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Transitioning Your Practice from an Accounting Firm to a Law Firm [Raffaele Murdocca] Moving from an accounting firm to a law firm can be a difficult transition to make, but with the right moves, not an impossible one. (Even in a bad economy).
Many law students, for a number of differ-
a change. This could be for any number of
be so difficult to transition your practice from
ent reasons, make the decision to start their
reasons:
a Big 4 accounting firm to a large law firm.
along by the Big 4 accounting firms coming
1. The work is not as sophisticated as you
A . The History
to law school campuses and recruiting them.
would like;
For several reasons, this is an attractive
2. Your salary and bonuses are still far be-
The current market is very different than just
offer. You meet the attorneys within the tax
hind what other associates are making at the
a few years ago. In 1999, the law firms could
practice and they seem different than those
large law firms;
not get enough good associates. The recruit-
at the large firms. They are charismatic,
3. You just want to have the opportunity to
ing companies had many more positions than
gregarious and have business acumen. They
practice at a law firm;
they had good candidates. Tax associates at
tell you how associates at their firms put
4. You are not getting the client interaction as
the Big 5 were getting phone calls at least
together presentations and have almost
promised;
once a week to come and interview at the
immediate client contact with Fortune 1000
5. Sarbanes-Oxley is having a negative effect
big firms in town. The firms lured associates
clients throughout the region. They claim
on your business generation abilities;
with more money, sophisticated work and
you will be reading the tax code and writing
6. The firm is laying people off.
prestige. Many associates left at that time to
careers as tax attorneys. Some are helped
memoranda on different issues that relate to
transition their practices out of tax and move
your clients. You walk out of the interviews
Regardless of the reason, you feel that it
into corporate technology or to continue their
pretty pumped up. On the other hand, a large
would be best to transition your practice to a
legal career in a law firm environment. If you
law firm looking for tax associates will give
law firm. In years past, you have seen some
were a manager, senior manager or partner
you a much different feel when they interview
of your peers move to the large firms with
you always had the possibility to move, but
you. The tax attorneys at law firms are less
relative ease. You went to good undergradu-
were more reluctant because you saw that
sales people and more grinders with not
ate and law schools and now have a substan-
being a partner was a real possibility and
much personality and, for the most part, are
tial amount of work experience, so you feel
there was no need to move to a law firm. You
servicing M&A practice clients as opposed
that you are in a good position to make the
built up your practice, had great client con-
to their own clients. So, you decide that you
move.
like the feel at one of the Big 4 and believe
tacts, did good work, and were well received by the partners and other senior managers
that you will get the training necessary to
So you do research on firm websites and
become a good tax attorney. Even though
look through job postings throughout your
you will have to take a pay hit compared to
region, applying to large firms that have a
Since 2001, there has been a steady decline
your colleagues going to the large firms, you
need for someone at your level and experi-
in this activity, starting with the fall of Enron.
know that the partners at the Big 4 make as
ence. And you wait. Three weeks have gone
We all know that Enron led to the demise of
much as, if not more, than the partners in
by and you have heard nothing. Soon after,
Arthur Andersen, or vice versa, which had
law firms. So you accept an associate posi-
you get rejection letters in the mail and you
hundreds of thousands of people across the
tion within the Federal, SALT, International,
ask yourself what went wrong. You just don’t
country looking to get out of Big 5 life. Most
ERISA, or M&A practice groups.
understand why someone with your level of
of the attorneys and accountants ended up at
experience would have any problem landing a
the other big accounting firms, while looking
position at a law firm.
for law firm and in-house opportunities. After
Whether it’s two or ten years after the commencement of your Big 4 experience, you may start to feel that it’s time to make
PAGE 1
and managers.
the crumbling of Andersen & Enron there The following is an explanation of why it can
were many accounting scandals throughout
continued on back