---
title: 'Legal & Compliance Extern (Unpaid) - Current JD or LLM Candidates Only at Great Gray'
canonical: 'https://feeny.ai/job/legal-compliance-extern-unpaid-current-jd-or-llm-candidates-only-great-gray-9n62vm1c5jd6'
type: 'job'
last_seen: '2026-11-03'
---

# Legal & Compliance Extern (Unpaid) - Current JD or LLM Candidates Only at Great Gray

- **Company:** Great Gray
- **Location:** Wilmington, DE
- **Employment:** part-time
- **Work type:** onsite
- **Posted:** 2026-10-30
- **Last confirmed live:** 2026-11-03
- **Apply:** https://jobs.lever.co/great-gray-group/27f4e048-397b-4408-8735-1e630357a610

## Job description

Why Great Gray? At Great Gray Group, we strive to set the bar for the retirement services industry. Our goal is to deliver advanced retirement solutions that combine our core fiduciary services with robust investment options, innovative technology, and dedicated client service. We focus on making choices clearer, transitions smoother, and the client experience more delightful. Complacency isn't in our vocabulary. Every day, we look for opportunities to better serve our clients, be an excellent business partner, and earn the trust of those who rely on us.

## The Role

Great Gray is seeking a temporary, part-time, Legal & Compliance Extern to support the Legal and Compliance departments during the Spring 2027 semester. The Legal & Compliance Extern will meaningfully assist with a large-scale governance documentation project including reviewing, analyzing, revising, tracking, and inventorying governance and legal documents supporting Great Gray's collective investment fund business. This externship provides a unique opportunity for a law student to gain practical hands-on experience within the legal and compliance function of a leading retirement fund trustee while working closely with attorneys, compliance, investment, business and operation professionals on matters involving fund governance, corporate documentation, regulatory compliance, and investment management. The extern will work closely with, and be supervised by, senior members of the Legal and Compliance teams. Through this experience, the extern will gain exposure to fiduciary, legal, regulatory, governance, and operational issues affecting investment products (specifically collective investment funds) and financial services organizations. Location This position will work from our Boston, MA or Wilmington, DE office. Great Gray currently supports a hybrid work model with 4 days onsite, and 1 day remote. Visa sponsorship or transfer of an existing visa is not available for this position. Applicants must be authorized to work directly for any employer in the United States without visa sponsorship or transfer. Hours and Duration Expected Start Date: January/February 2027 - based on the student's academic calendar and law school program requirements. Expected End Date: Conclusion of the Spring semester, generally late April or early May 2027. Duration: Approximately 10 weeks. Hours: Approximately 10–20 hours per week. The specific start date, end date, weekly schedule, and total hours worked will be determined in coordination with the selected candidate and their law school's program requirements to ensure eligibility for academic credit. Academic Credit This is an unpaid externship. The selected candidate will receive academic credit through their law school's approved externship program in lieu of financial compensation. Candidates must be enrolled in and satisfy the requirements of their respective law school's externship or field placement program, including any eligibility requirements, faculty approvals, documentation, reporting obligations, and minimum hour requirements necessary to receive academic credit.

## Responsibilities

Assist with the review, revision, and updating of collective investment fund governance documents and related legal records. Draft, edit, and proofread legal documents, governance materials, and internal memoranda. Review documents for consistency, accuracy, completeness, and compliance with legal and organizational standards. Organize, track, and maintain legal documents, templates, and governance records. Assist Legal and Compliance team members with special projects and ongoing departmental initiatives. Participate in meetings with Legal and Compliance personnel and assist with follow-up action items. Collaborate with attorneys, compliance professionals, and business partners across the organization on governance-related projects. Perform other legal and compliance-related duties as assigned.

## Qualifications & Experience

Current J.D. or LL.M candidate enrolled in an accredited law school. Eligible to participate in, and receive academic credit through, their law school's internship/externship or field placement program. Strong legal research, writing, and analytical skills. Excellent attention to detail and organizational abilities. Strong written and verbal communication skills. Ability to manage multiple assignments and meet deadlines in a professional environment. Proficiency in Microsoft Word and Excel. Professional proficiency in written and spoken English, with the ability to review, draft, and edit legal and business documents. Ability to work independently while collaborating effectively with a team. Experience drafting, reviewing, or editing legal documents is strongly preferred. Coursework in Contracts, Business Organizations, Corporate Law, Securities Regulation, Investment Management, or related areas is preferred. Ability to thrive in a fast-paced, dynamic environment and manage multiple priorities effectively. Exhibit Great Gray’s core values: Growth Mindset, Disciplined Curiosity, Grit, Results Ownership, Collaboration.

