Future CPAs---DONT GO TO LAW SCHOOL

Question

If you are one of those CPA's with hopes of becoming a tax attorney, I would look for another career path. Law school sucks and there are zero jobs unless you are top 5% or above the median at a T-14. I would only attend law school if the public accounting firm you are working for will foot the bill and you will have a job lined up when u finish. Otherwise, law school is a potential waste of 350,000 dollars (200,000 for tuition and housing -- and 150,000 for lost income over three years). With interest, you could owe over 360,000. Plus, the JD is a resume killer--it does not open doors it seals them shut. Believe me, I recently attended a T1 on full scholarship---the warnings were scribbled all over the walls. If in doubt, visit https://www.jdunderground.com or www.autoadmit.com. Oh yeah, you wont be at the top of the class. Otherwise, you would have been smart enough to attend medical school.

If you are lucky enough to get a job, I hope you are happy with 30 to 40k working 60+ hours a week with no benefits and zero chance of advancement.

I am just trying to help.

exitlane10 · Answer

Oh yeah, avoid T2,T3,and T4 schools like the plague--even with a full scholarship. In fact, avoid all things outside of t-14 or even t-6 these days. I know harvard law kids with difficulty finding unpaid jobs.

exitlane10 · Answer

OH yeah, forgot to mention how most jobs for recent law school grads are being outsourced. Soon, those will be replaced by a computer. https://www.nytimes.com/2011/03/05/scien ... .html?_r=2

scheol79 · Answer

Interesting thread. 
Would you say the same thing about international tax attorneys?

exitlane10 · Answer

Like all things, it depends on the country. https://wiki.answers.com/Q/What_country_ ... per_capita
Oh yeah, there is no such thing as international law--biggest line of bullshit. Unless, you work for the UN--like a few hundred out of 6+ billion.

exitlane10 · Answer

Like all things, it depends on the country. https://wiki.answers.com/Q/What_country_ ... per_capita
Oh yeah, there is no such thing as international law--biggest line of bullshit. Unless, you work for the UN--like a few hundred out of 6+ billion.

scheol79 · Answer

I see. Could you give me some career advice then?

I will be attending a master of accounting program either at Univ. of Virginia or William & Mary this Fall.

After Master of accounting, I plan to work for a big 4 and get my CPA, but I really don't have a concrete long term plan.

I will be taking the tax track and am hoping that I will work as a international financial reporting / tax consultant for Asian firms as I am fluent in Korean and also plan to study Chinese. I heard International corporate taxation is done by tax attorneys so I was considering attending a law school sometime later.

Though I majored in accounting, I've worked as a financial advisor and trader, so I really don't know much about accounting career except what I can find on the web. I do not know whether I will pursue further education or not, but I am also considering MBA if needed for whatever I decide to pursue.

Any advice will be a huge help to me.

Thanks in advance!

exitlane10 · Answer

Nice work experience. First off, get an MBA from only a top ten program--maybe even top 6 in this economy. At worst, attend nothing less than Anderson, UCLA MBA(rank 14). Most MBA programs are a waste of time and money. MBA is a cherry on the cake of an already strong resume; it is all about networking. 
From what I have been told, the tax track is a great route toward a job at the big 4; much better than audit (everyone wants to do audit and many perceive tax as boring). But, I hear that the US tax code (what you will learn at the MSA) is for US firms. Foreign firms will not be eager to have some one unfamiliar with their particular tax code to work on taxes: there are plenty of foreign students capable of doing the consulting who also speak the language and english. Tax is very specialized (limits international reach unlike auditing) but it will open more doors domestically. UVA and William & Mary are both top notch programs. If accepted at both, attend UVA, unless it is much more expensive to attend. As for long term goals, you might open up your own tax firm one day with some of your big 4 buddies or solo. Maybe even go in house for some corporation after working at the big 4 for a couple of years. Law school could pay off in the form of a tax attorney gig, yet the odds are overwhelmingly against you.

