Boston University School of Law – Semester-in-Practice Program

Memorandum of Understanding

(This part to be completed by the student. Please type.)

Student’s name: ______

Externship start date (should be during first week of classes): ______

Externship end date (should be during last week of classes): ______

Placement: ______

Supervising attorney: ______

Supervisor’s email & phone number: ______

Faculty supervisor: ______

About our Program:

Boston University School of Law’s Semester-in-Practice Program provides students with a full-immersion practical experience under the guidance of attorneys and judges. This guidance enables students to learn the professional skills and values that will form the foundation of their legal careers.

Participating students work at a network of placements in federal, state, and local agencies and courts, in legal services and non-profit organizations, and in the private sector. Placements at a law firm are permitted if the student works solely on pro bono matters.

Students receive 10 ungraded credits for working 65 full-time days at their placements. Students also work with a supervising professor on a 2-credit independent study paper and submit seven bi-weekly reflective journals.

Instructions:

The following pages outline the minimum standards expected of site supervisors, faculty supervisors, and externs participating in the Semester-in-Practice Program. Please read each section and put your initials next to the responsibilities that pertain to your role.

Students are responsibile for seeing that the agreement gets signed by all parties. Students should submit pages 1-4 of this agreement along with their Semester-in-Practice Program application.

We greatly appreciate everyone’s role in creating an educational semester. Thank you for your time. If you have questions or concerns, please don’t hesitate to contact Adrienne Smith, Associate Director of Experiential Education, at 617.358.6265 or

Site Supervisor’s responsibilities:

______Goal-setting: Please work with the student in preparing a list of goals that the student will accomplish during the course of the externship. The student must turn in the list of goals as part of their application to the Semester-in-Practice Program. The goals form can be found at Appendix A.

______Orientation: Please ensure that the extern receives an orientation, including a discussion of office procedures and confidentiality, and an overview of the work and expectations of the extern.

______Scope of Work: Assignments should be primarily legal in nature, with very few administrative responsibilities. Students should be exposed to a mix of lawyering issues available within the given placement.

______Observation: Externs should have as many observation opportunities as possible, such as court proceedings, client/staff/strategy meetings, negotiations, and/or any other appropriate professional activities.

______Supervisor Accessibility: At a minimum, supervisorsshould meet weekly with their externs. In addition, supervisors should be available to meet with the extern as needed to provide support and feedback on assignments.

______Feedback: Please provide students with feedback on each assignment. The feedback should go beyond general comments such as ‘good work’ and should provide detailed comments so that students know exactly where they excelled, and where they can improve.

______Evaluations: Please fill out the mid-term and final evaluation of the student’s performance that you will receive from our office. The student will schedule a mid-term meeting with you to discuss the evaluation, and to review and to adjust goals that were set at the beginning of the externship. The faculty supervisor will also contact you mid-semester to arrange a time to meet in person or to speak on the phone to discuss the student’s progress.

______Mentorship: Please use your professional and life experience to help the students learn and develop. Students value your advice on networking, career development, and the legal profession.

______Ethics: To the extent possible, please point out professional responsibility issues that arise during the course of the externship.

Student’s responsibilities

The students’ responsibilities relate to two areas: (1) the fieldwork; and (2) the academic work.

Fieldwork requirements:

______Time Commitment: Students agree to work 65 full-time days of work at their placements. If students work from the first day of classes until the last day of classes, taking off only BU Law holidays, the 65-day requirement will be met exactly. Students may work until the last day of finals to make up missing days, if necessary. However, students must work until the last day of classes, even if the 65-day requirement is met earlier. Students agree to set a regular work schedule with the supervising attorney and seek permission for absences or modifications in that schedule.

______Time sheets: Students agree to submit a weekly timesheet that they will receive from the Office of Experiential Education during the first week of classes. Students are responsible for getting the timesheets signed by their supervisors and turning them in.

______Goal-setting: Students agree to identify specific educational goals, review and discuss the goals and strategies with both their supervising attorney and supervising faculty member, and submit those goals (Appendix A)as part of the Semester-in-Practice Program application. Mid-semester, students should re-evaluate the goals with the placement supervisor and define new goals as necessary.

