No. Because your not teaching your puppy anything. What do you think your dog is learning? It's your job to TRAIN the dog.
There's so much info out there and it's so easy to access. Why don't you specify and tell us how your dog is misbehaving? Is your puppy not housebroken? If not, spanking isn't going to teach it to hold its pee. Is it that dog doesn't come back when called or doesn't respond to it's name?
What's the problem specifically, that your resorting to hitting?
edit: Ok, so your dog doesn't come when called. That's because of a few things...a) she hasn't been taught to respond to her name. B), she hasn't been taught to come when called and C) if you hit the dog when it does come back to you, you have taught your dog to never come to you again. Your dog runs because she thinks it's a game, you chase, she runs.
If she pees on your bed or on the corner of your bed, then the dog needs to be crated when she can not be supervised. The dog should be sleeping in a crate next to your bed. Also, you take the dog out on leash, late before you go to bed, to make sure she's empty.
This are all training issues and I can assure you, that hitting will teach the dog nothing. Since you claim your lawyer and that means you must have some money, why don't YOU enroll yourself AND the dog in a good AKC obedience training class, so you can learn to communicate and train the dog properly. Again, hitting doesn't teach your dog a dang thing, other than not to trust you.
Lastly, your have PUPPY. Puppies do not come trained, thats YOUR job.