Legal Job Spotlight: Pursuing a Career in Tax Law
Are there still legal jobs out there? More people are graduating with law degrees than there are law jobs. This may change in a few more years as the overall job market is better than it was in recent years and the number of people applying to law school has generally declined, leading some to believe that the employment rate for new graduates will return to its previous highs. One practice area that has only been growing, however, is tax law.
The U.S. Tax Code is roughly 75,000 pages long, with over 3,000 pages added since 2010 alone. It governs everything from how businesses operate to how we pay our individual taxes every April. It affects every practice area: from labor and employment law, to real estate law—which means we will need individuals who have the knowledge and expertise necessary to interpret the rules and ensure that they are being applied appropriately.
So why is this a smart area if you want the best legal job? There are several important developments that will keep the demand for Tax Attorneys high:
New Corporate Tax Rates. These were recently announced, and set to live past 2025, which is when many of the other tax law changes will be expiring.
Pass-Through Businesses. Pass-through business owners are expected to be able to deduct even more of their qualified business income if they qualify. Navigating whether they qualify will require tax counsel.
Deduction Restrictions. Certain business deductions are being done away with, or will have tighter restrictions in place, which may require business strategies to readjust.
Health Care Reform. Tax law is inextricably linked to health care, which means tax attorneys will be expected to help businesses interpret their responsibilities.
The IRS. Yup…they’re still there. And if they knock on your door, you will probably be advised to consult with a tax attorney.
Another reason why becoming a tax attorney gives you the best job-security is that your skills will always be in demand: in law firms, government agencies, companies, accounting firms, and consulting firms. Tax laws will always change, which means that the actual filing of taxes for individuals and businesses will increase in complexity, keeping the demand for this service alive.
Tax law is one of the more challenging legal specializations, requiring deeper expertise. Many tax attorneys obtain an LLM in taxation, which generally provides a deeper look at the application of tax law than most law schools curriculum do.
Need a tax attorney? Or are you a tax attorney who wants to see what else is out there? Consider checking in with a legal recruiter.