Tax v. Corporate v. Business

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Tax v. Corporate v. Business

Postby Anonymous User » Fri Sep 29, 2017 4:54 am

2L here. Currently enrolled in a T20. Born and raised in the legal market I intend to practice. Enrolled in Federal Income Tax, fascinated by the topic, and seriously considering pursuing an LLM (GULC or NYU). Started a business in college, and very invested in it (both fiscally and passionately). Recently, offered a position as a 2L SA at ~V10 (hesitant on accepting due to what it would entail (on a substantive and motivational level)).

Advice? Option #1, LLM it up? Option #2 LLM then leverage my know-how to continue growing my business? Option #3 Go Biglaw and say fuck it, suck it up for a couple of years and possibly lateral to a department in line with my career aspirations (which brings up my next question, how feasible is it to lateral to something you're actually interested in...)?

Wol

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Re: Tax v. Corporate v. Business

Postby Wol » Fri Sep 29, 2017 9:03 am

Your post is unclear. What would you want to do after the LLM? If the answer is biglaw tax, you don't need an LLM to do that.

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unlicensedpotato

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Re: Tax v. Corporate v. Business

Postby unlicensedpotato » Fri Sep 29, 2017 10:46 am

You don't need the LLM. Like, at all. Just apply for tax SA positions. They are more competitive than corporate though.

ETA: You will have a hard time getting a tax slot for next summer. Taking the 2L SA will put you in a good position to land an entry-level tax associate spot. I would do the SA for the money if nothing else.

RaceJudicata

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Re: Tax v. Corporate v. Business

Postby RaceJudicata » Fri Sep 29, 2017 3:48 pm

Do the 2L SA. Silly not to.

And confused about the business thing... do you own a business? Also have no idea how an LLM will add "know how" to develop your business (or if you own a business to begin with)?

toast and bananas

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Re: Tax v. Corporate v. Business

Postby toast and bananas » Fri Sep 29, 2017 4:00 pm

Also note that Federal Income Tax (aka, "baby tax") is absolutely nothing like corporate tax practice. Enroll in corporate tax classes to get a better idea (though still not perfect picture) of what being a tax associate will involve. The best thing you can do, as others mentioned, is a SA position in a tax group, if possible.

Wol

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Re: Tax v. Corporate v. Business

Postby Wol » Fri Sep 29, 2017 4:40 pm

toast and bananas wrote:Also note that Federal Income Tax (aka, "baby tax") is absolutely nothing like corporate tax practice. Enroll in corporate tax classes to get a better idea (though still not perfect picture) of what being a tax associate will involve. The best thing you can do, as others mentioned, is a SA position in a tax group, if possible.


Work at my firm doesn't involve a ton of corporate tax. Way more partnership and international tax. I'm sure that differs firm to firm, just mean that taking corporate tax may not give you a great idea of practice either.

toast and bananas

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Re: Tax v. Corporate v. Business

Postby toast and bananas » Fri Sep 29, 2017 5:01 pm

Wol wrote:
toast and bananas wrote:Also note that Federal Income Tax (aka, "baby tax") is absolutely nothing like corporate tax practice. Enroll in corporate tax classes to get a better idea (though still not perfect picture) of what being a tax associate will involve. The best thing you can do, as others mentioned, is a SA position in a tax group, if possible.


Work at my firm doesn't involve a ton of corporate tax. Way more partnership and international tax. I'm sure that differs firm to firm, just mean that taking corporate tax may not give you a great idea of practice either.


I totally believe this. Here I only know of one senior associate who specializes in reorgs. There's a lot of MLP work going on, and we also have a big tax controversy practice.

The big takeaway I was trying to give OP is that real tax is difficult as hell and Income Tax is, well, not. There's a reason why their rates are the highest in the firm.



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