Impact of Tax Bill

(On Campus Interviews, Summer Associate positions, Firm Reviews, Tips, ...)
Forum rules
Anonymous Posting

Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.

Failure to follow these rules will get you outed, warned, or banned.
User avatar
sharris2017

New
Posts: 73
Joined: Tue Aug 22, 2017 7:40 pm

Impact of Tax Bill

Postby sharris2017 » Sat Dec 16, 2017 12:39 am

Many financial firms have indicated their desire to move to low tax states such as Florida and Texas if the new tax bill passes. Would prominent law firms sacrifice the prestige of being based in New York, Chicago, or California for Texas or Florida if the tax bill passes?

foregetaboutdre

Bronze
Posts: 390
Joined: Wed Nov 19, 2014 3:16 am

Re: Impact of Tax Bill

Postby foregetaboutdre » Sat Dec 16, 2017 12:49 am

sharris2017 wrote:Many financial firms have indicated their desire to move to low tax states such as Florida and Texas if the new tax bill passes. Would prominent law firms sacrifice the prestige of being based in New York, Chicago, or California for Texas or Florida if the tax bill passes?


im not sure why law firms would necessarily care that their associates/members (for the most part) can't deduct as many SALT taxes imo.

User avatar
iamgeorgebush

Silver
Posts: 908
Joined: Sat Oct 05, 2013 3:57 pm

Re: Impact of Tax Bill

Postby iamgeorgebush » Sat Dec 16, 2017 1:38 am

Given the possibility that Dems will take back both houses and the Presidency within the next few years (and then repeal at least this portion of the tax plan), I feel like law firms would not want to move for the reason you offered.

User avatar
cfcm

Silver
Posts: 993
Joined: Wed Jun 28, 2017 12:30 pm

Re: Impact of Tax Bill

Postby cfcm » Sat Dec 16, 2017 7:18 am

sharris2017 wrote:Many financial firms have indicated their desire to move to low tax states such as Florida and Texas if the new tax bill passes. Would prominent law firms sacrifice the prestige of being based in New York, Chicago, or California for Texas or Florida if the tax bill passes?

Which ones?

User avatar
ggocat

Gold
Posts: 1824
Joined: Sat Dec 13, 2008 1:51 pm

Re: Impact of Tax Bill

Postby ggocat » Sat Dec 16, 2017 1:56 pm

foregetaboutdre wrote:
sharris2017 wrote:Many financial firms have indicated their desire to move to low tax states such as Florida and Texas if the new tax bill passes. Would prominent law firms sacrifice the prestige of being based in New York, Chicago, or California for Texas or Florida if the tax bill passes?


im not sure why law firms would necessarily care that their associates/members (for the most part) can't deduct as many SALT taxes imo.

I think the op suggestion is unlikely, but certainly it is reasonable to believe that law firm partners think about maximizing their income as much as possible in the operation of a business. Any business world factor in taxes when making such a big decision as office location.

User avatar
Br3v

Gold
Posts: 4275
Joined: Mon Jun 13, 2011 7:18 pm

Re: Impact of Tax Bill

Postby Br3v » Sat Dec 16, 2017 1:58 pm

Why are you guys entertaining this idea lol. No.

nacogdoches

New
Posts: 70
Joined: Mon May 11, 2015 8:58 pm

Re: Impact of Tax Bill

Postby nacogdoches » Sat Dec 16, 2017 10:23 pm

I've heard about this from some hedge funds and PE shops, but these are hardly behemoth "financial firms." BigLaw is much more comparable to the latter than the former, as hedge funds and PE shops have pretty few staff and institutional costs, so it's not particularly difficult for them to move from, say Bridgeport, to Florida.

The day Goldman Sachs of JPM takes a substantial presence anywhere outside of NYC, I'd be shocked. Main street firms like that are in a much longer game than PE shops which really only tend to last for the career of a few principals, and most major law firms fall solidly in the long-term outlook for business camp.

But likely source of OP's claim: https://finance.yahoo.com/news/new-yorks-wealthiest-threatening-mass-exodus-tax-bill-181752548.html

Edits: grammar
Last edited by nacogdoches on Sat Dec 16, 2017 11:25 pm, edited 2 times in total.

mvp99

Silver
Posts: 1426
Joined: Fri Mar 14, 2014 9:00 pm

Re: Impact of Tax Bill

Postby mvp99 » Sat Dec 16, 2017 10:32 pm

Have any of you considered there is a cost to moving to Florida? I mean, it's florida....



Return to “Legal Employment�

Who is online

The online users are hidden on this forum.