The First Fractional In-House Counsel for Institutional Investors

Investment management legal expertise embedded in your office—for a flat fee.

SCHEDULE A CONSULTATION

1,100+

DEALS CLOSED

25+

YEARS OF EXPERIENCE

$35B+

CURRENT CLIENT AUM

Serving Institutions That Serve Others

Public and private universities, healthcare systems, and other institutional investors with $1B+ in AUM trust ELS to manage fund agreements, diligence, and compliance—without Big Law fees, delays, or the cost of a full-time hire.

Whether your mission is funding scholarships, supporting patient care, or preserving family legacies, I handle the legal work so your team can focus on growing the investments that advance that mission.

Stephanie Pries, Founder

I founded Endowment Legal Services PLLC (ELS) to bring senior investment counsel to institutional investors through an outsourced general counsel model, on a flat quarterly fee.

What only the largest endowments have in-house, I make available to everyone else.

Today, my clients collectively manage over $35B in AUM—universities, healthcare systems, and investment advisers on both coasts, across the Midwest, and throughout the South.

I've closed more than 1,100 deals, and counting.

Before founding ELS, I spent 18 years as Director of Investment Legal & Compliance at the University of Notre Dame Investment Office and 5 years as senior legal counsel at Managed Funds Association in DC. At Notre Dame, I helped grow the endowment from $5B to $22B+ in AUM.

Why Investment Offices Choose ELS

TRADITIONAL MODELS

$300-800K+ annual cost (in-house counsel salary + benefits)

$600-$1,200/hour Big Law rates
2-4 week response times
Junior associates learning on your dime
Unpredictable invoices
Generic corporate counsel
Senior partners at premium rates

ELS MODEL

$80-120K annual flat fee (based on AUM)
One quarterly flat fee—no hourly billing
Quicker turnarounds on legal reviews
25 years of investment law experience
Zero billing surprises
Investment office expertise from day one
Direct access to Stephanie
Annual client visits included

“Big Law” investment expertise, embedded in your workflow, at a fraction of the cost.

SCHEDULE A CONSULTATION

What I Handle

So you can focus on investment performance.

Review and summarize LPAs and offering memoranda. Identify material risks and negotiation points. Deliver clear, actionable recommendations for your investment committee.
Handle the entire onboarding sequence: operational due diligence, DDQs that actually get answered, NDAs that protect your interests, side letters that secure your rights, IMAs that work with your custody setup, and subscription docs that pass compliance review the first time.
Respond to MFN elections, amendments and consents, custodian administrator or 3rd party compliance requests, verify service provider relationships, manage KYC/AML updates, and similar requests related to investee funds or internal governance matters (e.g., ESG compliance).
Keep your team ahead of regulatory and legislative changes through my weekly memos (e.g., endowment tax hike, “countries of concern” regulation/legislation), and other policy shifts impacting institutional investors. Will monitor marketplace matters that also impact your investments and help craft solutions for your team (e.g., Silicon Valley Bank episode).
Build out and organize document storage systems in your RMS, create legal data tracking for key fund terms, develop policy manuals, and streamline legal workflows.
As a member of your team, I stand available for any urgent fund requests, co-investment opportunities and/or unexpected manager situations—and ensure they are resolved fast.

Flat-Fee. No surprises.

You get expert legal counsel—on call and in sync with your team—for one transparent flat fee based on your AUM.

No clock-watching. No unexpected invoices.

How It Works

Consultation:
We review your legal needs, deal flow, and compliance requirements.
Integration:
I integrate directly into your workflow—email, document portals, whatever your office already uses.
Ongoing Counsel
Fund reviews, diligence, and compliance handled at a senior-counsel level for one flat annual fee