Also, the position offered was from ELP. Does it not make sense to consider it even though it's one of the best in this area?
I definitely like tax, especially litigation. So should I consider diversifying ? Like trying to practice other areas of law along with IDT- like DT or IBC? Do firms allow IDT associates to diversify or are they strictly allowed to practice only IDT?
1. There's a fair amount of stable positions now, resulting in less advisory and structuring work. Hopes are on litigation which will start once audits are over. Once you've good deal of litigations, they also generate advisory. Compliance work is getting automated day by day.
2. Monotony would depend on your work portfolio. If you keep on running after new things, you'll be future proof and also have good new stuff to work on.
3 and 4. I guess only KCo has serious IDT practice. SAM, JSA and Trilegal have it but not so big. Not sure about AZB and I think L&L doesn't have it. CAM doesn't have it now. Growth depends on how's growth of practice. Generally IDT is better in work life balance. The challenge with IDT in tier 1 firm is the numbers would be smaller compared with other practice areas so might have impact on growth and comp.
1 and 2 sadly Yes. 3 IDT lawyers generally leave early compared to others, not saying for LKS, ELP who are in core in tax but others like SAM, Khaitan, they go pretty early. 4 Fewer options to choose but you have big 4 so that you can jump into that.
Hi - I am you, just several years on. Exactly the same story. I wish I could back in time self give myself this advice. This is a dead practice area. 3 years is nothing in the long run. I would say make the switch now. Talk to every head hunter you can find and actively pursue a law firm job. Be willing to start at level 1, but join a gen corp / m&a practice area, where the opportunity to grow and move is boundless. Even if you get a small law firm, move out from IDT. Use a year or two to learn the basics of corp law in a small law firm and then apply again for a bigger law firm. None of it is rocket science. You’ll pick it up if you work hard.
You can obviously write well and will be able to handle client communication etc. Try to sell that and be honest about your motivation to switch.
With 2-4 years relevant experience in a mid size law firm you’ll be a good hire for the bigger law firms (as most people in that age bracket are leaving) and there’s always vacancy for good candidates at 2-4 years experience.
All the best! Don’t let it get you down. But do consider cutting your losses now and leaving IDT while you are still so young!
I am a lawyer and a CS. I have worked in Indirect Tax for the past 1 year and I really liked it. Recently I have been hearing that IDT practice is declining and that there's no future. Can someone help me the following questions ?
1. Is the practice really declining ? 2. Does the work get monotonous over the years 3. How is the monetary growth and work life balance, in a Tier 1 firm ? 4. I know that there are very few firms with IDT teams? What are the disadvantages of that ?
I would appreciate if anyone with some experience in IDT could help me with these questions.
If you have the courage, make the shift from IDT to DT.. Internal shift within a Big4 is not unheard of. But, it's NOT easy. I did it after a 1 year stint in IDT at a Big4. It's a HUGE learning curve and you WILL need to take A LOT of effort and put in 10 times the work. It's not easy for us lawyers. But, if you manage to do it, you can get out of the rut. Of course, weigh your other options because, I reiterate, it's NOT EASY. I've given it blood, sweat, and tears literally.
Any filed of law is exciting if you enjoy it. It appears that you are not enjoying the work, it would therefore be better for you to change the stream / practice. But please be aware that you will have to start as a fresher. This might take some toll on you. However, if you choose your stream wisely & depending upon your interest, I am sure you will succeed.
From what I have seen, indirect tax practices of the big firms regularly hire folks, including after COVID. If you're open to continuing in this practice area at a firm, might be worth applying to a few and testing the waters before deciding to make a practice area switch.
So I have 3+ years PQE in the indirect tax litigation and advisory space and I’m currently working with a Big 4 accounting firm. I landed in the said firm not because of choice but because of circumstances.