Company Background Great Gray is the leading independent provider of trustee and administrative services to Collective Investment Trusts (“CITs”), with over $385 billion in CIT assets under management, across more than 1,045 funds. We proudly work with more than 80 subadvisors, including leading firms such as AllianceBernstein, American Funds, BlackRock, Franklin Templeton, MetLife, Neuberger Berman, PGIM, PIMCO and Raymond James.

CITs are more than just an investment vehicle. They represent a forward-thinking approach to retirement planning. These tax-exempt, pooled investment vehicles are offered to employer-sponsored retirement plans, like 401(k)s. CITs are comparable to mutual funds, but, because they are tailored for the institutional retirement market, they can offer distinct advantages, including efficient administration and cost-effectiveness. CITs have a history dating back over 90 years; but they have gained favor over the past decade, driven by innovations, and Great Gray has been at the forefront.

Great Gray has consistently delivered year-over-year growth at an above market rate and is investing in the continued development of its core CIT business as well as complementary administrative services and technology solutions for the retirement market.

Madison Dearborn Partners (“MDP”) purchased Great Gray from Wilmington Trust in April 2023. As a result, Great Gray is an independent company owned by funds affiliated with MDP.

Investor Background MDP is a leading private equity investment firm based in Chicago. Since MDP's formation in 1992, the firm has raised aggregate capital of over $37 billion and has completed over 160 platform investments across nine flagship funds. MDP invests across five dedicated industry verticals, including financial services, healthcare, technology and government services.

## Equal Employment Opportunity Policy

Great Gray Group, LLC is an Equal Opportunity Employer. Qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender perception or identity, national origin, age, marital status, protected veteran status, disability status or other non-merit factor.

Accommodation Statement Great Gray is committed to ensuring individuals with disabilities and/or those who have special needs participate in the workforce and are afforded equal opportunity to apply and compete for jobs. If you would like to contact us regarding the accessibility of our website, need assistance completing the application process, or need to request an accommodation for any part of our application or interview process, please contact us at: TalentAcquisition@GreatGray.com

## About Great Gray

## Company Overview
- **One-liner**: Great Gray Trust Company is a financial services firm that provides collective investment trust (CIT) trustee, governance, and administration services for the U.S. retirement industry.
- **Entity Type**: Private (Privately Held)
- **Headquarters**: Las Vegas, Nevada, United States (additional offices in Wilmington, Delaware and Boston, Massachusetts)
- **Founded**: 2023
- **Founders**: Not publicly disclosed (President & CEO: Rob Barnett)

## Core Business
- **Primary industry**: Financial Services — retirement solutions, collective investment trusts (CITs), and fiduciary/trustee services
- **Target customers**: B2B — retirement plan sponsors, advisors, recordkeepers, asset managers, and sub-advisors
- **Mission**: "We are dedicated to breaking down barriers to confident retirement and working to ensure that every retiree has access to the best possible retirement solutions" — with a vision of "a world where every retiree can grow confidently into the future" [greatgray.com](https://greatgray.com/about/)

## Products & Services
- **Collective Investment Trust (CIT) Trusteeship**: Acts as trustee for CITs, going beyond oversight to ensure assets are "not just managed but maximized" through a combination of governance, onboarding, and administration [greatgray.com](https://greatgray.com/about/)
- **BoardingPass™**: Modern onboarding tool designed to streamline client and fund onboarding across the retirement ecosystem [greatgray.com](https://greatgray.com/about/)
- **Sub-Advisor Oversight**: Manages relationships with 80+ sub-advisors across 38 trading platforms [greatgray.com](https://greatgray.com/about/)
- **Fund-of-Fund Administration**: Serves as trustee or administrator at multiple fund levels for fund-of-fund structures (more than 9–11% of total assets) [greatgray.com](https://greatgray.com/great-gray-in-2025-building-momentum-with-purpose/)
- **Recordkeeper Connectivity**: Maintains relationships with 200+ recordkeepers to enable retirement plan administration and participant servicing [greatgray.com](https://greatgray.com/about/)
- **Advisor Education & Thought Leadership**: The "Gray to Great" podcast (13 episodes, 15 advisors, 1,000+ downloads) and "The Great Gray Brief" newsletter for industry insights [greatgray.com](https://greatgray.com/great-gray-in-2025-building-momentum-with-purpose/)

