Tax Consulting

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Best way to actually learn tax consulting

LLM
1
33%
LLM, MBA in Tax
1
33%
LLM, MBA in Accounting
0
No votes
LLM, MBA in Finance
0
No votes
JD, heavy on tax classes
1
33%
 
Total votes: 3

User avatar
SemperLegal
Posts: 1333
Joined: Fri Dec 03, 2010 8:28 pm

Tax Consulting

Postby SemperLegal » Tue Apr 30, 2013 4:58 pm

Mostly hypothetical situation:

If I really was interested in tax, and wanted to do consulting with businesses about how to structure themselves to lower tax burdens, which would give me more of a substantive edge (as compared to a hiring/"prestige" advantage)?

1. JD then LLM in Tax
2. JD then an MBA with a tax focus
3. JD then an MBA with an accounting focus
4. JD then an MBA in finance focus
5. Just focus on the JD and take all the tax classes you can

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dawyzest1
Posts: 233
Joined: Tue Jan 29, 2013 7:39 am

Re: Tax Consulting

Postby dawyzest1 » Tue Apr 30, 2013 5:49 pm

SemperLegal wrote:Mostly hypothetical situation:

If I really was interested in tax, and wanted to do consulting with businesses about how to structure themselves to lower tax burdens, which would give me more of a substantive edge (as compared to a hiring/"prestige" advantage)?

1. JD then LLM in Tax
2. JD then an MBA with a tax focus
3. JD then an MBA with an accounting focus
4. JD then an MBA in finance focus
5. Just focus on the JD and take all the tax classes you can


The first question I'd ask is if I'd like to be the one determining there's an opportunity to restructure to reduce tax burdens or the person who actually does the legal work to facilitate the restructuring. If you're closer to the former, I don't think you even need to go to law school. That's the kind of thing an MBA/MBB consultant would do by benchmarking businesses versus their competitors, for instance. If you're closer to the latter, I think JD/NYU LLM would be the best preparation, but even the LLM wouldn't be absolutely necessary.

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SemperLegal
Posts: 1333
Joined: Fri Dec 03, 2010 8:28 pm

Re: Tax Consulting

Postby SemperLegal » Tue Apr 30, 2013 5:52 pm

dawyzest1 wrote:
SemperLegal wrote:Mostly hypothetical situation:

If I really was interested in tax, and wanted to do consulting with businesses about how to structure themselves to lower tax burdens, which would give me more of a substantive edge (as compared to a hiring/"prestige" advantage)?

1. JD then LLM in Tax
2. JD then an MBA with a tax focus
3. JD then an MBA with an accounting focus
4. JD then an MBA in finance focus
5. Just focus on the JD and take all the tax classes you can


The first question I'd ask is if I'd like to be the one determining there's an opportunity to restructure to reduce tax burdens or the person who actually does the legal work to facilitate the restructuring. If you're closer to the former, I don't think you even need to go to law school. That's the kind of thing an MBA/MBB consultant would do by benchmarking businesses versus their competitors, for instance. If you're closer to the latter, I think JD/NYU LLM would be the best preparation, but even the LLM wouldn't be absolutely necessary.


I think the former, but it wasn't until I got to law school that I learned I: a)like tax, b)hate traditional law stuff. So I am looking for a course from here.

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Doorkeeper
Posts: 4872
Joined: Thu Jan 12, 2012 11:25 pm

Re: Tax Consulting

Postby Doorkeeper » Tue Apr 30, 2013 5:56 pm

lulz at company tax "burdens"

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dawyzest1
Posts: 233
Joined: Tue Jan 29, 2013 7:39 am

Re: Tax Consulting

Postby dawyzest1 » Tue Apr 30, 2013 6:07 pm

SemperLegal wrote:
dawyzest1 wrote:
SemperLegal wrote:Mostly hypothetical situation:

If I really was interested in tax, and wanted to do consulting with businesses about how to structure themselves to lower tax burdens, which would give me more of a substantive edge (as compared to a hiring/"prestige" advantage)?

1. JD then LLM in Tax
2. JD then an MBA with a tax focus
3. JD then an MBA with an accounting focus
4. JD then an MBA in finance focus
5. Just focus on the JD and take all the tax classes you can


The first question I'd ask is if I'd like to be the one determining there's an opportunity to restructure to reduce tax burdens or the person who actually does the legal work to facilitate the restructuring. If you're closer to the former, I don't think you even need to go to law school. That's the kind of thing an MBA/MBB consultant would do by benchmarking businesses versus their competitors, for instance. If you're closer to the latter, I think JD/NYU LLM would be the best preparation, but even the LLM wouldn't be absolutely necessary.


