Business Practice Credit
The Business Practice Credit (BCP) allows students who are taking a business law course to earn academic credit for a supervised internship in which they assist attorneys in handling matters involving business law.
- Students are placed in legal externship positions that correspond to their current coursework in business law.
- Students gain hands-on experience negotiating and drafting agreements, determining compliance, arbitrating disputes, and participating in litigation activities.
Frequently Asked Questions
- How many credits are available for the BPC?
- Am I allowed to be paid for my Business Practice Credit work?
- Do I have to find the placement or will the school find the placement?
- Once I have found a placement, are there other requirements for the BPC?
- How do I register for the BPC?
- Once I have done all of the above preliminary steps what are the requirements of the BPC?
- How will I be graded?
A "Beyond Invaluable" Experience
My Business Practice Credit placement involved assisting general counsel in the facilitation of tax-deferred exchanges of multi-million dollar aircraft pursuant to IRC §103l, Revenue Procedure 2000-37, Reg. 1.1031; the recapture of depreciation pursuant to the Modified Accelerated Cost Recovery System (“MACRs”), and a number of other tax issues.
Time Value Property Exchange, Inc. (TVPX), located in Concord, MA, is a nationally recognized leader in 1031 exchanges of aircraft with service to clients on a national and international scale. I gained a tremendous amount of exposure to multiple tax principles as each transaction has its own unique set of issues, which need to be analyzed and properly addressed in order to qualify for non-recognition of gain pursuant to IRC §1031 and Revenue Procedure 2000-37.
For example, the timing of the closings, financing arrangements, state tax planning, ownership structures, and the FAA’s rules for aircraft operations are critical considerations in determining the best structure for a client’s 1031 exchange. Working directly under the general counsel, I was able to assist in facilitating exchanges of multi-million dollar aircrafts and other property, ranging from a $3.5 million Ferrari Super America to a Picasso valued at $30 million.
I have a strong affinity towards property and tax law and the BPC allowed me to pursue this interest with an externship that strongly aligned with my interests. Having familiarity with 1031 exchanges in a real estate context, the BPC allowed me to expand my understanding and application of the law. I also learned how it applies in an aircraft context of multi-million dollar transactions. The work aligned perfectly and I was well-prepared to handle tasks as a result of my New England Law course work.
The work most directly aligned with the Taxation of Business Entities course. Due to the regulations, an exchange accommodation titleholder is required to facilitate a particular transaction, making knowledge in the area crucial. I was well versed in the tax implications of disregarded entities, which allowed me to hit the ground running.
This internship solidified my interest in property transactions with an emphasis in tax implications. Having told colleagues of my interest in tax, the most common response was that it is a boring field, but that’s not the case when dealing with an interestingly unique application providing for the nonrecognition of gain of multi-million dollar property.
Essentially the Business Practice Credit provided me with the opportunity to experience a one-on-one crash course with an industry-leading attorney. TVPX handled over $3.5 billion in assets for Fiscal Year 2014. My placement gave me the opportunity to put legal principles that interested me in context of practice and see how they applied in a multifaceted, day-to-day operation. — Albert J. Moscone, Jr. ’15
I worked as a legal intern at Mint Energy, a competitive energy supplier in Burlington, MA. It was a great all-around experience, and I got to see what practicing corporate attorneys do every day.
Working with the general counsel, I was exposed to a broad spectrum of legal issues. As someone who has a strong interest in both corporate and environmental law it was fascinating to see how and where these two areas meet. It was an exciting place to work, as you never knew what type of new legal issue was going to walk into the office on a given day. I was responsible for helping out on a wide array of projects, everything from regulatory compliance filings and contract revisions to civil litigation matters and lease provisions. If you are a student interested in business law, you simply must apply for the Business Practice Credit. I strongly recommend it to anyone that wants to gain hands-on legal experience to complement your course work in business law. — Thomas Moore ’15
Working at the Massachusetts Securities Division (MSD) was a dream come true. Right away, I was treated more like a member of the team than just an intern. Attorneys were constantly taking an interest in what I was doing and making sure that I was learning.
I had many of the responsibilities that entry-level attorneys have. I assisted in the drafting of an administrative complaint, reviewed subpoenas, took part in an investment adviser exam, observed a deposition, and researched cutting edge securities issues, such as crowd funding and using eminent domain to obtain underwater mortgages for the purpose of refinancing.
The highlight of my experience was helping to prepare for and then observe an administrative hearing, after which I assisted in the drafting of the post-hearing memorandum. Through this experience, I was able to see a case from the pre-hearing to post-hearing stage and get an up-close look at how administrative law really works. I loved every minute of my experience and I hope to return to MSD as an attorney one day. — Erin Gaudreau '14
Sony Music Entertainment provided me with an experience that goes above and beyond invaluable. During the summer of 2013 I was able to work with the Business and Legal Affairs Division in New York City. After the first week I felt as if I was home; everyone was truly welcoming. The environment really kept me on my toes and I was working with many other attorneys beside my supervisor, Neil Berman, on various projects and contracts. I was able to draft different types of agreements such as: trademark license and co-existence agreements; asset purchase agreements; tour production agreements; joint and co-ventures; record label agreements; contest and sweepstakes rules for promotions; and nondisclosure agreements. I was also fortunate enough to get an invitation to attend a trial with one of the senior attorneys, Wade Leak, in which Sony was a party to a copyright royalty claim, so that I could see the litigation side of things. I felt as if everyone truly valued my opinion on all matters, which helped to further nurture a very rewarding learning environment. I can only hope that I get the chance to encounter and work with Sony Music’s talented attorneys in the future since, after all, the music business is truly a small world! — Alexandria Hock ’14
During spring 2013, I interned for the Office of Ethics & Corporate Compliance at Fresenius Medical Care in North America (FMCNA), which is the largest dialysis provider in the world. Given that FMCNA is a vertically integrated company, I gained experience and exposure to every aspect of FMCNA businesses, including clinical services, pharmacy, and products research.