## Market Standing
- **Valuation/Market Cap**: Not disclosed (private company)
- **Key Metric**: $318.6 billion in fund assets as of March 31, 2026; grew from $269.8 billion in assets under administration as of September 30, 2025 (supporting 827 funds) [greatgray.com](https://greatgray.com/about/) | [greatgray.com](https://greatgray.com/great-gray-in-2025-building-momentum-with-purpose/)
- **Notable Investors/Partners**: 80+ sub-advisors, 200+ recordkeepers, 38 trading platforms; strategic acquisitions of RPAG (announced February 27, 2025) and assets from flexPATH Strategies' CIT fund sub-advisory business [greatgray.com](https://greatgray.com/great-gray-in-2025-building-momentum-with-purpose/) | [linkedin.com](https://linkedin.com/company/great-gray-trust)
- **Growth Signals**: 
  - Workforce grew **55% year over year in 2025** to support expanding capabilities [greatgray.com](https://greatgray.com/great-gray-in-2025-building-momentum-with-purpose/)
  - LinkedIn headcount of 129 (+37.5% YoY, +42 people) and LinkedIn followers up **46.4% yearly** / **90% year-over-year** [linkedin.com](https://linkedin.com/company/great-gray-trust) | [greatgray.com](https://greatgray.com/great-gray-in-2025-building-momentum-with-purpose/)
  - Content and insights expanded 400x in 2025, focused on advisor enablement [greatgray.com](https://greatgray.com/great-gray-in-2025-building-momentum-with-purpose/)
  - Actively hiring across 8+ open roles including Senior Manager of Software Development, Senior Counsel (ERISA), Account Executive, and Implementation Solutions Associate [linkedin.com](https://linkedin.com/company/great-gray-trust)

## Competitive Advantages
- **CIT market leader**: Described as "the CIT leader," with scale that few competitors can match — $318.6B in fund assets and 827 funds under administration [greatgray.com](https://greatgray.com/about/) | [greatgray.com](https://greatgray.com/great-gray-in-2025-building-momentum-with-purpose/)
- **Decades of fiduciary experience**: Deep institutional expertise, combined with a "non-traditional, forward-thinking team" [greatgray.com](https://greatgray.com/about/)
- **One-stop-shop model**: Integrates governance, onboarding, administration, and recordkeeper/sub-advisor relationships into a single platform, reducing complexity for plan sponsors and advisors [greatgray.com](https://greatgray.com/about/)
- **Agile institutional structure**: Operates with institutional scale but "an agile environment" with daily feedback loops, diverse perspectives, and entrepreneurial drive [greatgray.com](https://greatgray.com/join/)
- **Differentiated fund structure**: CITs are exempt from registration under the Investment Company Act of 1940 and the Securities Act of 1933, offering lower costs and operational efficiencies relative to mutual funds [greatgray.com](https://greatgray.com/great-gray-in-2025-building-momentum-with-purpose/)

## Strategic Focus
- **M&A-driven expansion**: Pursuing disciplined acquisitions that align with values and long-term vision, as demonstrated by RPAG and flexPATH transactions in 2025 [greatgray.com](https://greatgray.com/great-gray-in-2025-building-momentum-with-purpose/)
- **Advisor and partner enablement**: Growing education, content, and engagement programs (newsletter, podcast, 400x content expansion) to strengthen relationships across the retirement ecosystem [greatgray.com](https://greatgray.com/great-gray-in-2025-building-momentum-with-purpose/)
- **Technology modernization**: Continued investment in digital onboarding and streamlined processes (e.g., BoardingPass™) to make retirement plan management "easier, faster, and more effective" [greatgray.com](https://greatgray.com/about/)
- **Talent investment**: Growing workforce by 55% in 2025 to support operational excellence and expanding capabilities, with continued active hiring [greatgray.com](https://greatgray.com/great-gray-in-2025-building-momentum-with-purpose/) | [jobs.lever.co](https://jobs.lever.co/great-gray-group)

## Why Work Here
- **Purpose-driven mission**: Employees work toward "a secure financial future for all Americans" in a fast-growing segment of the retirement industry [greatgray.com](https://greatgray.com/join/)
- **Entrepreneurial, collaborative culture**: Described as a team of "entrepreneurially-driven thinkers and endless learners" that operates with institutional scale but an agile, feedback-driven environment [greatgray.com](https://greatgray.com/join/)
- **Professional growth**: Opportunity to attend and sponsor premier industry conferences, collaborate across the retirement ecosystem, and stay ahead of industry trends [greatgray.com](https://greatgray.com/join/)
- **Comprehensive benefits**: Medical (national carriers), dental, vision, 401(k) company match, employer HSA contribution, Dependent Care and Health Care FSAs, Lifestyle Spending Account stipend, and company-paid Basic Life & AD&D, Short- and Long-Term Disability insurance [greatgray.com](https://greatgray.com/join/)
- **Work model**: Currently hiring on-site roles — open positions are listed in Las Vegas, NV and Boston, MA [jobs.lever.co](https://jobs.lever.co/great-gray-group)
- **High-growth environment**: 55% workforce growth in 2025 means significant opportunity for advancement, mentorship, and impact within a scaling organization [greatgray.com](https://greatgray.com/great-gray-in-2025-building-momentum-with-purpose/)

## Sources
1. [greatgray.com — About](https://greatgray.com/about/)
2. [greatgray.com — Join Our Team](https://greatgray.com/join/)
3. [greatgray.com — Great Gray in 2025: Building Momentum With 

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