______Professionalism: Students agree to follow directions, seek clarification and advice in a timely fashion, and comport themselves with professionalism and integrity. Students also agree to play a proactive role in their experiences by seeking out assignments, asking for feedback, challenging themselves, being reliable with regards to attendance and project deadlines, and engaging in continuing self-assessment of their strengths and weaknesses.

Academic requirements:

______Reading list: Students submit a reading list as part of their Semester-in-Practice Program Application. A sample reading list, along with further guidance, is provided in Appendix B.

______Research paper: Students will submit a 15-20 page research paper to their faculty supervisor, due by the last day of finals of the semester of participation. Students should work with their faculty supervisor to set a deadline, about 5 weeks into the semester, to submit a paper topic and outline. Please enter that deadline here: ______.

______Journals: Students agree to submit, to both their faculty supervisor and Adrienne Smith, seven 4-6 page reflective journals, comporting with the deadlines and topics listed in the Appendix C. Students should speak with their supervisors about confidentiality restrictions for their journals.

Faculty Supervisor’s Responsibilities:

______Reading List: The faculty supervisor agrees to work with the Student in developing a reading list that will serve as a tutorial throughout the semester. A sample reading list is provided in Appendix B.

______Journals:The student will submit to the faculty supervisor seven 4-6 page journals discussing the fieldwork experiences and reactions to the assigned readings. The deadlines and prompts are provided in Appendix C. The faculty supervisor should make comments on the journals and return them to the student within a week of receiving each journal.

______Mid-term Check-in: The faculty supervisor will either call or visit the site supervisor mid-way through the semester, to check-in on the student’s progress. The faculty supervisor should document the call or visit on the report form received from the Office of Experiential Education within a week of making the call.

______Research Paper: Work with the student as they develop a 15-20 page research paper related to the subject matter of externship.

______Ongoing communication: You should have regular contact with the student throughout the semester via email or phone. Mid-way through the semester you should have a longer phone conversation with the student discussing how the externship is going. Please be available to assist the student and/or supervising attorney should any questions or concerns arise during the semester.

______Grading: At the end of the semester, the faculty supervisor assigns the student a letter grade worth 2 credits, based on completion of the journals and paper. The journals are worth 1/3 of the student’s grade, and the paper 2/3. The Office of Experiential Education will keep track of the student’s timesheets and assign the student a P/F fieldwork grade based on the student’s satisfactory completion of fieldwork requirements.

Signatures:

______

Site supervisor signatureDate

______

Student signatureDate

______

Faculty supervisor signatureDate

Appendix A: Goal-Setting

Dear Student,

Central to the success of your semester away is the exercise of clarifying exactly what you want out of the experience. Goal-setting pushes you to think about what you want from the externship and what kind of experiences might lead you to those goals. Think of the goal setting worksheet as a “living document.” You will review and adjust it, with the help of your supervisor, as appropriate during the course of the semester.

Instructions:

As a first step, brainstorm a list of everything that comes to mind that you would like to get out of the externship. Include goals that are both broad and specific. Do not self-censor. The list should go beyond just things you can do, but can also include things you’d like to observe or conversations you would like to have.

Most goals fall into the following categories:

-Skill development;

-Developing a knowledge of the legal profession;

-Exploration of what kind of job to seek after graduation;

-Learning about a substantive area of law;

-Networking goals;

-Work habits;

-Professional development.

You are not limited to these categories. Be creative!

Once you have finished brainstorming, group your goals into similar categories. Can any of the goals be refined? For example, if you wrote, “I’m interested in knowing what it’s like to be a lawyer in the federal government,” you may refine that goal to say, “I will talk with at least five attorneys in the office about their experience being a government lawyer.” Or, if you wrote, “I am interested in learning more about Immigration Law,” you can refine your goal to say, “To gain as much exposure as possible to the current border surge of unaccompanied minors and how DHS plans on handling this crisis.”

Next, circle the four goals that are the most important for you to accomplish during your externship semester. Type those goals into the first column on the chart on the next page.

