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Are you wanting to stay in public accounting? If so, then no. But if you want to move to the practice of law then obviously you need a law degree. My initial reaction based on your desire for career progression and salary increase is that it is not worth it. The career progression is very structured in law firms as it is in accounting firms. Further, unless you’re in big law, the salary is probably pretty equivalent. The only way it would be worth it financially is if you got a job in big law but even then you would likely need to go to a prestigious law school (gobs of money), do really well (hard to do with family), and have the right connections.
In short, it doesn’t seem wise unless like i said previously, you want that inner fulfillment.
If you’re learning the tax law on the job, there’s no need to further credentialize yourself with the time and money required to get a JD. Instead, put that effort into professional development so you can become better at what you do.
One caveat is, since you mentioned the internal nature of your role, I assume your skill is marketable outside your firm, in case it ever comes to that. Don’t want to tie your entire career trajectory to one place.
Not at all, especially if you’re looking to stay in public. It’s a ridiculous amount of money and time for skills that you can learn on the job. Even if you were interested in practicing law, it’s much more toxic than public accounting and I’ve watch people burnout hard and their families torn apart.
The internal salary bump wouldn’t be that great. Maybe 15-25k or so. So you’d probably “break even” after 4 years or so.
If you want to go to biglaw, that’s a bit different but pretty difficult to get into. But you’d likely start at the bottom rung but still making 200+.
D2 - you should have asked for more. They didn’t give others catch up payments, that’s just the excuse they used to pay you less. Don’t fall for it.
Not worth it if you’re doing it for the bump in salary. Lawyers in PA make more early on but it starts to level out at around manager.
You would be going into massive debt unless you get a scholarship in addition to the years you would lose income and work experience.
You could go part time, but as someone who did that while working in PA, it is extremely difficult and I’m not sure I could have done it with kids.
Now if you’re going to feel unfulfilled for the rest of your life then that is something to consider but you really need to think about what you’re looking to get out of this
Thank you. This makes a lot of sense. I would be going part time and I’m a single mom so I don’t know how I’d do it, just thought it might help in some big way. If salary evens out at manager I think investing in the JD would not be worth the return. Thank you again.
I went to law school because I couldn’t find a good job after college. If you already have a decent paying job, I don’t think law school will impact that much, and it will cost you time and money.
As an attorney & MBA grad, I would say don’t do it. The CPAs seem to move up just as quick & make a similar amount of money in our group. Law school is at least 4 years full time given the LSAT & bar exam & so it’s much money if you have to pay for it yourself. I’d say go for your CPA if you haven’t already because it’ll take less time and money. I hear a masters in tax is a similar program to an LLM in tax (but I’d love to hear from someone who knows about it). I practiced for 10 years in litigation & general counsel work. I hated it & made a big career change into tax last year. It’s better on this side. Don’t do it for the money, but do it if you want a career change. Though first you might want to check on stats about how many attorneys are happy in their career. It’s incredibly low. And lots of substance abuse issues and depression.
Would love to hear peoples’ perspective on this one too! My understanding is that the ceiling in tax accounting is lower than for those in legal careers but it comes at the cost of a worse work life balance.
Adding: I really like my current job/company and hope if I do get my JD part time that this will enhance my role and open up salary range and future opportunities there.
TM 1: was in industry for 15+ years in various financial/tax roles. Started in PA tax 2 years ago so I’m still trying to figure this world out to be honest. I know that I really like what I’m doing although I’m still learning every day. I am the only non-JD in my group.
No
No
I don't think the ROI is there. This would have to be a passion project for you. And it is a grind.