Getting a Foot in the Door: Accounting/Law Career Change Edition
November 3, 2021 11:52 AM Subscribe
I am a CPA with 5 years experience in industry, and am also in law school (1L, part-time evening). I want to go into business law, but am not sure about the exact focus yet. Is it better for my future legal career to go into the legal field now, at a junior level, or to keep building on my accounting career for now and make the switch later on (either when I’m further along in my 4-year, part-time program or when I have my JD)?
The three choices are essentially:
— Working in an accounting role at an organization that also handles corporate/tax/etc law, like a “big law” firm or the government. The money would be best in this scenario, and I would be able to use my CPA/expertise, which would feel good. That said, I’m also not sure if working at a law firm in a non-legal capacity will actually be useful, either as a learning experience or on my resume (or even in terms of getting an associate position at that firm after graduation, which would be ideal)?
— Working in a junior legal role, probably as a paralegal. This would be an entry-level job, so the competition would be highest and the money would be lowest. However, it may be the most helpful to my career going forward, I don’t know.
— Going into public accounting for a year or two, since I have only worked in industry. The hours are long and the pay is low, but it’s often considered a must-have on an accountant’s resume. I’m not sure if it’s also considered a big plus for lawyers working in business law?
I have discussed this with my alumni mentor and others, but am getting conflicting advice — so more input is welcome.
The three choices are essentially:
— Working in an accounting role at an organization that also handles corporate/tax/etc law, like a “big law” firm or the government. The money would be best in this scenario, and I would be able to use my CPA/expertise, which would feel good. That said, I’m also not sure if working at a law firm in a non-legal capacity will actually be useful, either as a learning experience or on my resume (or even in terms of getting an associate position at that firm after graduation, which would be ideal)?
— Working in a junior legal role, probably as a paralegal. This would be an entry-level job, so the competition would be highest and the money would be lowest. However, it may be the most helpful to my career going forward, I don’t know.
— Going into public accounting for a year or two, since I have only worked in industry. The hours are long and the pay is low, but it’s often considered a must-have on an accountant’s resume. I’m not sure if it’s also considered a big plus for lawyers working in business law?
I have discussed this with my alumni mentor and others, but am getting conflicting advice — so more input is welcome.
Response by poster: Is it that you need to be employed while still in school and want to maximize the benefit to you of whatever job you have in the interim?
Yes
posted by rue72 at 12:12 PM on November 3, 2021
Yes
posted by rue72 at 12:12 PM on November 3, 2021
I think that in the long run accounting expertise would be more useful to you in performing your actual work than paralegal expertise. I don't think it will make much difference in hiring. You won't be hired into "business law," you will be hired into litigation, corporate transactions, or a handful of other specialties. There really isn't any assumption of subject matter expertise in a new hire. Accounting isn't so wildly remote from legal work that you will have to overcome concerns about your ability to/interest in transitioning.
At least as important is finding a job that allows you sufficient time and energy to do as well as possible in law school. You're already at a disadvantage going part-time (and, well, most schools that offer part-time tend to be less prestigious, though there are exceptions). In terms of future earnings, it's most important that you distinguish yourself academically. A 9-5 accounting job that you already have some comfort with might be more suitable for you in that sense than a job doing unfamiliar paralegal work, especially since paralegal work for law firms can have lengthy and unpredictable work hours.
posted by praemunire at 12:21 PM on November 3, 2021 [8 favorites]
At least as important is finding a job that allows you sufficient time and energy to do as well as possible in law school. You're already at a disadvantage going part-time (and, well, most schools that offer part-time tend to be less prestigious, though there are exceptions). In terms of future earnings, it's most important that you distinguish yourself academically. A 9-5 accounting job that you already have some comfort with might be more suitable for you in that sense than a job doing unfamiliar paralegal work, especially since paralegal work for law firms can have lengthy and unpredictable work hours.
