Senior Counsel - Workout

Location:

127 Public Square, Cleveland Ohio

JOB SUMMARY
Responsibilities for Senior Counsel in the Key Legal Group include: (i) generally conducting research, monitoring new laws and regulations, and advising clients and co-workers of compliance requirements and (ii) identifying and assessing legal and enterprise risk, and assisting in risk mitigation. The role acts as a relationship manager for Key Legal services to line of business or functional leaders, as assigned. Success criteria include timely and effective handling of daily requests from internal clients, establishing a reputation as an accessible and approachable team member with internal clients, functional areas, other Key Legal members, and other support groups, and collaborating with clients, management, co-workers, and outside counsel to identify and mitigate risks resulting in reasonable and risk-appropriate decisions.

ESSENTIAL JOB FUNCTIONS

• Senior Counsel in Key Legal’s Workout Group provides pro-active legal services to the Group’s primary internal clients, the Specialized Finance group, including within it the Asset Recovery group (“ARG”). ARG Relationship Managers (“RMs”) are a highly skilled and experienced group of commercial loan workout officers who manage troubled commercial loan workouts and bankruptcy matters. Senior Counsel works hand-in-hand as a legal adviser with ARG RMs to maximize recoveries by developing and implementing workout and restructuring plans.
• Providing ARG with the same legal services in the commercial workout and bankruptcy areas as outside law firms, including reviewing and modifying commercial loan documentation, preparing and documenting loan forbearance programs when needed, and representing ARG in commercial bankruptcy cases.
• Reviewing and discussing with ARG RMs existing loan documentation, including verifying the validity and enforceability of the documents.
• Identifying and correcting any deficiencies in the loan documents and having the workout borrower promptly execute corrective amendments or other documentation, as needed.
• Strategizing with and advising ARG RMs as to the most effective workout strategy, including (i) entering into forbearance documentation with the borrower to provide time to cure loan defaults, (ii) having the workout borrower return the loans to performing status, (iii) having the borrower locate take-out financing, or developing a program to liquidate KeyBank’s collateral to minimize losses.
• Representing KeyBank’s interests if a bankruptcy case is filed by or against the workout borrower, including consulting and negotiating with the debtor’s counsel and other active participants in the case, drafting and filing pleadings in contested matters and adversary proceedings, and appearing in bankruptcy court on KeyBank’s behalf, both in-person and virtually.

EDUCATION QUALIFICATIONS
Bachelor’s and Juris Doctor degrees and active state or local bar membership

EXPERIENCE QUALIFICATIONS

• At least five years of relevant experience in a commercial loan workout and bankruptcy practice, including with law firms, corporations in-house, or judicial clerkships.
• Experience with, and a working knowledge of, the Uniform Commercial Code and the Bankruptcy Code.

TACTICAL SKILLS

• Negotiating and modifying commercial loan documents.
• Motion practice (state, federal, and bankruptcy courts), including in-court argument of bankruptcy court contested matters and adversary proceedings.
• Working as a team with ARG RMs, outside counsel, and outside consultants.

ESSENTIAL COMPETENCIES

• Accountability: Keeping promises and honoring commitments, demonstrating open and honest communication; accepting responsibility for mistakes and failures and learning from them.
• Effective Collaboration: Identifying and involving the appropriate stakeholders to make decisions and maximize results; readily sharing information, knowledge, experience, and best practices; leveraging opportunities and capabilities accomplish team goals
• Business Acumen: Knowing how business works; being knowledgeable in current and possible further policies, practices, trends, and information affecting the business and organization; knowing the competition; being aware of how strategies and tactics work in the marketplace.

COMPENSATION AND BENEFITS
This position is eligible to earn a base salary in the range of $112,000.00 - $210,000.00 annually. Placement within the pay range may differ based upon various factors, including but not limited to skills, experience and geographic location. Compensation for this role also includes eligibility for incentive compensation subject to individual and company performance.
Please click here for a list of benefits for which this position is eligible.

Key has implemented an approach to employee workspaces which prioritizes in-office presence, while providing flexible options in circumstances where roles can be performed effectively in a mobile environment.

Job Posting Expiration Date: 02/16/2026

KeyCorp is an Equal Opportunity Employer committed to sustaining an inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, pregnancy, disability, veteran status or any other characteristic protected by law.
Qualified individuals with disabilities or disabled veterans who are unable or limited in their ability to apply on this site may request reasonable accommodations by emailing [email protected].

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