Anyone in here hang your own shingle? I am close to retirement (government) and completing my LLM. I plan to open my own office focusing on tax planning, wealth management, emerging/start up law. I want to get some feedback.

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What type of law have you practiced up until this point? Tax has a pretty steep learning curve. It took me at least 5 years of experience, in both a law firm and a global accounting firm, to start feeling like I was developing a deeper understanding or natural intuition for tax law. I would really recommend working with someone else with tax experience for at least a few years. I can’t imagine starting out by myself.

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I worked at a 3 person law firm doing tax and estate planning. And as I also said…I worked at a small CPA firm before law school. But believe what you will.

Why do you think an LLM will provide you the skills you need to adequately help clients in these areas?

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The tax LLM would be super helpful to give you a good foundation.

Echoing KPMG 1: tax is not a law that people practice year 1 on their own. Tax law is an ENORMOUS trap for the unweary. I have been tax counsel for almost 20 years. I have an LLM from NYU. It wasn’t until my 7th or 8th year that I felt like I knew what was really going on. If I had tried to bust into the field on my own right away I would probably be disbarred for f-ing something up.

By all means hang up your shingle. Lean into law you have some background in. But tread carefully with tax and I don’t suggest taking it on as a top competency until you’re really ready.

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May I ask what caused you to realize in your 7/8th year that you knew what you were doing? What made it click? Very curious.

Do you have experience in these areas? How will you get clients?

I have zero. That is one of the reasons I am pursuing an LLM, but that is why I am also on here.

What do you mean by wealth management? Like estate planning?

Part of it is estate planning, yes. Business succession, etc.

So with estate planning, regional bar associations are very helpful especially for getting sample documents. Working with someone experienced also helps.

OP what is your plan for getting business? Just curious

Beyond the traditional networking and advertising, I have some ideas that I will keep to myself for now. I can say that I am a Veteran, and plan to focus on the Veteran community.

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