Is Tax For the Timid? By Paul Caron Above the Law: Picking The Right Law Firm And Practice Area For You, by Abby Gordon (Lateral Link, New York): Choosing a law firm and a practice area is a big decision. While 62% of lawyers move firms within their first four years of practice, your career path will likely be clearly shaped by your first job as a lawyer. I cannot stress enough how difficult it is to switch practice areas once you have started your legal career. ... So what are the major factors you should consider in choosing a firm as a summer associate or first-year associate?... Certain practice areas also tend to attract distinct personalities or cultures. There are of course exceptions to the rules. But you are likely to find more charismatic, outgoing, or at times aggressive personalities in litigation, or perhaps on an M&A team. You may find more timid characters in tax or on an intellectual property team. In certain practice areas (such as litigation), you may work primarily on large teams, whereas in more niche practice areas (tax, for example), you will likely be working on smaller teams or do more individual work.... Your pre-law academic background may make you more marketable in certain practice areas or may impose a glass ceiling on your career advancement prospects. Be sure you have the right background to progress in your practice area (or at least be aware that if you do not have this training, you will be facing an uphill battle). A finance or accounting background or aptitude will be extremely useful for most corporate work and for tax. You will be expected to have a general understanding of company finances. You will be expected to read, understand, and check financial statements for accuracy. As a capital markets lawyer, I often turned to my calculator or an excel spreadsheet. As underwriters’ counsel, I worked closely with the accountants. ... Tax and trusts & estates generally require an LL.M. If bar review class put you over the edge and you never want to take another class as long as you live, avoid these practice areas. ... If you would like to move to a small town one day, experience with general corporate, real estate, or tax law may be more translatable into a small firm or solo practice. ... if you prefer stability, a practice area such as patent prosecution or tax may be better suited to you.
Posted on: Sat, 26 Apr 2014 06:48:13 +0000