Big 4

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Anonymous User
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Big 4

Postby Anonymous User » Tue Jul 09, 2013 5:53 pm

Is it common to get Big 4 NYC just by focusing on tax with your JD, or do you have to get a tax LLM? If you don't necessarily need an LLM, what do your grades have to look like from a T-20?

JJ123
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Re: Big 4

Postby JJ123 » Wed Jul 10, 2013 9:05 am

Not the right market, but I have a friend who worked at Big 4 in DC, and I believe that having an LLM was a major reason he got the job. He definitely didn't go to a T14.

Anonymous User
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Re: Big 4

Postby Anonymous User » Wed Jul 10, 2013 9:23 am

I focused on tax at T30 law school. Took about 7 tax classes. Had a business undegrad major but only a few accounting classes.

Had three Big 4 offers. Will start work in October and work in major U.S. city but not NYC. My vibe is that I could get to any city I want after 2-3 years.

Couldn't get interview at KPMG because they wanted LLMs.

Its not big law or even Mid-Law pay, but not bad.

Anonymous User
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Re: Big 4

Postby Anonymous User » Wed Jul 10, 2013 12:52 pm

What's your starting pay and what were your grades like, both overall and only tax courses?

rad lulz
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Re: Big 4

Postby rad lulz » Wed Jul 10, 2013 12:55 pm

If all you've got is the JD without any undergrad business background, you're probably gonna be sunk

I looked into all of the big 4 plus GT and a couple others

Anonymous User
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Re: Big 4

Postby Anonymous User » Wed Jul 10, 2013 1:03 pm

Sorry I'm not too knowledgeable about the Big 4, but do LLMs get different opportunities or options than undergrads who went straight to Big 4? My impression is that we just get dumped into the same pool but having spent 100k+ on law school. Are exit options different? Are we treated as tax counsel?

PearsonSpecter
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Re: Big 4

Postby PearsonSpecter » Wed Jul 10, 2013 1:17 pm

tag

JJ123
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Re: Big 4

Postby JJ123 » Wed Jul 10, 2013 2:12 pm

Anonymous User wrote:Sorry I'm not too knowledgeable about the Big 4, but do LLMs get different opportunities or options than undergrads who went straight to Big 4? My impression is that we just get dumped into the same pool but having spent 100k+ on law school. Are exit options different? Are we treated as tax counsel?


Based on a conversation I had with a tax law professor at a top 50, as far as law firms go, class rank and school prestige matter a lot more. She worked at a firm that had Harvard grads with NO tax experience.

It seems that the LLM helps if you have a bad class rank or went to a bad school/wrong region, or want to transition into tax practice from another area. It also tends to help with Big 4 and IRS.

Anonymous User
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Re: Big 4

Postby Anonymous User » Wed Jul 10, 2013 2:52 pm

Same poster heading to Big 4 in October. It seems that I will be generally lumped into a "practice area" with with others who have 4 or 5 year accounting degree. Definitely will be working with people a bit younger than me. My starting salary is about 40-50% higher though. I was told that this will be most important when getting raises and bonuses.

Lots of JDs in my firm and my specific group is probably 2/3s JDs. Getting bonus and expenses covered to pass CPA exam and bar exam. Also received signing bonus when I accepted offer in November.

I had a 3.8+ GPA in tax classes. Top 10% overall. Turned down higher paying law firm offers.

The biggest bit of advice is to start getting in contact with recruiters in August. Big 4 hiring is similar to OCI in the fact that its very structured and once the boat sails, you are out of luck.

EDIT: One more thing, you are not treated as "tax counsel." You are not going to be a lawyer. After getting admitted to the bar, I will go inactive. This might even be mandatory in order for the firm to avoid malpractice liability.

Anonymous User
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Re: Big 4

Postby Anonymous User » Wed Jul 10, 2013 3:02 pm

Thanks a lot! Do you have any exit plans? Also, do Big 4 firms follow lockstep salary models? If so, how much does your salary increase every year? I'm asking because of the loans I'll have to pay off.

Anonymous User
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Re: Big 4

Postby Anonymous User » Wed Jul 10, 2013 3:17 pm

Salary increase is generally between 5-10% a year based on performance. Bonus is similar. As a baseline, should make 1.5X my starting salary in 3 years (easily over 100k).

Check out : http://goingconcern.com/

That site is basically the abovethelaw of public accounting.

Exit Options: Personally, not entirely sure about what I want do. I would be interested in toughing it out for awhile. The mobility of the job appeals to me more than getting stuck in a city as with a law firm. I figure my first year will be full of boring tasks, but it seems that the work gets more interesting and more responsibility with clients starts happening in year 2.

Also probably much easier to transition into an in-house position from Big 4 than a law firm. I know people working 2-3 years at the firm that are basically on site 3-4 days a week at a client. Transitioning should not be that hard. Might even be possible to transition into a tax/legal position depending on the structure of company.

Anonymous User
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Re: Big 4

Postby Anonymous User » Thu Jul 11, 2013 1:27 am

Anonymous User wrote:Sorry I'm not too knowledgeable about the Big 4, but do LLMs get different opportunities or options than undergrads who went straight to Big 4? My impression is that we just get dumped into the same pool but having spent 100k+ on law school. Are exit options different? Are we treated as tax counsel?


Some big 4 offices have tax law groups to serve clients better. The tax law groups will hire JDs with a tax LLM or a focus in tax.

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charcop
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Re: Big 4

Postby charcop » Thu Jul 11, 2013 5:42 pm

Anonymous User wrote:Same poster heading to Big 4 in October. It seems that I will be generally lumped into a "practice area" with with others who have 4 or 5 year accounting degree. Definitely will be working with people a bit younger than me. My starting salary is about 40-50% higher though. I was told that this will be most important when getting raises and bonuses.

Lots of JDs in my firm and my specific group is probably 2/3s JDs. Getting bonus and expenses covered to pass CPA exam and bar exam. Also received signing bonus when I accepted offer in November.

I had a 3.8+ GPA in tax classes. Top 10% overall. Turned down higher paying law firm offers.

The biggest bit of advice is to start getting in contact with recruiters in August. Big 4 hiring is similar to OCI in the fact that its very structured and once the boat sails, you are out of luck.

EDIT: One more thing, you are not treated as "tax counsel." You are not going to be a lawyer. After getting admitted to the bar, I will go inactive. This might even be mandatory in order for the firm to avoid malpractice liability.



Anonymous poster, can you please PM me? I'm trying to take this route and had a couple of questions...




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