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One also is getting paid way more for the work that they’re doing.
I’m at a law firm and most of my deal work involves drafting/reviewing the tax portions of the purchase agreement. I don’t do diligence, which is handled by whatever big 4 is on the transaction. The stuff that goes in the report will affect what goes in the agreement so we’ll review it and negotiate for certain provisions accordingly.
The big 4 will also typically handle the step plans of the transaction structure, though at my law firm I’ve done a couple.
Depends a lot on the nature of the tax work/group you’re in. At big 4, some people were doing grunt compliance work while I was working on controversy matters. When I left for big law, I kept doing controversy but got to see appeals from start to finish and be involved in “real” tax litigation. Can’t do anything in court at big 4.