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Messages - squarre

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Current Law Students / Re: Getting a CPA license after law school
« on: May 17, 2007, 04:40:14 PM »
Thanks for all the responses.

I'm not intending to set up my own practice, but rather to be well rounded in a variety of areas. I really want to be an SEC attorney, but I am also considering the tax attorney route at a Big 4.  My wife is a tax accountant at a Fortune 300 company, and what she has learned from her co-workers is that Big 4 really likes the JD/CPA combo. The CPA is apparently preferred over the LLM because the CPA is much more broad (it covers finance in addition to tax). You don't even need the license necessarily - just the fact that you passed the exams apparently does wonders for your salary and career opportunities when you also have a JD. Also, if you aren't getting the license right away, you can take any of the state exams. Some have less stringent course requirements. New Hampshire, I believe, only requires 12 credits in accounting in addition to the 150 hour basic requirement.  So I was thinking of taking those classes after I pass the bar (or maybe auditing them at my school while in law school) and then studying for 6 months and taking the CPA exams.

All this is a lot of work, but my thinking is that in this competitive environment with way too many young lawyers, this is a good way to set yourself apart. It seems like there aren't many people who have gone this route yet, so less competition. Because it is so much less common, you really stand out. I'm looking eventually to be on a Board of Directors for a company some day, and was thinking this would be a great way to get on that track (especially after spending time at the SEC or Big 4).

In any case, just something to think about.

It does look like New Hampshire's requirements to sit are not as great as some other states.  You don't need 150 hours, but in addition to the 12 hours of accounting you need 12 hours of other business courses.  Good luck if it is the route you decide to take. 

Current Law Students / Re: Law Firm Partner Salary/Pay
« on: May 14, 2007, 05:53:31 PM »
It is ordinary income.  Even if you tried to call it something else it would be recharacterized by the IRS as ordinary income.  There are cases and I believe revenue rulings on the issue. 

Current Law Students / Re: Exam Questions and Model Answers Bank?
« on: May 07, 2007, 01:37:19 PM »
Harvard's site has a very good bank of sample exams, but I don't think many (if any) have sample answers.

There was an in class with no time limit at my school the year before I started (I graduate this week).  The exam began at 1:00 pm and several students stayed until at least midnight, with the last student leaving at about 2:00 am.  Surprisingly, the professor chose not to use this format again the next year. 

Current Law Students / Re: Most Hated 1L Class
« on: May 01, 2007, 11:06:12 AM »
I went with legal writing.  Like others have said it just took so much time.  However, looking back as someone who is graduating in a little over a week it was probably one of the more useful classes that I have taken and one of the few I that I use a good bit today.

Current Law Students / Re: poor lawyers
« on: May 01, 2007, 11:02:29 AM »
A judge visiting my school and speaking to the student body, advised us not to go into law, if we wanted to get rich. Up until that point, everyone had been laughing at his jokes. When he made that statement, the whole room was stone silent.
Obviously I didn't hear the talk, but I have heard many say you won't get rich practicing law.  When most people say this they don't mean you won't make very good money and won't live extremely comfortably.  There are just very few lawyers who get into the mid to high six figures and still fewer that get to the seven figure range.  Successful entrepreneur, high level finance executives, and various other have many more making the very high end salary.   

It definitely doesn't mean that most lawyers will go through life living hand to mouth and struggling to make a living.

Current Law Students / Re: cause of action against school?
« on: April 23, 2007, 08:11:04 PM »

- Umass guy

For there to be any cause of action the following would need to be true: The school guaranteed in writing and always allowed EVERY part-time student admission into the full-time program, without exception, at the discretion of the student.

Wouldn't guaranteeing in writing be enough?  Why did you include the "always allowed" part?  For that matter, if they guaranteed it for students of 2.75 GPA, why would you conclude that they had to allow everybody regardless of GPA, at the discretion of the student?  Your analysis makes no sense. 

The main reason for my statement is that I don't think a contract would ever be created in this situation - consideration would be a huge problem. Therefore, the reason I gave both parts and included the always is because I think some reliance would need to be shown.  If there was ever anyone not accepted at any GPA level a student could potentially be denied admission to the full-time program.   

Next, I don't think a guarantee would work unless someone could prove that their main reason for attending a particular school was because of the opportunity to transfer to the full-time program.  This would be difficult in the situation of a part-time student because the choice of a part-time program generally has something to do with other things like job or family that won't allow a full-time course of study.  While someone could claim that the reason they went to this part-time program was ability to go full-time, it would be difficult to win this argument unless there was  another part-time program in the immediate area to which the individual was accepted or could prove they would have been accepted.  Travel isn't likely to be a possibility for most who take the part-time route.

For what it is worth - A lot of the analysis here is applying 1L casebook law to a real life situation.  Professors will tell you as you go through law school that a lot of the causes of action don't ever work in real life - remember the case in the book are there for a reason and a lot of times the reason is that the case is one of few ever decided that way.

Current Law Students / Re: using free west & lexis during summer...
« on: April 23, 2007, 02:25:47 PM »
Anyone know what the deal is w/ whether or not using ur lawschool account as a lawclerk can get you in trouble?  Mainly I'd like to use it at night while at home just so I can be more efficient while at work (and also to impress partners).  I'm about to enter my post 1L summer so anyone w/ any thoughts/experience w/ this please share.
I wouldn't do it for the reasons others have mentioned.

To add a little more "impressing the partners" by being more efficient won't do you a lot of good.  The partners have an expectation of about how long it will take clerks to do things.  They will cut hours for some work you do already and if you are doing work at home and not billing you are cutting hours too.  If hours are cut by you and the partner your client isn't getting billed and your firm isn't getting paid.  Your billing rate is going to be much lower than the attorneys at the firm so if you bill 1.0 hour to do something that takes someone with experience .3 the amount billed might not be much different.  I know at the firm I work at as a 3L who is about to graduate they make it clear that you shouldn't cut your own hours - if the partner wants to it is their choice. 

Current Law Students / Re: cause of action against school?
« on: April 23, 2007, 02:16:21 PM »
I am currently a 1st year part-time student. I entered the part time program with the intention of transferring to full time after the first year. At the beginning of the second semester, my school enacted a policy which requires a minimum GPA of 3.0 to be able to transfer to full time. Before this year, the "policy" supposedly existed, but it was never enforced. Could there be some sort of claim pursuant to contract law? Perhaps, reliance or mis-representation? Did the school waive their right to hold students to the requirement? Let me know what you think.

- Umass guy
For there to be any cause of action the following would need to be true: The school guaranteed in writing and always allowed EVERY part-time student admission into the full-time program, without exception, at the discretion of the student.

I personally don't feel there is any contract that carries over from year to year between each student and the school - in a general sense.  I am also willing to bet that even if the claim had potential to exist (I don't think it ever would), the law school or university itself has language somewhere that says policies can be changed at the will of the school.

I also think you would have a very hard time showing any damage that results from not being given admission to the full-time program. 

As a practical note I think you would have a next to impossible time of getting anyone to accept your case. 

Current Law Students / Re: Corporate = state or federal?
« on: April 15, 2006, 12:11:20 PM »
Securities Law is almost strictly federal law.  Your professor may mention state blue sky laws but even if they are mentioned it will probably be a relatively minor issue.

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