I have done various internships at law firms tax teams but always I end up doing tax litigation work. I have done internship at JSA, L&L but there I didn't do any M&A work. Also, will this harm my chances to get a job at the M&A tax team (I know Trilegal, Khaitan have separate teams for this) when I have in my internships done the litigation side?
No, it will not harm your chances to get job in M&A tax team because in the tax field, recruiters mostly look for your past experience in tax, be it litigation or advisory.
I think any law firm having good M&A practice, would be having few people doing the tax work, so all these tier I firms would be having nice M&A tax advisory team.
Not necessarily. It really depends how the law firm sells it's tax practice. M&A tax can be super complicated, with accounting/valuation aspects also coming into play along with tax. So, in India, typically clients prefer to go to CA firms (especially Big4) from a structuring perspective. Those guys nicely package it as a full "tax and regulatory" advise, which is practically more beneficial to a client. So, the usual story is, clients take advise from Big4 and come to a law firm only for implementation. Which means, M&A tax in law firms is reduced to reviewing transaction documents.
Try joining a firm where they actually do structuring. That's the meat of M&A tax and requires some holistic out-of-the-box thinking, taking into account tax + others laws. Which firm.... uhm well.. That's honestly a difficult one. Will really depend on the partner, team and their capabilities. And, as an intern, you are unlikely to know it beforehand anyway.
Hi! I am the one who posted this question. You have mentioned that this work is mostly done by the big 4, which I have no intention of joining because they hire mostly CAs and I am a law student. Well if this practice area is small in law firms, should I think of trying some other area.
I am in my fourth year with 8 internships in a total of which 5 internships are in tax. Do you think it will be a nice move as now I am coming to my graduation or hopefully getting the PPO time?
I have no preference of area till it offers me a decent paying job.
Your internships really do not matter. Your internships in tax will not matter at all because 99% lawyers in law firms will not understand tax anyway. So, if you wish to explore other areas, don't harp on your tax internship experience. Anyway, you will realise as you start working that internships were mere time-pass and perhaps just a way for law firms to hire fresher kids without taking the effort to go for the Day Zeroes at law school.
Hello...could you plz if possible suggest a goof team and not law specific either in Delhi or Mumbai for the same. I have Tax Litigation experience albeit not from Tier -I city.
You can do tax litigation and still get into a Tax Advisory or M&A teams. But if you have done only M&A, and are not aware of how assessments, appeals and writs work, you can't do litigation later. In fact if there are issues in a deal, they have to approach the litigation team and consult a senior counsel. Also most aspects of tax advisory and M&A are taken care of by the CA firms- especially the Big 4.
The Trilegal Tax team is now the coolest. It has a mix of lawyers and CAs. they do stuff on M&A structuring, fund structuring, ESOPs, and litigation. Interesting work, good ppl.
Try for S&R Delhi office, they picked up a team from PwC M&A tax in 2022 and I have interned with them; fantastic team to work with and you will have all flavours of structuring there including commercial thinking and learning.
No, it will not harm your chances to get job in M&A tax team because in the tax field, recruiters mostly look for your past experience in tax, be it litigation or advisory.
Try joining a firm where they actually do structuring. That's the meat of M&A tax and requires some holistic out-of-the-box thinking, taking into account tax + others laws. Which firm.... uhm well.. That's honestly a difficult one. Will really depend on the partner, team and their capabilities. And, as an intern, you are unlikely to know it beforehand anyway.
I am in my fourth year with 8 internships in a total of which 5 internships are in tax. Do you think it will be a nice move as now I am coming to my graduation or hopefully getting the PPO time?
I have no preference of area till it offers me a decent paying job.
Your internships really do not matter. Your internships in tax will not matter at all because 99% lawyers in law firms will not understand tax anyway. So, if you wish to explore other areas, don't harp on your tax internship experience. Anyway, you will realise as you start working that internships were mere time-pass and perhaps just a way for law firms to hire fresher kids without taking the effort to go for the Day Zeroes at law school.
Good luck!