Leave Big 4 Accounting for Law School? Forum

[GuilleButtersnaps]

I've been reading old threads about this topic, and I thought I'd reset this. Most topics similar to this in this forum are pretty old. What do you all feel about making the switch from working at a Big 4 accounting firm to attending a T14 Law School? From what I've gathered, Big 4 experience bodes well for BigLaw job prospects. Certainly, there is an opportunity cost to leaving a job to attend law school for three years. But if law is what you really want to do, there are subjective opportunity costs with staying at an accounting gig you don't love when you could do something else you do love.

That said, are there any JD/CPA's out there with any insight to their decision to leave an accounting career to go into law? Do you regret it? Would you make any changes? Does making that decision make sense in our current economic climate?

[eagle2a]

law school blows, if you don't absolutely hate your current job, just stick to it

[Ericwa]

Also interested to hear. Also what kind of soft does big 4 accounting count for law school admission? Is it weak, average, or above average?

[GuilleButtersnaps]

Also interested to hear. Also what kind of soft does big 4 accounting count for law school admission? Is it weak, average, or above average?

+1

I'm definitely curious about this. For instance, does making senior in two years look good to adcomms? Or how about differences in tax/audit/advisory?

[CanadianWolf]

It might help if you share current earnings & projected earnings over the next three or four years.

Also, have you taken the LSAT yet ? What was your undergraduate GPA ?

It is doubtful that law school admissions officers fully appreciate the differences among tax/audit/consulting in order to give an admissions boost to one category over another.

[CanadianWolf]

As a soft factor in admissions, Big4 accounting counts as work experience. Northwestern, for example, is one law school that places a high value on post-undergraduate work experience.

If you hate accounting, then an MBA or law degree are options to consider. Seems like an MBA would be the easier & less costly route.

[GuilleButtersnaps]

It might help if you share current earnings & projected earnings over the next three or four years.

Year 1: $50,000
Year 2: $58,000
Year 3: $68,000 (senior associate)
Year 4: $80,000 (I'm not sure if I agree with this...seems high for a second year senior to get paid this)
Year 5: $93,000 (Manager)

Source: http://goingconcern.com/post/what-can-y ... ear-period

This article is pretty accurate. I'm an associate and starting salary is $50,000 (in a medium-sized market). I do get a $5,000 bonus for passing the CPA exam too. These are just ballpark figures. Like I said in my first post. I recognize there is an opportunity cost. There's no getting around it. You will forego money to go back to school for three years. My question is, for those who have left Big 4 to go to law school, was it worth it despite the foregone salary?

[CanadianWolf]

T-14 law schools are primarily (over 50%) concerned about an applicant's LSAT score, then undergraduate GPA, then URM status & then work experience. So law school is somewhat different than MBA programs regarding value of post-undergraduate work experience.

I have no knowledge about anyone leaving Bg4 accounting for law school--so I have offered what I do know. I do, however, want to restate the importance of getting a high LSAT score. Work experience will not substitute for a below median LSAT score among the T-14 law schools.

[CanadianWolf]

The first three years of salary is worth sacrificing to consider attending a T-14 law school if you receive some scholarship money. I thought the earnings would be higher. Opinions are sure to differ on this point, however.

[GuilleButtersnaps]

T-14 law schools are primarily (over 50%) concerned about an applicant's LSAT score, then undergraduate GPA, then URM status & then work experience. So law school is somewhat different than MBA programs regarding value of post-undergraduate work experience.

Totally agree. I have a 3.5 with a strong upward trend (above 4.0 last two years). I have no LSAT score. My goal is to have an above 75% LSAT score for most--hopefully all--of the T14. I would be a splitter. In my case, I feel like having some work experience would be beneficial because I'm trying to augment the entirety of my application while minimizing a less than stellar GPA. And I'm a white male.....

[CanadianWolf]

The 75% LSAT score is not as important as achieving a score above that particular law school's median LSAT score for the most recently admitted class.

[GuilleButtersnaps]

The 75% LSAT score is not as important as achieving a score above that particular law school's median LSAT score for the most recently admitted class.

Of course, but 55% is still helps me much less than 75%, especially when I'm below the 25% GPA for the pretty much all of the T14, especially the T6

[CanadianWolf]

Are you also considering MBA programs ? Beyond the M-7, the University of Texas has a great accounting program. Seems like a quicker path for lucrative consulting work.

I have a relative by marriage who left Big4 accounting (was a regional manager) for an MBA & now has his own consulting firm making significant money. He also wrote an accounting/valuation text in his spare time which has been well received.

[GuilleButtersnaps]

Are you also considering MBA programs ? Beyond the M-7, the University of Texas has a great accounting program. Seems like a quicker path for lucrative consulting work.

I have a relative by marriage who left Big4 accounting (was a regional manager) for an MBA & now has his own consulting firm making significant money. He also wrote an accounting/valuation text in his spare time which has been well received.

More interested in M&A and tax law. Good for your relative though. I started this thread to see what JD/CPA's think about my situation because i particularly am interested in practicing law. I would not be willing, however, to do this if it meant financial ruin. Thanks for the help, but I'm just not looking into getting an MBA right now, although I think it is a great option for some people--just not for me.

[Brobot]

I've been reading old threads about this topic, and I thought I'd reset this. Most topics similar to this in this forum are pretty old. What do you all feel about making the switch from working at a Big 4 accounting firm to attending a T14 Law School? From what I've gathered, Big 4 experience bodes well for BigLaw job prospects. Certainly, there is an opportunity cost to leaving a job to attend law school for three years. But if law is what you really want to do, there are subjective opportunity costs with staying at an accounting gig you don't love when you could do something else you do love.

