It is legal and so far it has been safe. You know that the rule for Day 1 CPT requires that when you join, you are associating with a graduate program otherwise you cannot get a Day 1 CPT. The Curricular Practical Training is an integral part of your degree. You cannot finish the degree without the practical training. The other thing is the employer signs the cooperative agreement with the university. The only additional suggestion I have is if you are going to do Curricular Practical Training make it as an adjunct to your profession.
For more information please check my blog.
https://immigration.com/blogs/curricular-practical-training-cpt
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I work in the HR department at an IT consulting firm. We needed to get an employee on board to begin a project, but first needed to transfer his visa. Dan and Anna helped make the process extremely smooth, not to mention quick. It was a pleasure to work with both of them.