The application will ask for all your educational background. They may check. You will show a gap in your resume that they may explore. If you lie on your application it is an automatic disqualification - even if you have already been accepted. Don't do it! Not worth the risk. Simply use an optional essay to tell the truth. You started law school, found it wasn't for you and moved on. There is no shame in that.

If you know why your verbal score came up short and know how to fix it, then consider retaking the test. If you just think you'll have a better shot next time without changing anything you have been doing, the odds are even that your score will drop rather than rise. Even if it goes up, it is unlikely that it would climb by 60 points. Most people who retake do not see that large a change unless they have changed something substantive in their approach.

You don't say how much ibanking experience you have. If you've only been at it a year or two, another year would strengthen your application significantly. Dropping out of law school poses the question whether you will stick with something. No business school wants to accept a student who will change his or her mind and drop out before finishing. Showing that you can stick with banking will help to answer that concern.

Good luck,