In looking for the answer, as lawyers-to-be you know that the best source is the original source. In this case that's the University of Iowa College of Law Student Handbook 1996-1997. More particularly, Part II. B. ("Academic Program, Requirements, Rules and Practices"/"Academic Requirements"/"Writing Requirements").
Nothing on this Web page modifies that source in any way. So check there if this is something that is really important to you (e.g., if it affects your graduation date, or you will barely satisfy graduation requirements).
Writing Credits. "Writing Requirements" subsection 3.3.2.1. (p. 33), covering writing other than drafting projects, provides that one writing credit requires a minimum of a 20-page double-spaced paper -- plus footnotes. Sub-section 3.2.3.3. (p. 32) expressly provides that, in conjunction with seminars (which this is) "up to three" writing credits may be awarded.
If you are at all inclined, I would encourage you to follow David Loundy's lead: use this seminar as the incentive to put together a really substantial paper of publishable quality. Get some long-term professional benefit from having done it. But that's your choice. The minimum requirement is that you earn one writing credit. (If you'd like to take a peek at what David's paper has now become, you can find it through the David Loundy Home Page.)
Academic Credit. Sub-section 3.3.3.1. (pp. 33-34) provides that, in addition to writing credits, additional academic credit may also be awarded if the writing "counts substantially towards the student's grade in the course for which the writing is completed." I am informed by the front office that this means you can receive, if you wish, credit for up to four (rather than two) academic hours for this seminar (if, in this example, you were to earn two writing credits).
Normally, of course, this would be writing in addition to the substantial reading assignments and class discussion associated with a seminar. Because, in this seminar, I am looking to you to come up with much of this reading and discussion on your own, it puts an additional weight of responsibility on you to do so.