For the last one year I have been trying hard to find a good opportunity to move out of the firm. However, I’m not been able to find any respite. It’s getting really frustrating from me to work in the firm(not because of the the people but because of the work as I find myself in a role that was forced upon me because of circumstances, and quite honestly in big 4s work of a lawyer is limited in terms of tax ). Further, the problem is with indirect tax only one firm dominates(LKS) this sphere of law. Other law firms do have work but not comparison. Hence, the market was very stagnant even before Covid and post Covid it has become even worse T1 firms do have this practice area however, there is no rotation of people because, as mentioned the practice area id very stagnated. Hence, openings are very rare and few.
Now I’m thinking of switching my area of practice from tax to something else(haven’t really decided the practice area yet), because I feel trapped as there has been no growth in my career and I don’t see any in the near future, if I continue with the same practice area. However, the biggest challenge I think is that even if I approach any law firm, I’m branded now as being a tax lawyer. And quite honestly I don’t have a strong grasp on any other spheres of law except indirect tax at this point.
I’m really not happy with my work and it is affecting me tremendously in my personal life as well.
I would sincerely appreciate if anyone could guide me as to how should I go about taking this leep. Because, I’m clueless as to how to approach law firms to hire me in a roll in which I can change my area of work.
I definitely like tax, especially litigation. So should I consider diversifying ? Like trying to practice other areas of law along with IDT- like DT or IBC? Do firms allow IDT associates to diversify or are they strictly allowed to practice only IDT?
2. Monotony would depend on your work portfolio. If you keep on running after new things, you'll be future proof and also have good new stuff to work on.
3 and 4. I guess only KCo has serious IDT practice. SAM, JSA and Trilegal have it but not so big. Not sure about AZB and I think L&L doesn't have it. CAM doesn't have it now. Growth depends on how's growth of practice. Generally IDT is better in work life balance. The challenge with IDT in tier 1 firm is the numbers would be smaller compared with other practice areas so might have impact on growth and comp.
You can obviously write well and will be able to handle client communication etc. Try to sell that and be honest about your motivation to switch.
With 2-4 years relevant experience in a mid size law firm you’ll be a good hire for the bigger law firms (as most people in that age bracket are leaving) and there’s always vacancy for good candidates at 2-4 years experience.
All the best! Don’t let it get you down. But do consider cutting your losses now and leaving IDT while you are still so young!
1. Is the practice really declining ?
2. Does the work get monotonous over the years
3. How is the monetary growth and work life balance, in a Tier 1 firm ?
4. I know that there are very few firms with IDT teams? What are the disadvantages of that ?
I would appreciate if anyone with some experience in IDT could help me with these questions.
Also, what's the figure at 3+ PQE / AM?
IDT is frustrating if you get into it as a fresher.
For the last one year I have been trying hard to find a good opportunity to move out of the firm. However, I’m not been able to find any respite. It’s getting really frustrating from me to work in the firm(not because of the the people but because of the work as I find myself in a role that was forced upon me because of circumstances, and quite honestly in big 4s work of a lawyer is limited in terms of tax ). Further, the problem is with indirect tax only one firm dominates(LKS) this sphere of law. Other law firms do have work but not comparison.
Hence, the market was very stagnant even before Covid and post Covid it has become even worse T1 firms do have this practice area however, there is no rotation of people because, as mentioned the practice area id very stagnated. Hence, openings are very rare and few.
Now I’m thinking of switching my area of practice from tax to something else(haven’t really decided the practice area yet), because I feel trapped as there has been no growth in my career and I don’t see any in the near future, if I continue with the same practice area. However, the biggest challenge I think is that even if I approach any law firm, I’m branded now as being a tax lawyer. And quite honestly I don’t have a strong grasp on any other spheres of law except indirect tax at this point.
I’m really not happy with my work and it is affecting me tremendously in my personal life as well.
I would sincerely appreciate if anyone could guide me as to how should I go about taking this leep. Because, I’m clueless as to how to approach law firms to hire me in a roll in which I can change my area of work.