If you’re planning what happens after law school, you’d want to consider the following question. Have you thought about specialization? If you haven’t considered it, maybe you should.
In fact, you should consider specializing in tax law. Here are 8 reasons you should choose to become a tax lawyer.
Tax Lawyers Are Always in Demand
Everyone is affected by taxes, whether it’s business or personal. Whatever happens in the economy, taxes are constant.
Moreover, tax laws can be intricate, especially in the midst of tax reform. Therefore, the demand for tax lawyers always exists.
Plus, the more specialized you become, the more expertise you gain. This makes your skill set even more valuable. Overall, the demand provides for better job security.
You’ll Earn a Competitive Salary
Because of the demand for tax lawyers, you’ll earn a consistent, competitive salary. For example, according to Payscale, the average base salary for a first-year tax lawyer is $85,000. That doesn’t even include bonuses.
In fact, tax lawyers rank among the more competitive paying types of law practice. Plus, tax lawyer salaries have increased in the last several years, according to Indeed.
You’ll Experience Job Satisfaction
On top of a good salary in an in-demand field of law, you’ll also experience job satisfaction. Tax law provides you with an opportunity to make a difference. Because of the expertise involved, clients listen to your advice.
Also, because of the diversity of tax law clients, you can choose who you want to work with. Working with clients you choose brings you even more job satisfaction.
Tax Law is Influential
There’s more to tax law than just figures. Taxes are always a hot topic because taxes affect the economy. Ultimately, people pay attention to matters that affect their pocketbook.
As a result, by choosing tax law, you’re choosing an influential field.
Tax Law is Challenging
Tax laws are always changing. Along with this, there are so many different pieces to the puzzle. For example, you have federal, state, and local laws to consider.
You have to stay read up on tax law. The constant need to learn makes tax law challenging. In addition, tax problems require mental agility. If you like a good mental challenge, then tax law is right for you.
You Get to Work With Different Types of People
As a tax lawyer, you’ll come in contact with different people, like accountants and financial planners. In addition, you’ll team up with niche law specialists like securities law. Moreover, you’ll get to work with various entities.
Being amongst all of these players provides growth potential for you. You’ll have an expanded knowledge base to tap into to increase your own knowledge.
Tax Law Provides Even Further Specialization
There are many different areas in which you could specialize within tax law. For example, you can become a litigator. If that’s not for you, you might consider mergers and acquisitions or estate planning.
If you’re looking for something that’s innovative with potential, consider international taxes. With the push for globalization, the demand for international tax lawyers has increased. By specializing in this, you’ll increase your sphere of influence and knowledge base as you expand your expertise internationally.
Tax Law Provides Variety in Work
Along with working with different types of people, as a tax lawyer your time will be occupied with different tasks. You may go from conducting research to writing a tax opinion.
Tax Law Is Far From Boring
When most people hear about tax law, they think it is boring, but they couldn’t be any more wrong. Tax law is a challenging, in-demand field that provides job security and a competitive wage. Most of all, it provides a satisfying career with the potential for growth and influence.
These are the reasons you should consider becoming a tax lawyer.
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