Lawyers are often under a lot of stress. They have deadlines to meet, clients to consult with, and other tasks. However, this doesn’t have to be the case of tax law.
Many attorneys are looking into studying tax law. Individuals in this field are more satisfied than lawyers in other practice areas. Why is tax law so popular today? How can it help future-proof a person’s career?
Increased Stability
Ben Franklin once said, “… in this world, nothing is certain except death and taxes.” This statement holds 236 years later. Taxes remain, which means there continues to be a need for tax lawyers. Men and women who enter this field enjoy increased job security, even during economic downturns. If tax reform passes Congress, the need for tax lawyers will likely increase.
Job Opportunities
Tax lawyers can work in almost any employment sector, as all businesses and individuals may comply with tax law. A tax lawyer might work for the government or secure a job in a law or accounting firm. They may work for a business acting as in-house counsel or serve as a consultant to multiple companies and government entities.
Work-Life Balance
Tax lawyers rarely work late into the night preparing a big case. Their hours tend to be fewer and more consistent than those of attorneys working in other practice areas. While work may increase during tax season, this is typically limited to a few months out of the year. The attorney will have more flexibility for the other ten months, allowing them to achieve a better work-life balance.
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Consistent Earnings
Tax lawyers earn $118,290, on average, before benefits and perks. The location where the attorney chooses to practice impacts their pay. While a tax attorney may not make as much as a personal injury attorney or peers working in litigation, the other benefits seen with this practice area make up for the lower pay.
Change Lives
A tax attorney can change a person’s life for the better. Their work may help a family stay afloat or lead to a business paying less in taxes legally. Non-profit organizations often turn to tax attorneys to maximize the funds they receive. A tax lawyer might also choose to work with the IRS or another government entity to try to change tax laws.
Variety
Tax lawyers work on different types of cases. The attorney may work with an individual one day and a multinational corporation the next. One client may have limited funds, while the next might have billions of dollars that they must pay taxes on. Some tax lawyers work with non-profits to ensure they keep their tax-exempt status. Others work with companies to help them choose benefit packages for their employees. The tax code plays a role in every aspect of the economy, so attorneys working in this field are constantly encountering new things.
Specialization Opportunities
Tax lawyers have the opportunity to specialize. They may choose to work in audits and appeals or concentrate on compliance issues. Corporate tax is an option, or they might focus on international tax law. State and local taxes, employee benefits, and mergers and acquisitions are other options to consider.
Every attorney or law school student should consider studying tax law. There is no need for an accounting degree or a head for numbers. Entering this field comes with many benefits beyond those outlined above. Learn more to see if this practice area is right for you.
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