A legal career is highly rewarding because it offers excellent income prospects, growth opportunities, stability, and learning. The best part is that you can specialize in a niche, so you have a chance to pick according to your inherent aptitude and preferences. Besides the conventional areas like civil and criminal law, you can consider specializing in tax law.

Tax lawyers offer advice on accounting and taxes to ensure their clients do not land in tax trouble. They also represent clients facing audits and litigation for missing out on tax rules and guidelines. You can expect excellent prospects in the field because it is relatively less competitive.

If you aspire to become a tax lawyer, you have to follow a specific set of steps to achieve the goal. As with any profession or other legal niche, you will also need to follow some standards, gain experience, and add to your expertise. Let us shed light on the career prospects for tax lawyers.

WHY EXPLORE TAX LAW AS A NICHE?

Before digging deep into the academic requirements, career opportunities, and growth prospects in the field of tax law, you must have valid reasons to explore it as a career. Here are some good ones-

• You will have greater stability because businesses and individuals will always require guidance and legal support to address tax issues
• There are tons of job options in legal and accounting fields, while you may also work with government agencies
• You can expect a better work-life balance than peers working in other legal specialties
• The salary prospects are good and the competition in the field is less stiff compared to other niches
• You get to work for diverse clients, from individuals to small businesses, large corporations, and charitable institutions
• You can further specialize and develop marketable skills by focusing on niches like audits and appeals, compliance, international tax law, estate planning, mergers and acquisitions, and more

WHAT ARE TAX ATTORNEY EDUCATIONAL REQUIREMENTS?

The educational requirements for tax lawyers may differ according to the country. But typically, you will need to proceed with the following steps-

Start with a bachelor's degree in accounting or business

Most tax attorneys start with an accounting or business degree at the bachelor’s level. Although you do not need to be an accountant, you must have a strong background to help clients clean up their accounting processes. A bachelor's degree in accounting or business gives you the right smart in the niche.

Earn a law degree

Next on your academic checklist is a law degree. So you must look for a law school offering a specialty in tax law. You will need to get through an entrance exam to get into law school, so be ready to clear it with the requisite scores.

Obtain an internship

An internship opportunity with a reputable law firm sets you up for a successful career with hands-on experience and practical training. You may also get excellent mentorship opportunities by working under a seasoned senior lawyer.

Seek employment

After completing your law degree, working as an intern, and clearing the bar exam, you must seek employment. Commit to ongoing learning because you need to keep pace with the evolving tax laws. You may also obtain licenses, credentials, and certifications down the road to advance your career.

WHAT ARE THE JOB DUTIES OF TAX LAWYERS?

Working in the tax law niche requires you to follow specific job duties to fulfill the needs of your clients. Whether you work as a consultant or with a law firm, here are the services you need to provide regularly-

• Helping business owners fill their corporate tax forms and reviewing the completed forms
• Drawing up contracts regarding tax obligations or responsibilities of business clients
• Filing accounting paperwork related to the tax code and laws
• Representing clients (individuals or business owners) with tax issues in court
• Offering advice on any other tax matters

HOW MUCH DO TAX LAWYERS MAKE?

The salaries of tax lawyers vary by country. Here are the averages in different parts of the world-

• UK-  £72,500 per year
• USA-  $205,825 per year
• India- ₹ 4.2 Lakhs per year

Tax law is a lucrative legal niche and it gives you a chance to help clients steer clear of tax issues. But choosing the domain requires you to follow the relevant career path. You can follow this guide to choose wisely.