2026 Institutional Equity BURM Legal & Documentation Internship (New York)

Internship within Morgan Stanley’s Institutional Equity Division (IED) working alongside trading agreement negotiators, gaining experience handling relationship level trading agreements, including, but not limited to equity derivatives (ISDA, CSA), prime brokerage, stock loan, confidentiality, listed derivatives and OTC clearing agreements. The team consists of 10 attorneys and sits within IED’s Business Unit Risk Management team. As the group sits within risk management, it is tasked with analyzing and making risk-based decisions on client negotiation requests. The team is responsible for negotiating, drafting and executing all necessary agreements with clients and their counsel in advance of trading.

Morgan Stanley's business around the world is supported by groups and teams with a wide variety of specialized skills. They provide information and strategic thinking to the Management Committee; help to ensure the long-term growth and efficient day-to-day functioning of our business; and serve the well-being of our shareholders, clients and employees.

The Institutional Equity Division (IED) is a global leader in the origination, distribution and trading of equity, equity-linked and equity-derivative securities. The Firm’s equity Sales & Trading operations provide liquidity, distribute content, and create product solutions to help our clients generate alpha. The Equity Financing Products department acts as a strategic partner to more than 800 top hedge fund managers: executing and clearing trades across asset classes, time zones, and currencies; providing financing and expertise to help manage risk and benefit from technology; and consults to help launch new funds and connect with them potential investors.

Role and Responsibilities:
• Working alongside an attorney that is a trading agreement negotiator, assist with the negotiation of trading agreements including, but not limited to, ISDA Master Agreements and Credit Support Annexes, stock loan, prime brokerage agreements, listed derivative trading agreements, OTC clearing agreements, tri-party control agreements, master confirm agreements, confidentiality agreements, electronic trading agreements and other trading-related agreements.
• Liaise with IED Sales and Trading desks, as well as members of Firm’s Legal, Risk, Credit and Onboarding teams.
• Client base includes hedge funds, mutual funds, pensions, insurance companies, banks, corporates and money managers
• Act as point of contact with clients and their counsel for all negotiations. Interact with clients in connection with new industry rules and regulations.

Qualifications and Skills:
• Completion of 2 years of law school by start of program; Intent to sit for the NY Bar exam
• Strong verbal and written communication skills; attention to detail; ability to meet timing deadlines on multiple projects
• Interest in financial services, and/or negotiations, contract drafting
• Comfortable working in open trading floor environment

Application Process and Deadline:
• Program timeline: Internship from late August/early September to mid-April
○ ~4 weeks off for finals and winter break anticipated
• Interns will be expected to work ~18-20 hours a week divided across two weekdays
• Interns will work onsite at our offices in Midtown Manhattan
• This program could have the potential of resulting in a full-time position following graduation and the bar exam

In order to be considered, candidates must apply by March 13 at 11:55 PM EST. You must also complete a HireVue video within 48 hours of completing the rest of your application. Candidates must account for the HireVue in their application timeline. Any HireVue videos submitted after the March 13 deadline will be considered incomplete applications.

Expected base pay rate(s) for the role will be $35 per hour at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs. Morgan Stanley's goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence. Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools. We want to be the first choice for prospective employees.

It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law.

Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M/F/Disability/Vet).