Leave Biglaw for Tax LLM? Forum

[Anonymous User]

I'm a second year associate at a biglaw firm. Coming into biglaw, I always wanted to practice tax law (took tax classes in law school and love the practice area). However, I took my current job as an M&A associate for personal/location issues, and I cannot switch to the tax group at my current firm (the group is very small and stationed in one remote office where I really wouldn't want to live).

What do tax lawyers think about leaving this firm to do the NYU LLM? The amount of money I would be leaving on the table is pretty nuts considering I would have to pay for the llm, but it's also a path to practicing the kind of law i want to practice.

The only alternative I can think of is trying to lateral to another firm where I could practice tax. Do any biglaw tax lawyers think there is any chance I could switch to a different firm's tax group (even if it means dropping a class year and starting as a first year)?

Thanks in advance

[Jchance]

Why don't you contact a recruiter to see whether lateral into tax is an option for you? Taking on more debt for an LLM while incurring lost salary should be the last option, no?

[Anonymous User]

Yeah. I agree it should be the last option. Wasn't really sure who should be the first person I talk to about the possibility of lateraling into a tax group, which is why I posted here. I only personally know two biglaw tax lawyers, but they are also second years and have little insight for me.

Does anyone have recommendations for a *respected* recruiter who might have info on the feasibility of this move? Open to all major markets.

[Anonymous User]

I wonder if you could begin a part-time LLM, get through a couple classes, and then start trying to lateral to a tax group. Might make you less of a weird, risky candidate from their point of view. Although if they bring you on as a first year, really they can't complain that you don't have tax experience. And seeing the deal from the other side isn't worthless.

[Anonymous User]

Nyu is launching, or just launched, a fully online tax llm that can be done over a few years. Have your cake, eat it too?

[Anonymous User]

Nyu is launching, or just launched, a fully online tax llm that can be done over a few years. Have your cake, eat it too?

Edited to add: it's still very, very expensive, but it's designed for full-time biglaw-ers

[nealric]

I'm a second year associate at a biglaw firm. Coming into biglaw, I always wanted to practice tax law (took tax classes in law school and love the practice area). However, I took my current job as an M&A associate for personal/location issues, and I cannot switch to the tax group at my current firm (the group is very small and stationed in one remote office where I really wouldn't want to live).

What do tax lawyers think about leaving this firm to do the NYU LLM? The amount of money I would be leaving on the table is pretty nuts considering I would have to pay for the llm, but it's also a path to practicing the kind of law i want to practice.

The only alternative I can think of is trying to lateral to another firm where I could practice tax. Do any biglaw tax lawyers think there is any chance I could switch to a different firm's tax group (even if it means dropping a class year and starting as a first year)?

Thanks in advance

I'm a tax lawyer with an LLM. The danger if you leave Biglaw for the LLM is that everyone is going to assume you were let go by your firm and are trying to reboot your career with the LLM. There's a risk of getting shut out of biglaw.

You are better off trying to lateral directly to another firm's tax department. One of the tax associates at my old firm did exactly that after 6 months in M&A. If you can pull that off, many firms will pay for your LLM part time. Have a good story about why you find tax compelling and be prepared to be demoted to first year status. The good news is you aren't on any particular timeline with this tactic. Keep your ear to the ground long enough, and it's likely someone will be willing to bite. Good luck!

[Anonymous User]

I've heard of people leaving a firm for a Tax LLM and then working at a Big 4 Acct'g firm for a few years before lateraling back to a firm. No real insight on that though other than I think the Big 4 experience was helpful for understanding number details of a deal.

[UnfrozenCaveman]

Nyu is launching, or just launched, a fully online tax llm that can be done over a few years. Have your cake, eat it too?

Edited to add: it's still very, very expensive, but it's designed for full-time biglaw-ers

How do you think firms view this? You technically get an executive LLM.

Also WRT to OP's current firm, if you can wait around another year or so and build some trust, do you think you may be able to pull in some part time hours to lessen the opportunity cost of the LLM?

[nealric]

I've heard of people leaving a firm for a Tax LLM and then working at a Big 4 Acct'g firm for a few years before lateraling back to a firm. No real insight on that though other than I think the Big 4 experience was helpful for understanding number details of a deal.

The only reason to do this is that you get shut out of biglaw after the LLM.

[Anonymous User]

Nyu is launching, or just launched, a fully online tax llm that can be done over a few years. Have your cake, eat it too?

Edited to add: it's still very, very expensive, but it's designed for full-time biglaw-ers

How do you think firms view this? You technically get an executive LLM.

Also WRT to OP's current firm, if you can wait around another year or so and build some trust, do you think you may be able to pull in some part time hours to lessen the opportunity cost of the LLM?

I thought it's actually part of their tax program, not the executive program, and is titled/resumed the same as a traditional llm, but I'm not positive

[Anonymous User]

OP Here.

Thanks everyone for chiming in (especially nealric).

I think I'm going to first reach out to a recruiter in my market and see if they think I can get interviews with any tax groups here (or in another major market, for that matter). If that doesn't work, I will look into doing the online LLM. If I can be sure that will lead to a biglaw tax gig, I think I will do it. It's still expensive, but at least I will be working at the same time and, to nealric's earlier point, won't have my resume tarnished by making it look like I was laid off.

[Anonymous User]

I've heard of people leaving a firm for a Tax LLM and then working at a Big 4 Acct'g firm for a few years before lateraling back to a firm. No real insight on that though other than I think the Big 4 experience was helpful for understanding number details of a deal.

The only reason to do this is that you get shut out of biglaw after the LLM.

But doesn't Big 4 have better QOL (generally speaking)?

[nealric]

I've heard of people leaving a firm for a Tax LLM and then working at a Big 4 Acct'g firm for a few years before lateraling back to a firm. No real insight on that though other than I think the Big 4 experience was helpful for understanding number details of a deal.

The only reason to do this is that you get shut out of biglaw after the LLM.

But doesn't Big 4 have better QOL (generally speaking)?

I've never worked in Big4, but it's a wash as far as I can tell from working with former and current Big4 people. Plenty of Big4 people have stories about late nights and cancelled vacations. Biglaw tax is also usually a bit better than most biglaw practice areas.