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Taking Q's about boutique tax law, life, etc.
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Date: January 27th, 2017 9:20 PM Author: bistre menage depressive Here was the last time I did this: http://www.autoadmit.com/thread.php?thread_id=2941510&forum_id=2
Was a long time ago. Stuck at home on Friday night and I don't feel like working. |
Date: January 27th, 2017 9:26 PM Author: heady rehab hunting ground do you do planning or controversy? seems like most boutiques do controversy and ERISA
whats your exit strategy |
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Date: January 27th, 2017 9:29 PM Author: bistre menage depressive I'm do mostly planning, but you are right about the general description of what most boutiques do.
Honestly, I don't have much of a strategy except to work hard and see if I make breakfast. If that fails, maybe try to go inhouse or start own firm. Not interested much in federal government (and now they're no longer hiring anyway). |
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Date: January 27th, 2017 9:34 PM Author: heady rehab hunting ground what kind of work would you do if you went solo? (http://www.autoadmit.com/thread.php?thread_id=3506145&forum_id=2#32477510) |
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Date: January 27th, 2017 9:45 PM Author: bistre menage depressive Same sort of work, but for smaller clients. Smaller businesses need tax advice too. (http://www.autoadmit.com/thread.php?thread_id=3506145&forum_id=2#32477570) |
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Date: January 27th, 2017 9:46 PM Author: heady rehab hunting ground seems like it would be hard to get clients if you do tax planning (http://www.autoadmit.com/thread.php?thread_id=3506145&forum_id=2#32477577) |
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Date: January 27th, 2017 9:47 PM Author: bistre menage depressive It would. I would do some controversy too. It's not really a plan, right now, because right now I intend to keep working my current job. Just an idea. (http://www.autoadmit.com/thread.php?thread_id=3506145&forum_id=2#32477587) |
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Date: January 27th, 2017 9:50 PM Author: heady rehab hunting ground have you heard of anyone doing this successfully? maybe it would be easier with a couple other bros. im contemplating this down the road too (http://www.autoadmit.com/thread.php?thread_id=3506145&forum_id=2#32477602) |
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Date: January 27th, 2017 9:53 PM Author: bistre menage depressive Yes - I know someone who did. Was able to take a few long-running IRS exam/appeals cases and run with them, plus do some basic planning. (http://www.autoadmit.com/thread.php?thread_id=3506145&forum_id=2#32477626) |
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Date: January 27th, 2017 9:52 PM Author: milky idea he suggested The main problem with small scale controversy work for individuals is that the sort of person who doesn't like to pay tax is often the sort of person who doesn't like to pay his lawyers either. So you need to be very careful about getting paid. (http://www.autoadmit.com/thread.php?thread_id=3506145&forum_id=2#32477621) |
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Date: January 27th, 2017 9:54 PM Author: bistre menage depressive Indeed. A common problem. I think the sweet spot would be for small, but successful, companies. And getting paid up front. (http://www.autoadmit.com/thread.php?thread_id=3506145&forum_id=2#32477630) |
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Date: January 27th, 2017 10:05 PM Author: heady rehab hunting ground do you have an accounting background? (http://www.autoadmit.com/thread.php?thread_id=3506145&forum_id=2#32477717) |
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Date: January 27th, 2017 10:06 PM Author: bistre menage depressive sadly no (http://www.autoadmit.com/thread.php?thread_id=3506145&forum_id=2#32477721) |
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Date: January 27th, 2017 9:35 PM Author: hateful glittery voyeur Do you do international planning/structuring? Projecting a lot of work restructuring things if Trump slashes the corp tax rate? (http://www.autoadmit.com/thread.php?thread_id=3506145&forum_id=2#32477519) |
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Date: January 27th, 2017 9:44 PM Author: bistre menage depressive I'm more on the domestic side, not the international side, though I have a basic familiarity with the international principles and have done some FTC and subpart F planning transactions . . . .
