INTERNATIONAL LL.M. PROGRAMS: BOSTON UNIVERSITY SCHOOL OF LAW, BOSTON, MA, USA

I wish to express my deep appreciation to Kevin J. Handly, Esq., Director of the LL.M. in Banking & Financial Law and the LL.M. in Taxation Programs, for taking the time to address my inquiries. SIY

Director Handly, as the director of both the LL.M. in Banking & Financial Law and the LL.M. in Taxation at Boston University, could you please share with us what makes these programs distinctive?

KH: There are many reasons BU’s Tax and Banking LL.M. Programs are recognized by legal professionals throughout the U.S. and internationally as “Best in Class.”  Courses in both programs are taught by leading practitioners in firms and government service.  Both programs provide their graduates with a comprehensive grounding in the essential tools of specialized legal practice, as well as in emerging and cutting-edge niche subspecialties.  Both the Tax and Banking programs provide their students with dedicated professional career development support and introduction to practitioners and the organized Bar at the local, national, and international levels.  Both have international alumni networks that are second to none. Both offer remote, online, and part-time as well as full-time residential courses of study leading to a specialty LL.M. degree.  Students can start their studies in either the Fall or Spring semesters.  Both provide a pathway for U.S. lawyers to acquire recognized expertise in a specialized area of practice and for non-U.S. lawyers to gain admission to practice in the U.S.

Could you please elaborate on how these programs prepare students for the challenges they will face in banking and financial law or tax law?

KH: BU’s Tax and Banking LL.M. programs offer their students a wide range of courses, progressing from introduction to the basic fundamentals of tax and banking law to highly specialized areas of professional practice. All of our courses are taught by lawyers who are actually practicing or recently retired from practice in their subject areas. Their focus is as much on the transmission of practical skills as on imparting substantive knowledge. Our professors are approachable:  They relish their roles as educators and mentors to the next generation of tax and financial services professionals and provide counseling and introductions outside the classroom.

Boston University Law School is indeed a living organism and academic institution with many J.D. and LL.M. students concentrating on their academic achievements by working side by side. With that being said, do students have a chance to enroll in all J.D. classes? Why is this opportunity important for foreign lawyers?

KH: At BU Law, all J.D. and LL.M. students study and enjoy law student life together side-by-side in a beautiful physical setting, using the same classrooms, library, lounge, athletic, audiovisual, internet, and dining facilities.  Participation in campus activities, societies, and organizations is generally open on an equal basis to all law students regardless of their degree program. While some courses have prerequisites and are specially designed and accord first priority to students in their separate degree programs, for others, both J.D. and LL.M. students are eligible and do indeed listen and learn together in the same classroom sessions. Such cross-program exposure can enhance professional collegiality and accelerate students’ acceptance and integration into the legal profession.

Today’s fast-paced environment requires legal practitioners to stay current as legal issues constantly change. How does Boston University School of Law meet these expectations?

KH: Our courses are taught by leading practitioners who bring their real-world practice challenges and perspectives to the classroom.  At BU Law, we are constantly reviewing, revising, and updating our graduate law courses and extracurricular offerings to stay current with evolving issues, trends, and developments in our respective areas of practice. For example, we recently added new courses in Payments Systems and Cybersecurity & Privacy to our Banking & Financial Services Law curriculum and plan to offer a new course in Family Governance in our Graduate Tax program in the coming year.  During the academic year, we regularly sponsor substantive presentations on topics, transactions, and cases of current interest to the practicing bar.  We also host collective listening sessions in real time to oral arguments of significant cases before the Supreme Court, with interested faculty members offering critiques and analyses in post-argument discussion sessions.

Changing our subject to another common problem among the LL.M. candidates, considering that the law is often country-specific in some areas, are the banking, financial, and tax laws in those local areas? What value will this knowledge add to international lawyers’ legal careers in their home countries or globally?

KH: Due to its economic, financial, and political primacy worldwide and its highly developed legal and regulatory infrastructure in both the areas of taxation and financial services law, the U.S. is an international exemplar and standard setter. Consequently, advanced professional training in the U.S. systems of taxation and financial regulation is a valuable professional attribute for lawyers in every part of the world.

We are seeing professional opportunities integrated into LL.M. programs, such as on- and off-campus recruiting events with all the “Big 4,” tax career luncheons, specialized job fairs, and more. How do you support international students (lawyers) in terms of career opportunities?