Discuss your potential goals with both your faculty supervisor and your site supervisor. Once the goals are refined based on their input, fill in the second column in discussion with your supervisor, being as specific as possible.

Turn the completed chart in with your other Semester-in-Practice Program materials.

Goal-Setting Worksheet:

To be submitted along with your Semester-in-Practice Program application.

Student Name:

Placement:

STUDENT: List four goals that you hope to accomplish during this externship. The fourth goal should relate to your goals for networking both within and/or outside of the organization.
PLEASE TYPE YOUR ANSWERS. / STUDENT AND SUPERVISOR: Describe three specific ways that the externship will assist the student in achieving each goal.
PLEASE TYPE YOUR ANSWERS.
GOAL 1: / 1.
2.
3.
GOAL 2: / 1.
2.
3.
GOAL 3: / 1.
2.
3.
GOAL 4 (networking goal): / 1.
2.
3.

Goal-setting, cont.

Goal-setting, Mid-Term Assessment:

To be filled out mid-way through the semester.

GOAL 1: [cut and paste your goal #1 here]

Describe the projects or observation opportunities you have had so far that have worked toward this goal:

GOAL 2:

Describe the projects or observation opportunities you have had so far that have worked toward this goal:

GOAL 3:

Describe the projects or observation opportunities you have had so far that have worked toward this goal:

GOAL 4 (networking goal):

Describe the projects or observation opportunities you have had so far that have worked toward this goal:

Goal-setting, cont.

Now re-evaluate your goals. Have you made a lot of progress on any of the goals? Do any require more attention? Or have any goals shifted? Think about what more you would like to accomplish during the remainder of the externship.

Next, list three additional goals for the rest of the semester. They can be new goals or they can expand upon your original goals. In either case, you should still work towards the original goals you set at the beginning of the semester.

Discuss both your progress on your original goals, and your additional goals, with your supervisor during your mid-term meeting. Refine the new goals as necessary based on that discussion.

Additional Goal #1:

Additional Goal #2:

Additional Goal #3:

Appendix B: Reading List

Instructions: You will need to submit a reading syllabus as part of your application. To develop the list, brainstorm a list of materials that relate to your particular placement, and also talk with your faculty supervisor for recommendations on what materials to include. Break the list into substantive topics so that you have a topic for each week or journal period. We recommend that you aim for 2-3 hours of reading assignments per week. Also include in the syllabus the journal prompts so that you have everything in one place. Please refer to the sample below to see how your syllabus might be structured.

Once your syllabus is complete, sendit to your faculty supervisor for comments and final approval. Then include the syllabus in your completed SIP application.

Sample reading list:

Syllabus for Semester-In-Practice

Fall 201x

Placement: xx

Internship Length: 65 days

Supervising Faculty: Professor xx

Internship Supervisor: xx

September x, 201x

  • Journal #1—Discuss any concerns you have about performing well at your field placement plus any thoughts you have on how you will become a skilled intern. Describe what you and your supervisor have done so far to define goals for the semester regarding skill development and assignments.
  • Readings: History of the SEC
  • Joel Seligman, The Transformation of Wall Street: A History of the Securities and Exchange Commission and Modern Corporate Finance (2003)
  • Chapter 1: After the Crash
  • Chapter 11: The Midlife Crisis of the SEC
  • Chapter 13: The Triumph of the Staff
  • Chapter 14: Full Circle

September x, 201x

  • Journal #2—Discuss confidentiality with your supervisor and describe your understanding of that discussion.
  • Readings:SEC Litigations and Enforcement
  • James J. Park, Rules, Principles, and the Competition to Enforce the Securities Laws, 100 Calif. L. Rev. 115 (2012)
  • Thomas C. Pearson & Gideon Mark, Investigations, Inspections, and Audits in the Post-SOX Environment, 86 Neb. L. Rev. 43 (2007)
  • Cristie L. Ford, Toward A New Model for Securities Law Enforcement, 57 Admin. L. Rev. 757 (2005)
  • Danne L. Johnson, SEC Settlement: Agency Self-Interest or Public Interest, 12 Fordham J. Corp. & Fin. L. 627 (2007)

