Career Opportunities for Chicago Tax Attorneys

Introduction to Tax Attorney Jobs in Chicago

Tax attorney jobs in Chicago encompass a wide array of responsibilities. Although there is some flexibility at the entry level as to what holds greater priority for each individual, there are some typical job functions that tax attorneys must fulfill. Client issues for tax attorneys include planning, auditing, consulting and litigation, and often involve interaction with both government and corporate entities. Tax lawyers ensure that their clients understand the intricacies of the tax laws affecting their lives, and that they have a great defense should the IRS ever contest their returns .
Those considering employment as a Chicago tax attorney should be aware of the competitive nature of this specialization, and go into the interview process up-to-date on all aspects of the field. Some areas of the tax law you will likely need to be well versed on include tax exemptions and credits, retirement planning, business asset transactions, charitable contributions, and any recent tax law reforms. Local candidates may already have a good idea of the general nature of tax law, but out-of-state candidates brave enough to look at opportunities in Chicago would do well to do additional research on the working culture of a Chicago firm or corporate office.

The Law Firms Seeking Tax Attorneys in Chicago

The most significant employers of tax attorneys in Chicago include Sidley Austin, Kirkland & Ellis, Winston & Strawn, Skadden, Arps, Slate, Meagher & Flom, Baker & McKenzie and Shearman & Sterling. In recent years, these firms have frequently sought experienced tax lawyers as well as relatively newer tax candidates to fill positions in their Chicago offices.
Sidley Austin regularly hires Chicago based tax attorneys. The firm looks for candidates with top law schools and top undergraduate degrees. The firm seeks experienced candidates who can function independently, lead various client matters, and manage clients, as well as more junior candidates. A degree in accounting or LLM is a plus.
Kirkland & Ellis LLP has a strong name when it comes to hiring tax lawyers. A graduate school degree such as an LLM in taxation or J.D. is a plus, but not necessarily required if you have tax experience. The offering more often is typically for associates with an LLM in tax. The compensation paid is on a lock step basis in line with Cravath. You will also need about two to three years of prior tax experience. The environment is recognized as being very strong especially for corporate tax.
Winston & Strawn Courts the same pool of candidates that others are looking at, and consequently has its share of turnover. The firm hires both experienced attorneys as well as more junior associate attorneys to staff its Chicago tax practice.
Skadden, Arps sees its tax lawyers like others see their corporate attorneys, as key to the firm’s bottom line. Although not all tax practices will run as efficiently, the Chicago based tax practice of Skadden Arps is a very important one that is run well. The practice is competitive, issues with partners occur, but overall, it’s a strong practice that has longevity and clearly looks at its tax group as providing services to all areas of the firm, as opposed to operating in a silo.
Baker & McKenzie’s Chicago office is probably an excellent place for many to begin their tax law careers. The firm is known to provide training, and to be amenable to people coming from different geographical locations (including different countries). It is a much more immigrant friendly firm than others. As other Chicago tax firms create more exit opportunities (through lateral movement) this could further help immigration goals.
While Shearman & Sterling is not the best law firm in Chicago to work for tax wise, it has added laterals over the past decade and established itself as a great land for both junior and more seasoned tax attorneys.

Requirements for Tax Attorney Positions in Chicago

In order to work as a tax attorney in Chicago, there are a number of educational and professional prerequisites. Generally speaking, applicants need to have a Juris Doctor degree, along with some specialized training in taxation law. Once admitted to the bar, many firms will seek candidates with some prior experience working as a junior tax associate or in another position that dealt with tax issues. Many larger firms will prefer applicants with an LL.M in taxation, though candidates with strong legal backgrounds may still be considered. As with most legal positions, tax attorney jobs also tend to require a significant amount of networking and planning in order to get a foot in the door. In addition to graduating from law school and passing the bar, networking with tax attorneys in the area and joining relevant professional associations can go a long way toward securing a job in taxation.

Salary of Chicago Tax Attorneys

In Chicago, the salary expectations for tax attorneys can vary across a range of factors. One of the biggest influences on these figures is how much experience a tax attorney has. Those who are just beginning their careers, for example, – possibly coming out of law school with an LLM or after several years practicing in other areas of law – are likely to have a starting salary of around $63,000 per year. More experienced tax attorneys, ranging from six to 15 years on the job, tend to have salaries between $130,000 and $186,000. Given the highly complex and competitive nature of tax law, firms want attorneys who excel at their work — and have enough expertise in the field to command these higher salary rates. This in part explains why tax attorneys are often found in large, established firms , as opposed to solo practices or smaller firms that offer only limited services. As of 2015, the highest paid 10 percent of lawyers working on tax law earned an average $240,000. Though this number does not specify location, it is indicative of what the top notch tax law professionals can expect to earn in Chicago (where rates are more than 14 percent higher than the national average). The federal government is a big employer of tax attorneys, and offers them a median annual wage of $109,510 — slightly less than private and corporate law firms. Many tax attorneys also practice estate law, which corresponds with either 120-hour or 180-hour units. Billing rates for estate attorneys tend to be higher than those in the tax law sphere, especially given that preliminary work must often begin months or even years in advance of the date on which an estate is settled.

Networking and Advancement Opportunities for Chicago Tax Lawyers

One of the most crucial, and often overlooked, parts of a thriving tax attorney career in Chicago is networking. Through networking with fellow attorneys and tax professionals as well as other leading professionals in the fields of business and economics, you can find great opportunities to learn of opportunities, changes in the field, and referrals from people you know.
But networking with lawyers is not just about finding a job. It’s also about staying on top of changes in the legal world and getting more experience and skills that will help you succeed. As a tax law professional, you’ll be privy to a number of organized networking events and opportunities with continued professional education.
Chicago has a number of options for such programs. The Illinois CPA Society frequently hosts seminars and networking events. You can often earn CPE credits from attending these opportunities. The Elgin Area Chamber of Commerce offers a variety of different networking opportunities. The Chicago Bar Association also allows you to take advantage of continuing legal education opportunities outside of tax law, which can help you build a diverse resume and network.
When looking for ways to grow your career, do a little research to find networking opportunities in your area, and get involved. Although it’s hard to get yourself into the office and out in the field sometimes, your career will benefit in the long run.

The Current Job Market for Tax Attorneys in Chicago

We are seeing some very interesting trends in the types of tax attorneys that the market is looking for. Traditionally, firms have sought tax attorneys with accounting backgrounds. What we have seen over the past several years is a growing demand for those with a Master of Laws in Taxation (LL.M.). This is a nice window into what practices continue to grow today. Tax is a growing area of law and legal advancements, such as increased use of legal technology, are positively impacting the demand for tax attorneys . In particular, firms are seeking tax attorneys with specific expertise in international tax and complex compensation trusts. The sophisticated work is being performed and located in major tax markets such as Chicago and New York city. As the economy becomes increasingly more global, we should expect to see increased demand for international tax attorneys to increase.