KH: At BU Law, we have a team of three professionals exclusively dedicated to assisting our LL.M. students fulfill their professional career aspirations.  In addition to disseminating job listings and career opportunities, they assist all of our LL.M. students, both U.S. and international, in one-on-one counseling sessions, cover letter and resume preparation, interviewing rehearsals, and bar admissions requirements and preparation.  BU is a leading participant in the annual TARE (Tax Attorney Recruiting Event) and participates in a variety of specialty tax and banking events every year. BU Law is one of a select group of law schools participating in the annual International Student Interview Program (ISIP), an LL.M.-only recruitment program specifically for foreign-trained attorneys. In addition, BU Law is a regular participant and exhibitor at meetings of the Tax Section and Banking Law Committee of the American Bar Association. 

Are there any notable success stories that illustrate the contribution of graduates to the legal field?

KH: BU proudly boasts of the professional accomplishments of graduates of its Tax and Banking Law LL.M. programs.  BU LL.M.s can be found in every major city and financial hub throughout the world, practicing in law and consulting firms, banking organizations, and government agencies.  Many of these can be seen on LinkedIn, where the Graduate Program maintains a group page. 

Our project has previously hosted your colleagues from Boston University to feature the LL.M. in Taxation Program. In today’s interview, we would like to focus more on the Banking & Financial Law LL.M. Program. We have noticed that the internship program of the LL.M. in Banking and Finance Law provides a specialized opportunity for students seeking hands-on experience. Can you please provide more information about this great opportunity?

KH: Qualifying students in the second semester of our Banking LL.M. program who select the Financial Services Transactional Concentration and establish a relationship with a local employer-sponsor may be eligible to earn academic credit while working part-time in a local law office or legal services organization. Since the Pandemic, fewer organizations than previously have been willing to sponsor law student interns. However, BU Law seeks to provide numerous opportunities for LL.M. students to meet and network with potential internship sponsors. 

We are aware that there are certificate programs available for international lawyers who do not wish to pursue a full or part-time LL.M. degree. Could you please provide an explanation of the Financial Services Compliance Certificate Program for our readers? How does it distinguish itself from the LL.M. in Banking and Finance Program?

KH: BU Law is in the process of phasing out its online Certificate in Financial Services Compliance Program, which was developed in response to the COVID-19 Pandemic.

In this era of advancing technology, we are observing the rise of digital currencies and the increasing utilization of cryptocurrencies in the financial sector. This ongoing trend has prompted financial services to adopt digital transformation by integrating finance and technology. Have you incorporated any interdisciplinary courses into your curriculum to respond to this demand?

KH: Our courses in Taxation and Regulation of Cryptocurrency and Payments Systems provide in-depth examinations of those emerging areas of practice.  Where the law governing new applications of the blockchain and AI is not yet sufficiently developed to justify dedicated courses, many of our current course offerings explore the legal implications of these emerging financial technologies.  These include our courses in Banking Structure and Regulation, Taxation, and Regulation of Cryptocurrency, Cybersecurity & Privacy, Securities Regulation, Payments Systems, Consumer Financial Services, Governance, Risk Management & Compliance Programs, and Financial Crisis to Fintech.

Given the growing threat of cyber-attacks and the crucial role of cybersecurity in protecting the financial system, could you please provide details on any specific courses or modules that focus on cybersecurity and privacy law? How are students being prepared to tackle these challenges?

KH: Commencing last year, we offer a new course in Cybersecurity & Privacy, co-taught by Professors Thomas Cesso and Jenny Hedderman, two of New England’s leading risk management professionals.

Finally, we would like to hear your thoughts on the most important skills or areas of knowledge that aspiring students should concentrate on to succeed in banking and finance. Do you have any insights or recommendations for potential candidates thinking of enrolling in these programs?

KH: While pursuing an LL.M. degree from BU Law will greatly accelerate one’s entry into the exclusive fraternity of banking and financial services lawyers, the practice of law is a continual and life-long process of self-education that does not end with graduation.  On the contrary, as financial services lawyers, we must constantly re-educate and re-invent ourselves to become experts in new and ever-evolving areas of financial innovation and activity.  To this end, I would urge your readers to commence this process in earnest today by reading religiously the Wall Street Journal, the Financial Times, The Economist, the American Banker, and comparable local publications, by continually browsing the websites and particularly the press releases of the Federal financial regulatory agencies, the SEC, the FDIC, the OCC, the Federal Reserve Board, and the CFPB, by keeping a lookout for relevant cases before the Supreme Court and other State and Federal courts, and by attending substantive programs hosted by the Banking Law and Consumer Financial Services Committee of the Business Law Section of the American Bar Association and by their local state and city bar associations.

Thank you for this opportunity to share information about BU Law’s Graduate Programs in Taxation and Banking & Financial Law with your readers.