Paralegals do a lot of the legwork on behalf of attorneys, and securities paralegals work for lawyers who focus on the field of securities law. There are several ways to become a securities paralegal, most of which involve undergraduate level training and degree programs. Securities paralegals must excel at researching, maintain a high level of organization, and possess strong computer and communication skills.
Essential Information
Paralegals, also known as legal assistants, provide administrative support to attorneys. They draft documentation, perform research and analysis, track cases, prepare reports and maintain files. Paralegals who specialize in securities law are experts in the legal administration of securities and municipal bonds.
An associate's degree in paralegal studies is generally required, but individuals with a bachelor's degree in other subjects can qualify for paralegal work by completing a certificate program. During their studies, they may be able to choose courses in securities law and perhaps complete an internship in a law firm that specializes in this area. Professional certifications are not required but may be useful for career advancement.
| Required Education | Associate's degree in paralegal studies OR bachelor's degree and certificate in paralegal studies |
| Projected Job Outlook (2019-2029) | 10%* for paralegals and legal assistants |
| Median Wage (2020) | $52,920* for paralegals and legal assistants |
Source: * U.S. Bureau of Labor Statistics (BLS)
Paralegal Duties
Securities law, which governs market trading, is heavily regulated. Aside from the Securities and Exchange Commission (SEC), more than 50 regulatory agencies weigh in on the proper administration of securities trading. Securities attorneys and paralegals are tasked with navigating this regulatory landscape, assuring full disclosure of all market data and transactional information. Securities paralegals spend most of their time drafting documentation, such as prospectuses, registration statements, promissory notes, bond purchases, blue sky memoranda, broker registration paperwork, IRS forms and numerous security agreements. Preparation of annual reports to shareholders may fall to paralegals as well.
Other duties include research, review and execution of administrative details in security law. Securities paralegals may be responsible for reviewing blue sky registrations, filing dealer or issuer exemptions, SEC compliance and managing Committee on Uniform Securities Identification Procedures (CUSIP) details. Securities attorneys may also delegate tasks such as managing state agency certification, attending closings, and validating client certificates, opinions and insurance policies.
Requirements
There are several options for professional training for paralegals. Aspiring securities paralegals must either have an associate's degree in paralegal studies, or a bachelor's degree in a related field with a professional certificate in paralegal studies, depending on the employer's needs. Several professional designations are also available and may be required.
Education
Many 2-year colleges offer an Associate in Applied Science (A.A.S.) in Paralegal Studies. Students in these programs take one year of general education classes and one year of concentration classes, such as litigation, insurance, corporate law and real estate. A practicum of supervised experience in a legal environment, such as a law firm, further cements their experience. Students in a program like this may take courses such as:
- Legal administrative technology
- Drafting legal documents
- Fundamentals in litigation
- Legal research and writing
Although not as common, a bachelor's degree in paralegal studies offers a deeper dive into preparing for work in the legal environment. This 4-year degree program provides graduates with more in-depth exposure to the legal system and the specific job duties of a paralegal. Internships in law firms provide practical experience in the working environment. Students in a baccalaureate program in paralegal studies can expect to take advanced courses such as:
- Investigation and interviewing
- Business law
- Legal ethics
- Criminal procedure
- Evidence-based research
- Torts
- Contract law
Designed for students who have already obtained an associate's or bachelor's degree, professional certificate programs in paralegal science are offered by many educational institutions. Ranging from 18-60 semester hours, these programs offer paralegals a chance to specialize further in a particular area of law. A securities certification program might offer classes in:
- Business law
- Business organizations and corporate law
- Laws of evidence
- Contract law for paralegals
Certification
The Certified Legal Assistant (CLA) and the Certified Paralegal (CP) designations are offered by the National Association of Legal Assistants (NALA). An Advanced Paralegal Certification program is also available from NALA via online study.
Another recognized certification program is the American Alliance of Certified Paralegals (AACP) credential. Criteria for this certification are five years of professional experience and any of the three methods of education available for paralegals. This certification is renewable every two years with continuing education.
The National Association of Legal Secretaries (NALS) provides an official designation as well. The Professional Paralegal (PP) certification is awarded to paralegals after a 4-part exam. Also renewable, the PP calls for 75 hours of continuing education courses.
Lastly, the National Federation of Paralegal Associations (NFPA) allows paralegals with a bachelor's degree and two years of professional experience to sit for the Registered Paralegal (RP) exam. The NFPA also offers the Paralegal Advanced Competency Exam (PACE) to experienced professionals who have earned either an associate's or bachelor's degree and have requisite experience in the field.
Employment Outlook and Salary Information
Most paralegals work in law firms, but they may also work in government or within corporate legal departments. According to the U.S. Bureau of Labor Statistics (BLS), employment for paralegals and legal assistants in general is expected to increase by 10% from 2019-2029. The BLS also reported a median annual salary of $52,920 for these professionals, as of May 2020.
Securities paralegals perform a wide range of duties for attorneys who specialize in law cases related to the securities and financial industries. Undergraduate degree programs are available, but those who already hold degrees in other fields may consider a paralegal certificate program to obtain specific training in legal terminology, contract law, and business law. As available positions for paralegals in general are expected to grow by 10% in the 2019-2029 decade, per the BLS, securities paralegals may want to obtain industry certification as a means to beat out the competition for potential jobs.
