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Two-Year Master of Laws (LLM) in Banking & Financial Law

The Two-Year LLM in Banking & Financial Law program is specifically designed for internationally trained lawyers seeking advanced training in the laws governing the American and international banking and financial services industries. This comprehensive program immerses students in the intricacies of the US legal system, providing a deep understanding of how US lawyers are trained to analyze legal questions and advocate on their clients’ behalf. Through rigorous coursework, engaging discussions, and hands-on experiences, students develop critical thinking, analytical reasoning, and legal research skills. They gain proficiency in legal writing, oral advocacy, and negotiation, enabling them to effectively communicate and advocate within the American legal context and beyond. Additionally, the program fosters an appreciation for ethical considerations and the broader societal impact of the law.

Learning Outcomes

Students will:

  • Demonstrate a basic understanding of the US legal system.
  • Demonstrate an ability to use legal authority and perform legal analysis.
  • Demonstrate proficiency in legal English, in both written and oral communications.
  • Demonstrate a deeper understanding of the structure, regulation, and functioning of the US banking sector and of certain widely applicable international financial law standards.
  • Demonstrate an understanding of the standards and approach of US public and private practitioners to financial services law issues, including reviewing, structuring, documenting, and completing widely utilized forms of financial transactions.

Degree Requirements and Curriculum

The Two-Year LLM in Banking & Financial Law program requires the successful completion of at least 23 units in the first year and at least 24 units the second year. Students must have a minimum GPA of 2.3 to graduate. Students whose cumulative GPA is below 2.3 after the first year of study are subject to dismissal from the program.

The program will be offered in residential format only. Students will be able to complete the program in four terms, or two years of full-time study, beginning in the fall (September) or spring (January) term.

Students in the Two-Year LLM in Banking & Financial Law program will be advised by the Director of the Two-Year LLM program during their first year of study. During the second year of study, students will receive academic advising from the Director of the Banking & Financial Law program.

Because students have an additional year to improve their legal English skills, the Two-Year LLM in Banking & Financial Law program will enroll students with English language exam scores of 85 TOEFL / 5.5 IELTS. However, only incoming students with an English language exam score of 100 TOEFL or 7 IELTS will be eligible to enroll in certain elective courses during the first year. Two-Year LLM students with an English language exam score lower than 100 TOEFL / 7 IELTS will automatically be enrolled in the spring in International Contracts and Negotiations (2 units).

First-Year Required Courses

  • LAW AM 700 Introduction to American Law (2 units)
  • LAW AM 704 Legal Research and Writing Seminar for LLMs (2 units)
  • LAW BK 904 Financial Services Fundamentals (0 units) (2-week summer course)
  • LAW LE 650 US Legal Discourse (6 units)
  • LAW LE 651 Academic Skills for US Law Studies (3 units)
  • LAW LE 653 Legal Reasoning and Analysis (6 units)
  • LAW LE 655 Persuasive Legal Advocacy (2 units)

First-Year Elective Courses

  • LAW AM 701 Professional Responsibility for International LLMs (2 units)
  • LAW AM 702 Property for LLMs (2 units)
  • LAW AM 703 Evidence for LLMs (2 units)
  • LAW AM 709 Fundamentals of US Constitutional Law for LLM Students (2 units)
  • LAW AM 710 Criminal Law for LLMs (2 units)
  • LAW AM 715 Essential Bar Skills (2 units)
  • LAW AM 813 Contract Law Practice for LLM Students: Understanding the US Lawyer’s Perspective (2 units)
  • LAW AM 815 Corporations for LLMs (4 units)
  • LAW LE 652 Introduction to US Legal Culture (2 units)
  • LAW LE 661 International Contracts and Negotiations (2 units)
  • LAW TX 901 Federal Income Tax I (2 units)
  • LAW TX 902 Federal Income Tax II (2 units)

