New York City Program reboots with new opportunities

One of the Law School’s most distinctive and successful initiatives is hitting the 10-year mark by returning to its roots.

The New York City Program on Finance & Law, which takes law students to the heart of the nation’s financial capital for an intensive semester of hands-on learning, is welcoming a cohort of School of Management students into this year’s class.

That mix of law and management students was at the core of the program when it was begun by Professor Philip Halpern in 2006, but shortly after the program launched, changes in the Management School core curriculum schedule prevented MBA students from participating, leaving the program to serve exclusively Law School students for most of its first 10 years.

The New York City program requires significant UB Law resources and energy, explains Clinical Professor Lauren Breen, the program’s new director. (Halpern retains a major role as academic director.) With the Law School admitting a slightly smaller class in recent years, she says, it made sense to move the program to the fall semester in order to reopen the experience to management students – and to take advantage of the enhanced learning they bring to the classroom.

“The business side of finance, of course, has always been a current in the program,” Breen says. “We have a terrific group of 18 students this year:  4 MBA, 2 JD/MBA and 12 JD students.  After completing only two weeks of the fall program, it has been very interesting to see the perspective that the MBA students bring to the material. Business students are already explaining finance concepts to the law students and the law students are sharing insight into how law affects business.” She also notes that the students’ capstone projects are done in teams that include both law and management students – an experience that’s second nature to business majors, not so much to future attorneys.  “We are looking forward to seeing the positive impact from the MBA students’ strong experience working in teams and are very grateful to the School of Management for moving swiftly to approve the program curriculum in time for MBA students to register for the Fall 2016 semester.”

In the program, students spend the fall semester in New York City engaging with a series of experts presenting on their particular niche of the corporate finance world. In addition to Law School faculty, this year the program will include School of Management Adjunct Professor John Dunbar and Sudhir Suchak, Clinical Assistant Professor in Finance & Managerial Economics.  However, adjuncts and guest lecturers who are high-level professionals in the fields of corporate finance, capital markets, financial services, regulation and compliance form the backbone of the semester’s teaching. “This year we are very lucky to have increased teaching time from Erik Lindauer, '81, a newly retired Sullivan & Cromwell partner who has also hosted the final project presentations since the program’s inception,” Breen noted.

It’s a heady mixture, and students need to be at the top of their game to keep up. Breen says she spends at least an hour with every applicant, looking for who will have the maturity, resilience and initiative to engage the guest speakers and network effectively with alumni.

“It’s highly participatory,” Breen says. “We’re in the classroom Monday through Thursday and, when the speakers come in, the students need to have prepared with background reading on the topic they’re presenting so we can engage in a meaningful conversation. These are extremely busy, highly successful experts in their field, and they’re very generous with their time, so the composition of the NYC student group is critical. We need people who are well rounded business and/or law students, who want to learn how to interact with people in a professional way.”

New this year is a placement program in which some students will spend two afternoons a week, plus a full day on Fridays, in a professional setting, such as the New York office of the federal Securities and Exchange Commission. Besides the additional learning that results, Breen says, the hope is that students will develop an even wider network of contacts toward their post-Management or Law School job search.

Another Fall 2016 program component is a trip to Washington, D.C., to connect with financial regulators and other alumni in the finance world. An important part of that experience will be a social networking event with DC UB alumni. Donations are being sought from alumni who wish to help sponsor this excursion, which will cost about $300 per student.

And no 10th anniversary would be complete without a party – so one is planned for Sept. 28th at the New York City offices of Hodgson Russ. All UB Management and Law alumni are welcome, with the hope that New York City Program alumni from the past decade will reunite with classmates.  The event is designed to honor program founders Professors Philip Halpern, Jack Schlegel, Philip Perry, Thomas Disare, Bert Westbrook and Amy Westbrook and the dedicated adjunct professors, guest speakers and alumni mentors who have lent their wisdom over the years. David Franasiak Law ’78/MBA ‘79, a mainstay of the program as a donor, lecturer and final project team sponsor, will give the keynote address.