It has often been said that crises are opportunities in disguise: you merely have to change your perspective and see the opportunities that other people don't. Here at the Graduate Program, we are in the business of seeing those opportunities and making sure that our graduates are equipped to take advantage of them.
As the United States emerged from the financial crisis, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. This law has fundamentally changed the practice of financial services law in the country and, insofar as U.S. persons and interests are involved, the rest of the world. However, to this day, policy-makers and regulators are still establishing the government agencies and writing the rules to implement the various provisions of Dodd-Frank. By any estimate, it will take two or more years to enact all the regulations mandated by Dodd-Frank. What this law’s effects will be on different aspects of financial services law (like derivatives transactions or the survival of institutions deemed Too-Big-To-Fail, for example) is still up for conjecture. However, one thing is certain: This change in legislation is bound to create tremendous opportunities for financial services lawyers both in the U.S. and around the world. Indeed, while a career in financial services law has always been an exciting one, this is more true now than it has ever been. Thus, we invite you to consider further studies, and possibly a career, in financial services law. We believe that our students will have a unique opportunity to learn the changes in the financial services industry at the same time that practicing lawyers, judges and regulators are grappling with the same problems and amendments. This is a unique moment to gain expertise at the same time that the rest of the legal profession has its first brush with Dodd-Frank and its regulatory environment. We believe that it is an opportunity worth seizing, and we hope that you will see our unique perspective on this.
The Graduate Program in Banking and Financial Law has been at the forefront of financial services law since 1984. It is the oldest LL.M. program of its kind in the United States and, since its inception, has trained more than 3,000 lawyers for leadership positions both in the United States and around the world. Our graduates hold influential positions in government, law firms, corporations, financial institutions of all types, and multilateral and non-governmental organizations around the world. The program has its roots in Boston University's Morin Center for Banking and Financial Law, which was founded in 1978 as the first institution in an American university devoted to the study of banking law.
In this program, we seek to provide an education that is both relevant and practical. We train our students so that they can immediately and effectively contribute in a professional setting. To do this, we make sure that our curriculum reflects the needs of the industry and equips our students with current information and skills. More importantly, we assemble a faculty of financial services professionals who are masters in their field and who have the passion, dedication and commitment to teach and train young lawyers.
We also strive to deepen our students' knowledge through co-curricular activities that expose them to the issues of the day and the practical realities of the workplace such as through round-table discussions, lunchtime lectures, internships and fellowship opportunities. Students may, at their option, apply for membership to the Review of Banking and Financial Law, the nation's oldest student-run law journal devoted to this subject.
We hope to attract serious professionals who would like to spend their careers in the financial services profession. Because of the recent upheavals in the financial markets, we believe that the Program's mission has never been more relevant than today. The future will offer opportunities in abundance for financial services lawyers who are familiar with the industry and the regulatory and supervisory environment in which it operates.
If you share our perspective and see opportunities where others don't, we invite you to join us in the Program. We can assure you that it will be an enlightening experience.