including prime brokerage arrangements, give-up agreements, securities lending, netting and collateral, capital and liquidity requirements, custody and clearing relationships, and reporting • Lead negotiations across all prime brokerage and OTC derivatives documentation including ISDA Master Agreements, Credit Support Annexes, and securities lending and repurchase documentation, as well as banking deposit agreements, account control agreements, letters of credit agreements, etc. • Advise on regulatory compliance and implementation of key regulatory projects such as transaction reporting, clearing, and margin requirements, on cash equities, fixed income, options, futures, and derivatives • Collaborate with Risk, Treasury, and business support, helping internal teams understand regulatory requirements and implementation impacts Your Skills and Experience:  • 8+ years of legal experience, with meaningful in-house experience at a large, complex organization • Strong background in both private practice and in-house environments, ideally within leading buy-side financial institutions, asset managers, or trading firms • Sound understanding of OTC derivatives, including deep familiarity with ISDA Master Agreements, Securities Lending Documentation, and related regulatory frameworks • Proven track record managing large-scale, cross-functional projects from initiation through completion • Strong business acumen and ability to translate complex legal issues into clear, actionable guidance for senior stakeholders • Exceptional written and verbal communication skills • J.D. from an accredited law school; active bar membership required • Highly organized with strong project management instincts — you don't just flag problems, you build systems to prevent them • Comfortable operating with ambiguity and shifting priorities • Collaborative and low-ego — you get things done through influence, not authority • Discreet and trustworthy; able to handle sensitive information with professionalism • Familiarity with legal operations tools and technology is a plus • Willingness to promote opportunities to leverage AI tools and emerging technologies to enhance productivity, streamline workflows, and drive smarter ways of working across the Legal team and the organization Please note that immigration sponsorship is not offered for this specific opening. The Base Salary range for the role is included below. Base salary is only one component of total compensation; all full-time, permanent positions are eligible for a discretionary bonus and benefits, including paid leave and insurance. Please visit Benefits - US | IMC Trading for more comprehensive information. Salary Range $200,000 — $250,000 USD About Us IMC is a research-driven trading firm where quantitative modeling, machine learning, and engineering shape how modern markets are traded. A stabilizing force in markets since 1989, we provide liquidity across trading venues, delivering the best outcome in value and risk management to investors. Using our own technology and capital, we build proprietary systems and algorithms that operate across global markets. Our researchers, traders, and engineers work as a collective, combining rapid experimentation, advanced infrastructure, and real-time feedback to turn insight into execution and execution into advantage.  

Apply at IMC Trading