Many students interested in business law participate in Miami Law's Investor Rights Clinic. On February 29 and March 1 Fellows - second-years Jacob Bruner, Eba Hendrickson, Ethan Lewin, and third-year Maryann Lennon - visited Washington, D.C. to meet with high-ranking executives at the Financial Industry Regulatory Authority and to participate in the 2024 Securities and Exchange Commission Investor Advocacy Clinic Summit, alongside SEC commissioners and staff.
The Investor Rights Clinic provides legal representation to investors of modest means who have suffered investment losses due to the misconduct of their broker or brokerage firm but cannot obtain legal representation due to the relatively small size of their claim.
"This trip was an extremely enriching experience for me and my peers who interned in the Clinic last semester and now serve as fellows this semester," said Hendrickson. "Throughout our time in the clinic, we have learned how FINRA and the SEC interact to protect investors, so having the opportunity to talk with representatives from both of these entities in person was very enlightening. These representatives expressed their appreciation of the services we provide through the clinic on several occasions, which highlighted how valued the work we do is and made our experience with the clinic even more rewarding."
To date, the clinic has recovered nearly $1.5 million for its clients and prepared hundreds of students for the practice of law through hands-on legal experience in securities arbitration.
On Thursday, February 29, the students arrived on an early morning flight and went straight to the FINRA Washington, D.C. office on K Street. FINRA is a self-regulatory organization that oversees all brokerage firms in the U.S. and provides the nation's largest securities dispute resolution forum. The students met with staff from multiple FINRA departments throughout the day, highlighted by a meeting with FINRA CEO Robert Cook.
"It was awesome to meet, ask questions, and discuss important FINRA topics with Robert Cook. All of us felt appreciated since he took the time to meet with us for a while," said Bruner. "I really enjoyed learning his thoughts and views on how to balance FINRA's mission of protecting investors with the relationship FINRA has with the broker-dealers which fund the organization."
The students also heard updates relating to the FINRA arbitration forum from the director of FINRA Dispute Resolution. Topics covered by staff from other FINRA departments included generative artificial intelligence, protection of investors from technology-based scams, and enforcement actions under new rules governing the duties of securities brokers.
On Friday, March 1, Miami Law students joined students from other law school securities clinics at the 2024 SEC Investor Advocacy Clinic Summit at the SEC's Washington, D.C. headquarters. The summit aimed to showcase the value of securities clinics to an in-person and virtual audience, including law school representatives interested in opening securities clinics. Law school securities clinics remain rare, with only 10 currently operating, none west of the Mississippi River.
"Many disadvantaged investors may not have access to affordable options when having disputes with their brokers," said Lennon. "Law students participating at the summit echoed the significance of these clinics, highlighting their personal experiences, impacts on clients, and skills learned. Just as I have experienced participating in a clinic, the work extends far beyond the traditional classroom, providing hands-on learning opportunities essential for professional development."
SEC Chair Gary Gensler gave the summit's opening remarks via video conference.
Gensler referred to law school securities clinics as "important partners in our work" during his speech. "Every American investor deserves the safeguards of our time-tested securities laws," he said.
In addition, SEC Commissioners Hester Peirce and Jaime Lizarraga appeared in person to answer questions submitted by the law students. Drawing on their experiences at the Investor Rights Clinic, Miami Law students presented with students from Cornell University on the community outreach and investor advocacy efforts of securities clinics.
Investor Rights Clinic Director Scott Eichhorn also joined the directors of nine other securities clinics on a panel to answer questions that law schools interested in opening securities clinics may have. Eichhorn was asked what he wished he had known when he began working at a securities clinic.
"I said I wished I knew how rewarding it would be. And my experience working with this group and watching them display their talent and poise before a national audience only confirmed that for me," said Eichhorn.
Read more about Miami Law’s clinics.