October x, 201x

  • Journal #3—Discuss any feedback that you are receiving on the work you have been doing in your placement. Is the feedback timely, detailed, constructive, and thorough? What strategies do you have for improving the quality of the feedback that you receive for the rest of the semester?
  • Readings:Insider Trading
  • Stephen Clark, Insider Trading and Financial Economics: Where Do We Go From Here?, 16 Stan. J.L. Bus. & Fin. 43 (2010)
  • William Wang & Mark Steinberg, Insider Trading (2010)
  • Chapter 4: Some Basic Elements of Insider Trading Liability Under Section 10(b) and Rule 10b-5
  • Chapter 5: Those Who Violate Section 10(b) and Rule 10b-5 by Insider Trading or Tipping
  • Chapter 9: Rule 14e-3: Insider Trading or Tipping in the Tender Offer Context
  • Chapter 10: Section 17(a) of the Securities Act of 1933
  • SEC Enforcement Actions: Insider Trading Cases,

October 1x, 201x

  • Journal #4—Prepare a self-evaluation of your performance in the fieldwork so far. Review the goals you prepared when applying to the SIP Program. Re-evaluate your goals if necessary. Think about the experiences or assignments that you would like to have during the remainder of the semester and strategize for how you will discuss these goals with your supervisor.
  • Readings: Market Manipulation
  • Andrew Verstein, Benchmark Manipulation, 56 B.C. L. Rev. 215 (2015)
  • Charles R. Korsmo, Mismatch: The Misuse of Market Efficiency in Market Manipulation Class Actions, 52 Wm. & Mary L. Rev. 1111 (2011)
  • Steve Thel, $850,000 In Six Minutes – The Mechanics of Securities Manipulation, 79 Cornell L. Rev. 219 (1994)

October 3x, 201x

  • Journal #5—Open ended.
  • Readings: Ponzi Schemes
  • Kathy Bazoian Phelps & Steven Rhodes, The Ponzi Book: A Legal Resource for Unraveling Ponzi Schemes (2012)
  • Chapters 1: Introduction
  • Chapter 10: Statutory Claims: Securities and RICO Violations
  • Kenneth C. Johnston, Kellie M. Johnson, & Joseph A. Hummel, Ponzi Schemes and Litigation Risks: What Every Financial Services Company Should Know, 14 N.C. Banking Inst. 29 (2010)
  • SEC Enforcement Actions Against Ponzi Schemes,

November1x, 201x

  • Journal #6—Open ended.
  • Readings: Asset Management
  • Megan A. Bartley, Too Big to Mitigate? The Rise of Organizational Conflicts of Interest in Asset Management, 40 Pub. Cont. L.J. 531 (2011)
  • John Morley, The Separation of Funds and Managers: A Theory of Investment Fund Structure and Regulation, 123 Yale L.J. 1228 (2014)
  • Cheryl Nichols, Addressing Inept SEC Enforcement Efforts: Lessons from Madoff, the Hedge Fund Industry, and Title IV of the Dodd-Frank Act for U.S. and Global Financial Systems, 31 NW. J. Int'l L. & Bus. 637 (2011)

December x, 201x

  • Journal #7—Imagine that you are in a job interview and are asked to pick one issue or experience from your Semester-in-Practice that was important. Describe what the experience was, why it was important to you, and what you learned.
  • Readings: Derivatives/Complex Financial Instruments
  • Saule T. Omarova, License to Deal: Mandatory Approval of Complex Financial Products, 90 Wash. U. L. Rev. 63 (2012)
  • Robert F. Weber, Structural Regulation as Antidote to Complexity Capture, 49 Am. Bus. L.J. 643 (2012)
  • Colleen M. Baker, Regulating the Invisible: The Case of Over-the-Counter Derivatives, 85 Notre Dame L. Rev. 1287 (2010)
  • Christian Johson, Regulatory Arbitrage, Extraterritorial Jurisdiction, and Dodd-Frank: The Implications of US Global OTC Derivative Regulation, 14 Nev. L.J. 542 (2014)

December 2x, 201x