Accounting for lawyers

(Study Tips, Dealing With Stress, Maintaining a Social Life, Financial Aid, Internships, Bar Exam, Careers in Law . . . )
flcath
Posts: 1502
Joined: Fri Nov 06, 2009 11:39 pm

Accounting for lawyers

Postby flcath » Fri Aug 19, 2011 10:38 pm

So ND has a class called "Accounting for lawyers," the subject matter of which is self-explanatory (or at least I can't personally expound further). It's at 8:40am, and I'm on the high side in hours already, with law review.

I was wondering how useful the content would be for understanding Business Assoc. more fully (I know that one of our other BA profs offers accounting sessions once a week separate from the normal class times), and how useful it'd be in general.

Lastly, the course is closed to anyone who's taken more than 6 hours of accounting in UG. I was a hard science and math-y guy in UG, though I didn't take any accounting, so I was also thinking the grades might shake out to my benefit.

imchuckbass58
Posts: 1245
Joined: Mon Mar 16, 2009 3:24 pm

Re: Accounting for lawyers

Postby imchuckbass58 » Fri Aug 19, 2011 11:04 pm

flcath wrote:So ND has a class called "Accounting for lawyers," the subject matter of which is self-explanatory (or at least I can't personally expound further). It's at 8:40am, and I'm on the high side in hours already, with law review.

I was wondering how useful the content would be for understanding Business Assoc. more fully (I know that one of our other BA profs offers accounting sessions once a week separate from the normal class times), and how useful it'd be in general.

Lastly, the course is closed to anyone who's taken more than 6 hours of accounting in UG. I was a hard science and math-y guy in UG, though I didn't take any accounting, so I was also thinking the grades might shake out to my benefit.


From my experience (having taken accounting and summered at a firm), it will be very useful for actual practice, particularly if you go into corporate, or certain litigation specialties (white collar crime involving accounting fraud, securities, etc). It will be much less/not at all useful for business associations (assuming this is equivalent to the class we call corporations).

So, I would say you should take it before you graduate, but probably no need to take it right now if you are already swamped.

LoyalRebel
Posts: 193
Joined: Sun Feb 20, 2011 1:20 pm

Re: Accounting for lawyers

Postby LoyalRebel » Sat Aug 20, 2011 12:13 am

Is this class focused on the law surrounding the accounting practice, or the accounting itself?

For practical purposes, I'd shy away from getting involved in any very technical accounting if you don't really need it because it has potential to get pretty difficult and could prove to be an additional burden to you. If it simply teaches you about accounting and tax treatment of professional partnerships (like law firms), I'd say you could get all the pertinent from a book at Barnes and Noble that doesn't require you to be in class at 8:40am.

I am 100% supportive of getting an accounting background for the practice of law (I did it myself), but this particular class doesn't seem like it's worth it. It seems like it has limited usefulness due to it's very narrow application: accounting for lawyers.

NotMyRealName09
Posts: 1396
Joined: Mon Nov 09, 2009 5:50 pm

Re: Accounting for lawyers

Postby NotMyRealName09 » Sat Aug 20, 2011 1:26 am

I took "Accounting for Lawyers" while in school because I had absolutely zero exposure to accounting, and business cannot be understood without understanding basic accounting principles.

The class was not the law of accounting, but instead taught the basics of accounting. It explained "this is what accounting is," making t-tables and shit, learning how to read a balance sheet and financial statements (good general knowledge), learning the basics of balancing accounts, learning the basics of how various transactions are accounted for, and relating it all to situations lawyers may experience in practice where understanding accounting principles will come in handy.

I think it was a good subject to learn, as all lawyers generally need to know the basics of business. Business Associations (or whatever your school calls it) really doesn't teach you about "business" - it teaches you what business owners and executives do to run afoul of the law. That class is more about corporate structure and shareholder rights than how to run a business.

Think of it this way - Accounting for Lawyers is an introductory course into what CPAs do. Also think of it this way - you will be so pissed off and hate any student in your class who actually is a CPA, because that is like a native Spanish speaker showing up in your Spanish 101 class and fucking ruining your curve and making you look like a total fucking idiot - which fucking happened to me. What fucking douchebags those tools were......don't be that douche. If you already understand accounting, don't fucking take the rookie class for the easy A. I will remember you, douches. There should be rules against that shit.
Last edited by NotMyRealName09 on Sat Aug 20, 2011 1:39 am, edited 2 times in total.

