If you’re hoping to become a tax attorney, then you’re likely to have a pretty high salary outlook. However, attorneys must survive the rigorous law school curriculum and pass bar examinations in order to start their career as a lawyer. If you want to be a lawyer, let the salary prospects motivate you.
Median Salary
In 2012, the median salary for all lawyers in the United States was $113,530 per year or $54.58 per hour. Tax attorneys can make anywhere between $100,000 and $170,000 depending on experience and work specialization. If a tax attorney has experience in consulting and compliance, the average salary is much higher than tax attorneys who specialize in contracts and estate planning.
Starting Salary
Corporate tax attorneys can expect to make around $100,000 after graduating from law school and passing the bar. Pay will increase with years of experience as the attorney moves up within the ranks of the company.
Making Partner
Many lawyers who work for a law firm aspire to eventually make partner at the firm. Being a partner in a law firm means that you contribute owner’s equity in the firm, and you ultimately gain from the firm’s net profit. It also means you are legally bound to the firm if the company goes bankrupt.
Education
The better the law school you graduated from, the better your job prospects and starting salary are likely to be. Law school is generally a very expensive investment because law schools assume you either already have money or are likely to make money after graduation. While it is expensive, keep in mind that part of what you pay for is the connections that are associated with the school name.
Location
If you live in a metropolitan area or large city, you are likely to make more money and have more job opportunities. This is true of most occupations simply because more people in one location generate more clients.
IRS Certification
If you want to be a tax attorney who represents clients in legal matters against the IRS, then you must also pass certain IRS certifications. This certification also gives you marketable skills that may increase your starting salary or chances of getting a job.
Job Outlook
The Bureau of Labor Statistics reports that legal jobs are expected to increase by around 11% by 2022, which is about the same rate of growth as all other occupations. This means that job prospects for attorneys are fairly good, but not amazing. Getting a good education will give you a competitive edge and better job opportunities.
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