The legal sector has been attracting a lot of flak because of the intense competition and lack of adequate employment opportunities for the JD aspirants that emerge from law schools. The seven-year training period after graduation and the high tuitions had become a deterrent for students considering a career in law. But, there is one legal specialty where you can build a lucrative and rewarding career with the potential to earn high salaries – taxation law.
Great Salary Prospects for Law Graduates
Although salaries for law graduates depend on the location and industry where they work, you can expect a base annual income of $100,132. As your experience levels improve and you build a portfolio of regular clients, you can command a higher payscale. Working in urban locations for large corporate and multi-national organizations will enhance your chances of getting paid well, expand your skillset, and learn on the job as tax laws change over time. Experts estimate that the sector is expected to grow by 9% from 2020 to 2030, with at least 46,000 new positions opening up for aspirants.
Taxation Law has Broad Applications.
Taxation law is not just restricted to doing taxes for clients, but this niche has a stunning array of applications that you can specialize in. Here’s a quick look at your options.
- Advising clients on federal tax code and other state tax laws
- Formulating financial strategies for businesses and individuals to take advantage of legal tax credits and save on applicable taxes
- Assisting clients with IRS audits and appealing against penalties and fees
- Compliance with taxation laws
- International taxes
- Corporate taxes
- Expat tax consultant services
- Tax implications of mergers and acquisitions
- Tax-exempt organizations
- Real estate and property taxes and transactions
Giving back to the Community
Studying taxation law will allow you to do your bit for the community, like working for charitable agencies. These entities can benefit from your expertise in navigating the legal and administrative side of their operations. You could also dedicate pro bono time to programs like the Volunteer Income Tax Assistance (VITA) that offer advice to low-income groups and veterans on how to stay compliant with their taxes. Taking a position with a government entity like the IRS or Treasury Department could open possibilities of influencing tax law changes.
Working in a Multi-Specialty Firm
JD graduates finding a position in a reputable Jacksonville criminal lawyer agency have the chance to work in a dynamic, fast-paced environment. You could be called upon to consult on unrelated cases and offer expertise that can overturn the verdict in the client’s favor. Unlike other fields, taxation law is ever-evolving to keep pace with changing government regulations. And, since complying with taxes is indispensable for individuals and businesses, your services will always be in demand.
A career in taxation law is one of the most lucrative options in the upcoming years. You can expect to earn a great salary, enjoy a healthy work-life balance, and contribute to the community.