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Author Topic: Corporate = state or federal?  (Read 502 times)

jdmba

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Corporate = state or federal?
« on: April 15, 2006, 04:20:10 AM »

Can anyone studying corporate and/or securities law give me any advice about the importance, or lack thereof, of attending a school in the state in which he or she wants to practice?  I mean, is it mostly state law or federal law that one studies?  If it's state law then I'm assuming that attending a school in a state in which you want to practice is extremely important... is that right?

I hope to serve as a part of a business' general counsel rather than in an actual firm. So, my thoughts up until now have been that the location of the law school is less important than, say, the ranking since there are so many businesses in various locations - who knows where one will end up.

I just want to get some opinions/thoughts.

THANKS!!

Lenny

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Re: Corporate = state or federal?
« Reply #1 on: April 15, 2006, 12:17:57 PM »
Most of corporate law nation-wide is based on the state corporate law of Delaware or New York.  There are also codes that most states base their own corporate law on - the UCC, Restatement of Agency, etc.  As a result, most schools teach to those general rules, making school location unimportant.

jdmba

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Re: Corporate = state or federal?
« Reply #2 on: April 15, 2006, 12:27:34 PM »

Thank you for the advice.  That's really helpful and I really appreciate it.

That being the case, then, if you had to choose between George Mason and the University of Iowa, which would you choose?

Thanks again.

squarre

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Re: Corporate = state or federal?
« Reply #3 on: April 15, 2006, 03:11:20 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.

giraffe205

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Re: Corporate = state or federal?
« Reply #4 on: April 15, 2006, 03:31:46 PM »

Thank you for the advice.  That's really helpful and I really appreciate it.

That being the case, then, if you had to choose between George Mason and the University of Iowa, which would you choose?

Thanks again.

You should go to the NALP directory and do a search by city (city you'd like to live in) and see where those firms recruit from. I know that you said that you'd like to be general counsel, but typically you need to work for at least two years at a firm before corporations will take you. The way it works is that you work on a deal or case of a big client. They like the work, you build a relationship w/ their senior gen'l counsel and ask about being hired on.

You'll also want to do a search by school to see what firms and in what locations they are hiring for. Pay attn to the number of firms that recruit at each school as well.

jdmba

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Re: Corporate = state or federal?
« Reply #5 on: April 18, 2006, 09:15:08 AM »
That's really helpful.  I went to the NALP directory and searched around.  Still trying to make sense of it all, really. 

So, traditionally that's how it's done?  One works for a firm until s/he is recruited away by a business?  Wow, that's news to me.  Thanks for the heads up giraffe!

I appreciate everyone's suggestions.  I figured with their Innovation, Business and Law program that Iowa would be the stronger choice.  Thanks again everyone!!

SymphonyOfDreams

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Re: Corporate = state or federal?
« Reply #6 on: April 20, 2006, 04:58:30 PM »
Each State has it's own rules of registration and tax filings regarding corporations; what happends with Delaware is that it's the most flexible, cheapest and fastests of options to register a corporation, plus it gives a lot of advantages regarding coporate litigation. So Delaware is quite popular to register your company.

All rules regarding Securities come directly from the Securities Exchange Comission and federal laws, there are some particularities that may vary depending on the state... however it's not that important to the point that you should consider your law school location over it.

Focus on what's more important... and that's the class programs.