Group Legal Director, Monzo
Employment, Incentives and Pensions
£190-210k
+ Incentive Awards tied to your performance
Digital-only bank platform and marketplace
Be an early applicant
Digital-only bank platform and marketplace
1001+ employees
Be an early applicant
£190-210k
+ Incentive Awards tied to your performance
1001+ employees
Company mission
To build a new kind of bank that makes money work for everyone.
Role
Who you are
- You have significant post-qualification experience in the field of employment law, and preferably also incentives and defined contribution pensions related matters (c.15 Yrs PQE+ as a guide, but not a prerequisite)
- You have outstanding technical skills and strong knowledge of employment law, and preferably also incentives and pensions matters having spent time in private practice and ideally time in house. If you have spent time at a bank and/or financial technology company managing EIP matters that is a plus
- You are a strategic thinker, a strong communicator and a keen problem solver who knows how to assess risk and recommend solutions that balance business and risk perspectives
- You are happy handling the widest range of legal issues that may arise even where outside your core areas of expertise, and can sensibly assess when best to engage external counsel in a cost effective way
- You are comfortable operating at all levels of the organisation up to the Executive and Remuneration Committee, but can also roll your sleeves up and get things done
- You're passionate about the intersection of banking and technology and the transformation unfolding in consumer finance and the future world of work practices, and what we are doing here at Monzo excites you!
- Not ticking every box? That’s totally okay! Studies show that women and people of colour might hesitate to apply unless they meet every single requirement.
- At Monzo, we’re dedicated to creating an inclusive and welcoming team. If you’re passionate about this role and keen to learn and grow with us, we encourage you to apply - even if you don’t have everything that's listed just yet
- Drop us your application, we’d love to hear from you! In-house experience in financial services is preferred, but is not essential for the right candidate
What the job involves
- We're looking for a Group Legal Director of Employment, Incentives & Pensions at Monzo
- This role will have day-to-day responsibility for managing all legal matters associated with Monzo's employment, incentives and pensions (‘EIP’) matters in the UK and Europe
- Reporting to Monzo's General Counsel for Group Centre and often working directly with Monzo’s Chief Legal & Administrative Officer, you will operate as the most senior legal leader for people, reward and workforce strategy globally
- You will be at the intersection of people strategy, regulation, governance and technology, with direct impact on Monzo’s long-term success and operating model
- You will work at Executive level in the organisation in close partnership with our Group Chief People Officer, our People team, Monzo's VP of Reward and our Chair of the Remuneration Committee
- You’ll lead on a wide range of EIP related legal matters within a bank regulatory compensation framework (including but not limited to CRD V and SMCR)
- You’ll have a solid grounding in all types of incentive structures including but not limited to share options
- This role will be a part of the leadership team for the Legal & Board Governance Collective
- Providing strategic legal advice and commercial solutions on EIP matters impacting the Monzo Group as a whole, as well as its subsidiary legal entities (in the UK and EU)
- Being a trusted adviser and partner to the Group Chief People Officer, the Executive leadership and People team, including in developing policies, procedures, guidance, and templates relevant for a range of EIP legal matters
- Working with Monzo’s VP of Reward, the Reward team and our Chair of the Remuneration Committee on compensation arrangements and remuneration policies and practices with a sound understanding of different reward and compensation structures including share options
- Managing a team of two senior employment lawyers and helping to mentor and support other lawyers across the wider team
- Providing EIP advisory legal support to the business as required across the entire employee life cycle—from hiring (including executive service contracts), people processes, and departures, and managing any contentious EIP legal matters
- Supporting international EIP projects and matters in the EU and other jurisdictions as the business continues to scale, coordinating with in-country General Counsels and their teams
- Working proactively and collaboratively with members of the wider Legal, People, Reward, Tax, Risk & Compliance, & Finance Collectives on a variety of EIP related matters, ensuring coordination across control functions and business teams
- Developing and implementing internal frameworks, processes, and procedures to increase the efficiency and scalability of EIP legal advice across the Monzo Group and its subsidiary entities, including empowering the people and business teams with appropriate guidance and tools
- Delivering training, sharing insights from your work, and helping educate others on EIP matters, providing forward-looking guidance on key legal and regulatory developments, risks, and opportunities
- Managing relationships with our external legal counsel and working with others in the Collective to ensure we are optimising our legal spend on EIP matters and obtaining best value
- Supporting the broader Legal & Board Governance Collective in continuing to build a world-class and scalable, high-performing legal team, including championing technology innovations to streamline workflows and increase scalability (and yes, you get to work with us in developing our Generative AI based solutions!)
Application process
- The application journey has 3 key steps
- Recruiter call
- Initial call
- Full loop: Technical, Behavioural & Leadership interviews
- Our average process takes around 3-4 weeks but we will always work around your availability
Our take
Monzo is a challenger bank that fully operates online and offers a full range of current, savings, business accounts, and more. The speed of the challenger banks to provide a great experience has been impressive, and the number of competitors appearing has proven the consumer desire for innovation.
Monzo remains one of the popular online banks, with more than 6 million active users. The company faces competition from more traditional banks, such as Goldman Sachs and JP Morgan, which have launched their own digital banks. However, the new technologies that the company is built on enable it to expand quickly (with fewer issues) than the incumbent players' offerings.
With an increasing amount of people switching banks, the company's ever-expanding suite of banking and financial services (such as its buy-now-pay-later offering) has resulted in Monzo receiving the second-highest net switching gains among digital challenger banks (just behind Starling).
After setting U.S. expansion plans aside in 2020, the company launched in the U.S. market in early 2022, partnering with Sutton Bank to provide its U.S. accounts. After several years focused on narrowing its losses, Monzo hit profitability in the first two months of 2023. In the same year, 2 million new customers joined, tallying its customer base at 9 million in 2024.
Kirsty
Company Specialist at Welcome to the Jungle
Insights
Company
Funding (last 2 of 18 rounds)
May 2024
$190m
LATE VC
Mar 2024
$455.8m
LATE VC
Total funding: $1.9bn
Company benefits
- Yearly Salary Review + Proactive pay increases to reflect growing responsibilities + Share options
- Flexible working hours
- Work From Home Opportunities + we'll pay for any equipment you need to do your job
- 24 days holiday a year, plus bank holidays
- Paid sick leave for both physical & mental health + Health insurance via AXA or Vitality + Additional health insurance through Medicash
- Employee Assistance Programme
- Learning budget of £1,000 a year
- Aviva Pension Scheme + 4% Employer Contribution
- Paid maternity, paternity, adoption or shared parental leave (after 13 weeks of employment)
- 52 weeks of primary caregiver leave (6 months at 100% pay, 13 weeks at Statutory Maternity Pay, 13 weeks unpaid)
- 3 months of secondary caregiver leave at 100% pay
- Unum Life Insurance
- Access to fertility and family-forming health benefits via Fertifa
- Abellio Season Travel Tickets + Cycle-to-Work Scheme
Company HQ
City of London, London, UK
Leadership
TS Anil
(CEO)Also a Board Member at Accion. Previously Board Member at UK Finance, Global Head of Payments, Products & Platforms at Visa and was the Global Head of Retail Products at Standard Chartered Bank.
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