Second-Year Requirements

  • LAW BK 925 Banking Structure and Regulation (2 units)
  • Minimum of 22 units (at least 10 units per term) from the following elective courses:
    • LAW BK 903 Financial Services Law Internship (1 unit)
    • LAW BK 905 Financial Derivative Products and Markets (2 units)
    • LAW BK 911 Venture Capital Financing (2 units)
    • LAW BK 931 Governance, Risk Management, and Compliance (2 units)
    • LAW BK 933 Bankruptcy (2 units)
    • LAW BK 934 Hedge Funds (2 units)
    • LAW BK 937 Corporations I (2 units)
    • LAW BK 938 Corporations II (2 units)
    • LAW BK 941 Professional Responsibility (2 units)
    • LAW BK 950 Pooled Funds and Investor Protection (2 units)
    • LAW BK 951 Payment Systems (2 units)
    • LAW BK 955 Securities Regulation (2 units)
    • LAW BK 957 Introduction to Project Finance (2 units)
    • LAW BK 958 Transnational Lending (2 units)
    • LAW BK 971 Financial Crisis to Fintech (2 units)
    • LAW BK 972 Secured Transactions (2 units)
    • LAW BK 983 Central Banks, Commercial Banks, and Financial Markets (2 units)
    • LAW BK 987 Securitization (2 units)
    • LAW BK 988 Mergers and Acquisitions (2 units)
    • LAW BK 990 Government Regulation of Insurance (2 units)
    • LAW BK 991 Commercial Lending (2 units)
    • LAW BK 995 Consumer Financial Services (2 units)
    • LAW TX 917 Taxation of Financial Products (2 units)
    • LAW TX 989 Taxation and Regulation of Cryptocurrency (2 units)

    The course offerings are focused and seek to give students a thorough understanding of financial services law through a combination of regulatory, transactional, and business-oriented courses. Students desiring to qualify to sit for an American bar examination may be required to take additional courses, such as Professional Responsibility, among others. (Bar eligibility requirements vary from state to state.) With the permission of the Banking & Financial Law Program Director, Two-Year LLM students may take a maximum of two courses related to banking and financial services in the School of Law’s JD, American Law, or Graduate Tax program during their second year of study.

    Optional Concentrations

    The program offers five optional concentrations, which will be noted on a graduating student’s transcript:

    • The Business of Banking offers a full range of courses involving banking regulation and products designed for students who intend to practice law or work in the banking industry.
    • Compliance Management focuses on designing compliance systems for financial institutions in a post-crisis regulatory environment of heightened risk and compliance management expectations.
    • Financial Services Transactions is designed for lawyers seeking to gain experience in conducting complex financial services transactions, by complementing theory with a working knowledge of the practical aspects of structuring and executing a deal through in-class negotiation sessions and an internship. Students in this concentration are required to complete the Financial Services Law Internship.
    • Lending & Credit Transactions is geared for lawyers who wish to specialize in various forms of lending, including issues involving domestic and transnational loan structuring, perfection of security interests in property, and bankruptcy.
    • Securities Transactions focuses on matters involving equity and debt securities and the management of collective investment vehicles, including the obligations of issuers, their directors, and officers, as well as fund managers and distributors.

    Internships

    The Financial Services Law Internship course provides students with real-world experience in the practice of financial services law. Subject to academic requirements, during their second year, students may work at a law firm, financial services organization, or regulatory agency under the supervision of a lawyer and a faculty advisor. In recent years, students have completed internships at ACCION International, Allston Brighton CDC, Cambridge Savings Bank, Computershare, the City of Boston, the Federal Reserve Bank of Boston, MA Division of Banks, Natixis Advisors, Neighborhood of Affordable Housing, People’s United Bank, John Hancock Financial Services, and American Consumer Credit Counseling, among others.

    Student Activities

    The program is administered by a team of professionals dedicated to the academic and personal growth of each student. The program frequently collaborates with the Boston Bar Association and other professional groups to organize lectures, symposia, and round-table discussions on issues affecting the financial services sector.

    Related Bulletin Pages

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