mountaineertider · Answer

I attended law school for a semester - don't believe a word they tell you about the legal market. They will swear up and down their employment percentage is in the mid-80s, and if you are at anything but a T1, chances are 40-60% of those are not doing legal work. Only one of my friends from law school is going to be doing legal work outside of taking classes.

sailtheworld · Answer

Haha

I decided against attending law school last year. Terrible idea if you're lower T-14 or below. Breezed through the reading section of the GMAT though after practicing for the LSAT.

exitlane10 · Answer

Law school really is a big scam. I heard it summed up pretty well on jdunderground.com , "It is a pie eating contest where the grand prize is more pie." I took the bait and bought into the scam instead of focusing on something I enjoyed--accounting. Sometimes people do things based on misconceived notions of prestige and prosperity. But seriously, the law schools are straight up lying about employment numbers and this profession is far from prestigious. Plus, the study of law is excruciating and I hear from most that the practice of law is far worse. Even my law professors complained about how much they hated the practice of law. One of my professors from undergrad, a successful tax attorney who made partner, recently told me he wants to get out of the law asap in order to teach full time--even the money is not worth it for some. My brother works for a video production company that provides video editing services for a top Los Angeles law firm (some of the richest lawyers in the world work there), where he has met the biggest groups of alcoholics, drug addicts, and clinically depressed people. Lawyers are miserable people for the most part. Please avoid!!!!!

And if you are already enrolled in law school, I would pretty much drop out--even if you have finished your second year. Yes, you will be a quitter, but quitting is not always a bad thing --smoking, gambling, internet porn, crack, etc. Save yourself from a life of indentured servitude because that student loan debt is non-dischargeable in bankruptcy. I would not waste my time if I did not care. The law school admins don't care about you, only your federal student loans. I could rant on and on but it is up to you to make the decision to leave.

For those of you who are too stubborn to quit, think of a moving train heading for the edge of a cliff at an accelerating pace. Sure, if you jump off you will get a little banged up. But, you can dust yourself and mend your wounds. The more time you spend on that train, the more dire your predicament will become. Eventually, you are screwed and your life, forfeit. Make the right choice and say no to Law School. Spread the word to every corner of the US. Time for me to get off this soap box. PEACE.

mountaineertider · Answer

Thank God I got out when I did. Only 2 people I knew from a class of 150 got substantial internships this summer. Law school is such a freaking joke and I couldn't be more glad I got out.

exitlane10 · Answer

I can tell that you are among the brightest of your class, "the smartest people in lawschool are the ones who dropped out first semester." jdunderground.com.

exitlane10 · Answer

T1, T2, T3, or T4? Actually, let me rephrase, T-8 or TTTT (everything else except maybe Texas in Austin)?

mountaineertider · Answer

If we're going T-8 or bust then I was at a TTTT.

Otherwise, I was at a T2.

exitlane10 · Answer

FOR ALL THOSE SKEPTICS OUT THERE! Please read, and try not to cry.

https://www.hlrecord.org/opinion/unemplo ... -1.1179172

https://www.law.com/jsp/law/internationa ... _Job_Fears

https://www.lawschooltransparency.com/20 ... ol-of-law/

ejgustaf · Answer

Law School  is a great, fun, challenging place.

Being a lawyer  is an awful, soul-sucking occupation

/Wustl Law grad

// Now, thankfully, in mainly business

AzWildcat1 · Answer

complete negative portrayal ITT

ya if you come to law for a specific niche field that you probably won't achieve it. If you go to law school to ultimately practice law, than yeah you can achieve your goal. Its just like a public UG. The kids that put in the effort, network, and work hard during OCI advance. The ones that kickback like OP did drop out and quit. It is what you put in to it, not some lottery ticket. Otherwise , go back to accounting and working on that excel spreadsheet.

Future CPAs---DONT GO TO LAW SCHOOL

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