That said, are there any JD/CPA's out there with any insight to their decision to leave an accounting career to go into law? Do you regret it? Would you make any changes? Does making that decision make sense in our current economic climate?

I did this. 3L now at a T14 - will be doing BigLaw. I had several years with PwC Tax in major market before law school. The right scholarship offer (after lots of negotiations) encouraged me to make the jump.

No, I do not regret it. But I also was lucky enough to have a good outcome. I wouldn't recommend it to all my former co-workers, since accountants tend to be risk-averse. If you have a genuine interest in the law and can handle the uncertainty of law firm recruiting, then roll those dice, buddy. Two pieces of advice: (1) Make sure you negotiate scholarships during admissions process. Early and often. (2) Have a compelling "Why leave Big4/Accounting?" story ready for on-campus interviews. I was asked in every interview.

After you have your CPA, another thing you should look into is paid, seasonal work (spring semester) with your firm. I know these opportunities are available for Tax and Audit- not sure on the Advisory side. I am most familiar with PwC for this, but I've been approached by 2 of the other 3 with seasonal opportunities. I've been able to return to my firm each spring during law school. (I load up on credits in the Fall, and then take the minimum credits for full-time status in the spring). I would not recommend working 1L, since those grades are most important, but I did what I had to do. Pay (senior associate, major market) has been in the $45-55/hr range, plus 1.5x overtime. These earnings obviously help offset the opportunity cost.

As for the current economic climate, I think you should take the long view. If you don't see yourself happy as an accountant in five years, and you think a shiny law degree will check that box for you, then get those Ticonderoga #2s sharpened for prep tests. Once you have a real LSAT score, you'll get a better idea of where you stand for admission and scholarship purposes. You'll then be able to knock out a proper cost-benefit analysis in flawless Excel formatting.

All that said, I think you're taking the right approach and asking the right questions. Look closely at employment outcomes for whatever school you consider. I'm sure your work experience and CPA background will help open doors for you as you pursue M&A/Tax law opportunities. Hope some of this is helpful.

[GuilleButtersnaps]

I've been reading old threads about this topic, and I thought I'd reset this. Most topics similar to this in this forum are pretty old. What do you all feel about making the switch from working at a Big 4 accounting firm to attending a T14 Law School? From what I've gathered, Big 4 experience bodes well for BigLaw job prospects. Certainly, there is an opportunity cost to leaving a job to attend law school for three years. But if law is what you really want to do, there are subjective opportunity costs with staying at an accounting gig you don't love when you could do something else you do love.

That said, are there any JD/CPA's out there with any insight to their decision to leave an accounting career to go into law? Do you regret it? Would you make any changes? Does making that decision make sense in our current economic climate?

I did this. 3L now at a T14 - will be doing BigLaw. I had several years with PwC Tax in major market before law school. The right scholarship offer (after lots of negotiations) encouraged me to make the jump.

No, I do not regret it. But I also was lucky enough to have a good outcome. I wouldn't recommend it to all my former co-workers, since accountants tend to be risk-averse. If you have a genuine interest in the law and can handle the uncertainty of law firm recruiting, then roll those dice, buddy. Two pieces of advice: (1) Make sure you negotiate scholarships during admissions process. Early and often. (2) Have a compelling "Why leave Big4/Accounting?" story ready for on-campus interviews. I was asked in every interview.

After you have your CPA, another thing you should look into is paid, seasonal work (spring semester) with your firm. I know these opportunities are available for Tax and Audit- not sure on the Advisory side. I am most familiar with PwC for this, but I've been approached by 2 of the other 3 with seasonal opportunities. I've been able to return to my firm each spring during law school. (I load up on credits in the Fall, and then take the minimum credits for full-time status in the spring). I would not recommend working 1L, since those grades are most important, but I did what I had to do. Pay (senior associate, major market) has been in the $45-55/hr range, plus 1.5x overtime. These earnings obviously help offset the opportunity cost.

As for the current economic climate, I think you should take the long view. If you don't see yourself happy as an accountant in five years, and you think a shiny law degree will check that box for you, then get those Ticonderoga #2s sharpened for prep tests. Once you have a real LSAT score, you'll get a better idea of where you stand for admission and scholarship purposes. You'll then be able to knock out a proper cost-benefit analysis in flawless Excel formatting.

All that said, I think you're taking the right approach and asking the right questions. Look closely at employment outcomes for whatever school you consider. I'm sure your work experience and CPA background will help open doors for you as you pursue M&A/Tax law opportunities. Hope some of this is helpful.

This is actually very helpful. Our situations seem to be quite similar. I also work at PwC in tax. There is one woman at my office who works about two days a week, but I never considered doing it myself--interesting. Also, do you mind me asking what type of law you will be practicing? Thanks for the help.

[throwaway2018]

i was a tax manager in a major market and i made the jump. i'm still a 1L but i think it's worth it.

1. law school is not that much work compared to busy season.
2. accounting sucks and there is a definite cap to how much money you can make in it. everybody has a cousin's wife's nephew who makes good money as a CPA, but by and large you are looking at an in house position @ 80-90k max. if you want more you will have to climb the corporate ladder.
3. like the guy above me said. if you don't have financial support try to get a big scholarship (this advice isnt limited to just accountants). I've yet to look into contracting work but my former firm has expressed interest in bringing me back for spring busy season.

[CanadianWolf]

And, again, at least at this stage of your considerations, it's all about the LSAT.