I think the former, but it wasn't until I got to law school that I learned I: a)like tax, b)hate traditional law stuff. So I am looking for a course from here.


First off, my apologies for not recognizing you're already in law school. If consulting sounds good to you, then you don't need to get an MBA. Your JD is a good credential to hook up with a top-tier consulting firm, so long as you can convince them of your ability to think strategically and your math skills are strong. I worked for BCG for a minute and there were several JDs and even PhDs hired as consultants. The caveat is that (1) MBB only interview at certain schools and (2) you have to hustle and be flexible to get on their radar because they are basically hard-wired to b-school recruiting calendars. They have a ton of receptions at their target schools each fall, the best way to get your foot in the door is to go to a few of them, chat the reps up and go from there. The way consulting firms' training works, you'll learn twice as much as you would have in business school, anyway.

The only drawback would be that you'd have to generalize for a while until you settled into a specific practice area, but there's no better platform in the world to advise companies.

I'd feel 1000% better about my advice if you said "I generally want to help businesses be more efficient (euphemism for make more $$)" rather tax specifically.

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SemperLegal
Posts: 1333
Joined: Fri Dec 03, 2010 8:28 pm

Re: Tax Consulting

Postby SemperLegal » Tue Apr 30, 2013 6:09 pm

dawyzest1 wrote:
SemperLegal wrote:
dawyzest1 wrote:
SemperLegal wrote:Mostly hypothetical situation:

If I really was interested in tax, and wanted to do consulting with businesses about how to structure themselves to lower tax burdens, which would give me more of a substantive edge (as compared to a hiring/"prestige" advantage)?

1. JD then LLM in Tax
2. JD then an MBA with a tax focus
3. JD then an MBA with an accounting focus
4. JD then an MBA in finance focus
5. Just focus on the JD and take all the tax classes you can


The first question I'd ask is if I'd like to be the one determining there's an opportunity to restructure to reduce tax burdens or the person who actually does the legal work to facilitate the restructuring. If you're closer to the former, I don't think you even need to go to law school. That's the kind of thing an MBA/MBB consultant would do by benchmarking businesses versus their competitors, for instance. If you're closer to the latter, I think JD/NYU LLM would be the best preparation, but even the LLM wouldn't be absolutely necessary.


I think the former, but it wasn't until I got to law school that I learned I: a)like tax, b)hate traditional law stuff. So I am looking for a course from here.


First off, my apologies for not recognizing you're already in law school. If consulting sounds good to you, then you don't need to get an MBA. Your JD is a good credential to hook up with a top-tier consulting firm, so long as you can convince them of your ability to think strategically and your math skills are strong. I worked for BCG for a minute and there were several JDs and even PhDs hired as consultants. The caveat is that (1) MBB only interview at certain schools and (2) you have to hustle and be flexible to get on their radar because they are basically hard-wired to b-school recruiting calendars. They have a ton of receptions at their target schools each fall, the best way to get your foot in the door is to go to a few of them, chat the reps up and go from there. The way consulting firms' training works, you'll learn twice as much as you would have in business school, anyway.

The only drawback would be that you'd have to generalize for a while until you settled into a specific practice area, but there's no better platform in the world to advise companies.

I'd feel 1000% better about my advice if you said "I generally want to help businesses be more efficient (euphemism for make more $$)" rather tax specifically.


Thanks, very helpful things to consider.

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The Brainalist
Posts: 317
Joined: Wed Oct 14, 2009 1:12 pm

Re: Tax Consulting

Postby The Brainalist » Tue Apr 30, 2013 7:51 pm

You may want to look into an MST.

If you were really interested in tax, I don't think law school is the place to start. It is just a lot of investment for very few courses directly relevant to tax planning. And, very few law schools even offer a tax elective first year. So, if you wanted an advantage placing into this area, you'd want to have your specialty interest and experience before you arrived at OCI, beginning of second year. That means you'd want an MST, a CPA, and maybe experience in an accounting/tax firm before even entering law school.

edit: just saw the non original posts and that OP is already in law school. Take a bunch of tax classes. If that doesn't work, that is what the LLM is for (and it is only a 1 year degree, which is nice), but I think you'll be fighting an uphill battle unless your undergrad is in business.

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guano
Posts: 2268
Joined: Mon Feb 18, 2013 9:49 am

Re: Tax Consulting

Postby guano » Tue Apr 30, 2013 8:28 pm

Have you considered Master's in tax?




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