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2 Comments

New Business Partnership Gives

Columbia Law an Edge Over the
Competition

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Natasha Paulmeno | On June 12, 2014

Columbia Law is taking big steps toward strengthening its Program in the Law and Economics
of Capital Markets, and its doing so with the help of a very good friend. On June 4, the
school received a three-year grant from the NASDAQ OMX Educational Foundation, which will
fund the advancement of the program by supporting the production of a seminal treatise on
capital markets regulation and the development a more comprehensive website.
So whats the big deal? The average tuition for one year of law school is $41,985, according to
lawschooltransparency.com. This inflated tuition has contributed to a downward trend in law
school enrollment nationwide. But if innovative cross-disciplinary programs like Columbias
capital markets regulation course are introduced, students might be compelled to pay more
now to earn more in the future.
My colleague Matt DeWilde wrote about the University of Arizonas tuition decrease and how
the cut incentivizes students to attend three-year programs at cheaper tuition rates; however,
three years with a smaller price tag still costs more than two. But theres more that law schools
could do than just slash prices. If law schools across the nation were to lower tuition and
continue offering versatile courses like Columbia Law is doing, we could end up with better
educated lawyers. The most valuable aspect of programs like this one is a student body that
actually cares about the subject. Legal grads could become more proficient legal advocates
with the help of partnerships like Columbia Business and Law and NASDAQ.

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The Program in the Law and Economics of Capital Markets is jointly based in the Columbia Law
School and the Columbia Business School. The first of its kind, it focuses on three main goals:
1. To further develop the Capital Markets Regulation course and its materials in order to
allow other institutions to take advantage of them.
2. To draft a seminal treatise on capital markets regulation.
3. To unite professionals through the Fellow Workshops to promote discussion of legal
regulation of capital markets and economic forces that drive regulation.
The grant allows Columbia Law to continue providing courses in the up-and-coming field
where business and law collide, without augmenting tuition. The program is directed by three
seasoned scholars, Professors Merritt B. Fox, Lawrence R. Glosten, and Edward F. Greene. In
my interview with Professor Fox, he said that anywhere from 50 to 80 students enroll in the
main course. By 2016 he and Professor Glosten hope to complete the seminal treatise, which
will be the first text on capital markets to be used as a professional reference and teaching
material for legal practitioners, market participants, and scholars.

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Publishing the seminal treatise means facilitating the course at other institutions, which is just
what this nation needs. Fox said the University of South Carolina School of Law will implement
a capital markets regulation course in the upcoming school year, and that readily available
materials of a hard text would stimulate other universities to adopt courses in the subject.
Another resource the grant will support is the NASDAQ OMX Fellow Workshops program. The
workshops connect students with experts from the legal and business academy, government,
industry and legal practice for high-level discussions to the legal regulation of capital markets
and the economic forces that shape markets and the regulatory environment.
Most of the workshops are recorded and published on the programs website. Students can
use the workshops to network with the professionals in the field. If someone became
interested we would be able to connect them with one of the speakers in the program, Fox
said. Networking is a key aspect for aspiring lawyers in a time when the legal job market is
rocky.
Due to low employment rates for legal post-grads, Columbia Laws capital markets program
will give participating students a new edge. And who doesnt love being a little ahead? The
combination of easily accessible materials and networking opportunities provide students with
the upper hand in the post-graduation job hunt. With the support from NASDAQ, the program
is sure to continue breaking ground in the blossoming field.
Congratulations, Columbia Law! Your capital markets program is sure to kick butt in a new era
of legal studies.

Natasha Paulmeno (@natashapaulmeno)

Featured image courtesy of [Luis Villa del Campo via Flickr]

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