During the summer of 2012 I was an intern in the enforcement section of the Massachusetts Securities Division. My work included IPO and REIT investigations, and research on Fifth Amendment privilege, the role of investment advisors in hedge funds, and on pooled investment vehicles. I also drafted inquiry letters and subpoenas and did citation checks for administrative complaints.
Thanks to the help of professors at New England Law | Boston, I was able to work in multiple internships that range from NASDAQ OMX/BOXR to the Financial Industry Regulatory Authority (FINRA). The faculty made themselves available for an exceptional amount of advice, discussion, and guidance when I decided to enter the field of business and corporate law. The Business Practice Credit allowed me to gather the necessary experience from these internships and garner enough knowledge to now have a great opportunity to work in compliance at a major financial institution following graduation. The professors and supervisors I worked for at these internships made this possible. The Business Practice Credit is where all opportunities began for me, and it is the best way to become involved and experienced in business law. — David Erickson '10
Spending a semester working in FINRA’s Enforcement Division was a challenging and gratifying experience. I was able to get a realistic and varied experience of what it is like to be a securities litigator through important assignments that were critical to the success of pending cases. Representative assignments throughout the internship included drafting settlement documents, preparing an appellate brief, drafting complaints, and taking investigative testimony. I worked closely with senior staff on every assignment and my suggestions and recommendations were always given due consideration. Feedback on assignments was thorough and incredibly helpful. The skills and law that I learned through practical experience at FINRA complemented my securities class work at New England Law | Boston perfectly. The collegial atmosphere made every minute spent at FINRA an enlightening, rewarding, and enjoyable experience. — Matthew Hranitz ’09
My experience at Sedo.com, LLC was invaluable. The Business Practice Credit gave me the opportunity to work as an in-house corporate legal intern at a rapidly growing Internet company. I felt that this position provided me with the opportunity to further explore the areas of law I was most interested in; more specifically, Corporate Law and Intellectual Property Law. I faced new challenges every day and dealt with matters I would not have dreamed of encountering as an intern, such as: drafting joint venture agreements, arbitrating trademark disputes, and interacting with attorneys that represent extremely high- profile clients. This opportunity served as the perfect practical component of my law school education. — Keith J. Bae '08
My experience through the Business Practice Credit placement gave me perspective on the legal side of companies and business transactions. My placement was with the Enforcement Division of FINRA. I gained a great deal of insight into securities law, and the NASD [National Association of Securities Dealers] gave me the hands-on, practical experience with the regulation of the United States securities industry. I was directly involved with all areas of enforcement and was able to draft sanction agreements and complaints, assist in depositions, and plan and prepare hearing documents. I have previous experience in the banking industry, and my placement at the NASD helped solidify my plan to go into regulatory compliance when I graduate. — Dan Brunk '07
I have been spending time with Circor's General Counsel, Alan Glass, weekly since the first week in September. I was fortunate to have working knowledge of the company through my experiences as a commercial insurance broker for Marsh and McLennan handling Circor's Director's and Officer's insurance program. Alan has been introducing me to different contacts amongst Circor's operating divisions so that I may gather and analyze the different term and conditions being used by the operation divisions for purchase and sale.
The backdrop to this analysis is application of the terms and conditions within the context of Article 2. I am also spending time with Alan as he goes through litigation management and mergers and acquisition protocols. I have found these differing roles to be very interesting and is has confirmed my interest in corporate law and the desire to pursue the role of in-house after law school. — Willem Erwich '06
The Business Practice Credit was a wonderful opportunity for me to explore my interest in business transactional law. I chose a placement in the Boston Stock Exchange legal department to match my specific interests. My hands-on experience there not only supplemented my learning experience in law school, but it also allowed me to make contacts in the area of law that I intend to pursue as my career. The Business Practice Credit offers invaluable practical experience for anyone who wants to explore the practice of business law. — Stephanie Shirley '05
My placement at RNK Telecom through the Business Law Practice Credit gave me the opportunity to experience an in-house counsel work environment. During my internship, I worked on several research projects that allowed me to learn about the telecommunications industry and the impact the law has on it. I was interested in business law when I entered law school, and this placement offered me hands-on experience in a business setting. — James Thurman '03 spent a semester as a legal intern at RNK Inc. (RNK Telecom) in Dedham, MA, where Douglas S. Denny-Brown ('97) is general counsel and vice-president of regulatory affairs