If you come from another American state, or from another country that practises English-style common law (in which precedents set by judges are all-important), it is a matter of mugging up and passing the New York bar exam.

ECONOMIST: Law and globalisation

Late Wednesday, Moody's Investors Service said it might downgrade Ambac's (nyse: ABK - news - people ) all-important triple-A financial-strength credit rating after the company forecast significantly higher-than-expected losses from insuring credit derivatives, many of them tied to subprime mortgages.

FORBES: You Should Worry About Ambac