Accounting for lawyers Forum

[flcath]

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]

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]

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]

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.

[NotMyRealName09]

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]

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.....

[evilxs]

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]

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]

Thanks for the input, guys.

[Iconoclast]

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

/done

You need a class for this?

[NotMyRealName09]

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.