I think they main thing that could really shake things up - and is much more likely to happen then a slashing of the corporate tax rate - is a repatriation holiday like we had in 2004. Companies will be able to bring back profits in foreign subsidiaries at some reduced tax rate. There will be lots of planning around that. |
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Date: January 27th, 2017 9:43 PM Author: lascivious telephone mental disorder (http://www.autoadmit.com/thread.php?thread_id=3506145&forum_id=2#32477561) |
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Date: January 27th, 2017 9:44 PM Author: bistre menage depressive Not gonna state my firm (but that's not it). There aren't really that many. (http://www.autoadmit.com/thread.php?thread_id=3506145&forum_id=2#32477568) |
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Date: January 27th, 2017 9:45 PM Author: lascivious telephone mental disorder Cool, that's just the only boutique I know of (http://www.autoadmit.com/thread.php?thread_id=3506145&forum_id=2#32477573) |
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Date: January 27th, 2017 9:50 PM Author: heady rehab hunting ground (http://www.autoadmit.com/thread.php?thread_id=3506145&forum_id=2#32477605) |
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Date: January 27th, 2017 9:55 PM Author: bistre menage depressive They have a good reputation, but I actually have no firsthand experience with them. (http://www.autoadmit.com/thread.php?thread_id=3506145&forum_id=2#32477638) |
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Date: January 27th, 2017 10:04 PM Author: sick wild office messiness What are your hours like? Stressful?
What is the comp structure? Market? |
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Date: January 28th, 2017 10:51 AM Author: bistre menage depressive Sorry - fell asleep because I am old. I usually bill 1800 per year and work about 2400 per year. The difference is pro bono and business development and just keeping up with the tax law generally. It is kind of stressful - not biglaw stressful (I used to work in NYC Biglaw) but there are definitely some weeks where I am billing 60+ hours on multiple matters and that is stressful.
Comp is slightly below market, with an hours-based bonus that is well below market and not guaranteed. Still, a lot of money. |
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Date: January 28th, 2017 10:53 AM Author: Duck-like jet national sandwich what would you recommend a 28 yr old who's unsatisfied with his/her career do? 3.95 undergrad GPA, political science. 2-3 yrs of work experience with no real skills or transferable experience, no debt and 75kish net worth. JD,MBA, or otherwise? thanks for your time (http://www.autoadmit.com/thread.php?thread_id=3506145&forum_id=2#32479944) |
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Date: January 28th, 2017 2:03 PM Author: bistre menage depressive I wouldn't recommend a JD or MBA unless you have done a lot of research about what kind of jobs that would entail. Both of those programs are huge investments in time or money, so you want to be sure. If you're thinking about it, someone with your credentials can get a job paralegalling (law), easily.
I can't tell you what you "want" to do. But, since you have a political science background, why not look into opportunities with your local democratic/republican party office, or with an advocacy group? The pay isn't great, sure, but it may be something you'd enjoy given your background. |
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Date: January 28th, 2017 10:55 AM Author: black people who are hurt How difficult was it for you to get this gig? Is it generally competitive to go from biglaw tax to boutiques if you do transactional work?
Is your work product mainly opinions, memos? |
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Date: January 28th, 2017 2:07 PM Author: bistre menage depressive It was not very difficult for me to lateral from Biglaw to this gig; I used a headhunter, who identified the opportunity, I interviewed for it (just like a normal callback) and got the job.
In terms of being generally competitive, well, it's all relative. If you have someone coming from a highly regarded firm who interviews well, I would say - with no other information - that person would have a good chance of being hired. (Grades and law school will provide a boost too, the closer the person is to their graduation date, the better). That said, tax is a highly specialized area, so we want people who can do the work. People with no tax experience generally NNA. If you don't know anything about tax, that will become apparent during the interviews...
That would be a fair statement of my work product, but there's also a lot of informal advice (i.e., writing in email that x "won't work" or "potentially could work subject to us running down a few things") and talking with clients on the phone giving similar advice. |