NotMyRealName09
Posts: 1396
Joined: Mon Nov 09, 2009 5:50 pm

Re: Accounting for lawyers

Postby NotMyRealName09 » Sat Aug 20, 2011 1:29 am

LoyalRebel wrote:Is this class focused on the law surrounding the accounting practice, or the accounting itself?

For practical purposes, I'd shy away from getting involved in any very technical accounting if you don't really need it because it has potential to get pretty difficult and could prove to be an additional burden to you. If it simply teaches you about accounting and tax treatment of professional partnerships (like law firms), I'd say you could get all the pertinent from a book at Barnes and Noble that doesn't require you to be in class at 8:40am.

I am 100% supportive of getting an accounting background for the practice of law (I did it myself), but this particular class doesn't seem like it's worth it. It seems like it has limited usefulness due to it's very narrow application: accounting for lawyers.


It's not worth it - for you, someone who had "an accounting background" prior to lawschool (am I misreading that? If so, I don't know how else one gains an accounting backroung during lawschool). But for the uninitiated in the incredibly exciting world of accounting (accounting sucks for some people, like me, but it is important in certain contexts), the basics are good to know. But like I said, if you have taken Accounting 101 at any point in your life, you do not need such a class.

NotMyRealName09
Posts: 1396
Joined: Mon Nov 09, 2009 5:50 pm

Re: Accounting for lawyers

Postby NotMyRealName09 » Sat Aug 20, 2011 1:45 am

flcath wrote:So ND has a class called "Accounting for lawyers," the subject matter of which is self-explanatory (or at least I can't personally expound further). It's at 8:40am, and I'm on the high side in hours already, with law review.

I was wondering how useful the content would be for understanding Business Assoc. more fully (I know that one of our other BA profs offers accounting sessions once a week separate from the normal class times), and how useful it'd be in general.

Lastly, the course is closed to anyone who's taken more than 6 hours of accounting in UG. I was a hard science and math-y guy in UG, though I didn't take any accounting, so I was also thinking the grades might shake out to my benefit.


Goddamnit that is an appropriate rule. I had fucking CPAs in my fucking class!!!! Licensed accountants! I should have complained.....

User avatar
evilxs
Posts: 390
Joined: Wed Jun 10, 2009 1:21 pm

Re: Accounting for lawyers

Postby evilxs » Sat Aug 20, 2011 9:56 am

Quit your bitching. One post of foul mouthed whining fine. Everything after that just comes off wah, life ain't fair.

I'll take that class just like I took Federal Income Tax and everyone else be damned. Law school is competitive.

Giddy-Up
Posts: 103
Joined: Sun Apr 20, 2008 8:36 am

Re: Accounting for lawyers

Postby Giddy-Up » Sat Aug 20, 2011 1:26 pm

I thought it was a useful class. Our professor was a former CPA turned attorney. Awesome guy. He really took his time to explain it. I too have a technical undergrad, I don't think it helps. The math itself is really really simple, at least at the introductory level. A four function calculator is all you need. The trickier part is learning the rules. Our class rules provided that you could not take the class if you had more than 3 hours of accounting in undergrad, I am not sure if that was ever checked.

flcath
Posts: 1502
Joined: Fri Nov 06, 2009 11:39 pm

Re: Accounting for lawyers

Postby flcath » Sat Aug 20, 2011 3:06 pm

Thanks for the input, guys.

User avatar
Iconoclast
Posts: 193
Joined: Wed May 19, 2010 10:10 pm

Re: Accounting for lawyers

Postby Iconoclast » Mon Aug 22, 2011 3:06 pm

One for you... two for me. One for you... two for me.

/done

You need a class for this? :mrgreen:

NotMyRealName09
Posts: 1396
Joined: Mon Nov 09, 2009 5:50 pm

Re: Accounting for lawyers

Postby NotMyRealName09 » Mon Aug 22, 2011 4:37 pm

evilxs wrote:Quit your bitching. One post of foul mouthed whining fine. Everything after that just comes off wah, life ain't fair.

I'll take that class just like I took Federal Income Tax and everyone else be damned. Law school is competitive.


Have you been on the internet before? It was MADE for bitching.




Return to “Forum for Law School Students”

Who is online

Users browsing this forum: AZ123, Google Adsense [Bot] and 10 guests