Taxation Law is not all about advising large corporations and international businesses on their tax affairs.
In reality it actually involves all sorts of people and apart from the end of the financial year, the hours tend towards being very life-friendly. It's also an extremely stable area of the law, as there has been written Taxation Law in England since the 13th Century and Taxation Law has been around since Ancient Egypt in 3000BC.
Here are six simple reasons why you should consider studying an LLM in Taxation Law.
Good tax advice can change a family-owned company's future prospects and keep business trading during hard times. Bad advice will impact on people's mental and physical health along with damaging their businesses and reputations. By focussing on Taxation Law you can make a big difference in how an organisation will conduct its business and help keep people in employment in your community. By helping individuals keep their tax affairs efficient you'll be allowing people to enjoy their retirement safe in the knowledge that they will have enough to see them through to the end of their lives or to help their own families if need be.
Taxation Law is always changing and developing, and the advice of Taxation Law specialists is required by almost all people and organisations at some point. Poor tax advice can impact on individuals as well as on corporations’ reputations and international standing, so lawyers focussing on tax advice are always going to be needed. In England, there have been written laws to do with taxation since 1215 and the Magna Carta, so by focusing on Tax Law, you will be sure that there is a long heritage of offering legal tax advice.
Good work-life balance
Apart from the end the financial year when accounts for tax purposes are due, most lawyers focusing on Taxation Law have a work day that matches most other offices rather than some of the more unreasonably long office hours that some lawyers are expected to keep.
Depending on where you are based and how long you have been working within Taxation Law it tends to be a well paid area of work. You can expect to earn between $107,996 to $146,664 in the US after you have gained some experience. In London a lawyer focusing on Corporate Tax Law can expect to earn around £100,000 after 10 years.
Lots of variety
Everyone needs tax advice and if you specialise in Taxation Law you will find yourself working with all sorts of people. One day you may be helping wealthy individuals and the next it could be someone needing a little tax advice on their pension or life savings. You need plenty of other skills to succeed in the area of Taxation Law, it won’t be enough to just be good with numbers, you must be able to easily get along with lots of different types of people.
Opportunity for further specialisation
There are numerous further areas of specialisation for those focusing on Taxation Law; Corporate Law, Inheritance Tax Law, International Tax Law and Mergers and Acquisitions all involve lawyers who have started by specialising in Taxation Law and then focussing further.