posted by praemunire at 12:21 PM on November 3, 2021 [8 favorites]
I would choose the course of action that allows you to prioritize law school. Your grades/ranking are the number one, by far, factor that will guide your options in the future. (Second only, perhaps, to the rank of your law school, but I assume this is decided in your case.)
posted by bruinfan at 12:22 PM on November 3, 2021 [8 favorites]
posted by bruinfan at 12:22 PM on November 3, 2021 [8 favorites]
I would avoid paralegal positions, either your first or third option sound good.
posted by skewed at 12:36 PM on November 3, 2021 [1 favorite]
posted by skewed at 12:36 PM on November 3, 2021 [1 favorite]
Response by poster: I would avoid paralegal positions
Why would you avoid them?
Is it because, like praemunire said, the hours are long and unpredictable? Or does it have more to do with the work itself?
posted by rue72 at 12:44 PM on November 3, 2021
Why would you avoid them?
Is it because, like praemunire said, the hours are long and unpredictable? Or does it have more to do with the work itself?
posted by rue72 at 12:44 PM on November 3, 2021
If you're a part-time 1L, I'd go with option one. It's the best money and you'll be able to make connections in the field you want to be in.
Also, I am obligated to say this as an attorney who graduated just after the crash in 2008: if you do not need to go to law school to be happy, get out now. It's not the iron rice bowl it used to be - there are still too many attorneys and too few jobs.
posted by bile and syntax at 12:44 PM on November 3, 2021 [4 favorites]
Also, I am obligated to say this as an attorney who graduated just after the crash in 2008: if you do not need to go to law school to be happy, get out now. It's not the iron rice bowl it used to be - there are still too many attorneys and too few jobs.
posted by bile and syntax at 12:44 PM on November 3, 2021 [4 favorites]
A palo'mine, who retired on their money early, taught me the little I know about molecular biology in the 80s. They went to law school after a couple of cycles of post-doctoral scientific research . . . and became the only patent lawyer round the table who actually knew their biotech onions. One way to do well is to know more than the other lawyers about something/anything else.
posted by BobTheScientist at 1:13 PM on November 3, 2021 [7 favorites]
posted by BobTheScientist at 1:13 PM on November 3, 2021 [7 favorites]
While being a paralegal may give you really good practical experience, I don't think that experience is highly valued among by big firms looking to hire new grads.
They're not looking to hire a fresh grad for their legal experience, they don't really expect new lawyers to know what they're doing. I think maybe at smaller firms, where there is less support staff, having paralegal experience may stand out more, but I'm not sure.
I work in the public sector, but I have a lot of friends who work in biglaw--I feel like the ones with businessy backgrounds tended to do well with large firms, as did the ones with really good grades and no relevant experience. And I just mean at getting jobs, not necessarily anything else.
posted by skewed at 1:27 PM on November 3, 2021 [5 favorites]
They're not looking to hire a fresh grad for their legal experience, they don't really expect new lawyers to know what they're doing. I think maybe at smaller firms, where there is less support staff, having paralegal experience may stand out more, but I'm not sure.
I work in the public sector, but I have a lot of friends who work in biglaw--I feel like the ones with businessy backgrounds tended to do well with large firms, as did the ones with really good grades and no relevant experience. And I just mean at getting jobs, not necessarily anything else.
posted by skewed at 1:27 PM on November 3, 2021 [5 favorites]
I highly doubt it's possible for you to make more money as an entry-level paralegal than as an experienced CPA, and frankly your potential future employers will be more impressed by your accounting expertise and qualifications than some entry-level paralegal job. Frankly, what matters most right now for your future employment prospects are your grades. You probably don't need to be learning the ins-and-outs of a new job on top of your classes.
posted by stowaway at 1:35 PM on November 3, 2021 [8 favorites]
posted by stowaway at 1:35 PM on November 3, 2021 [8 favorites]
100% agree with praemunire and bruinfan if you want to do non-litigation business law (as someone who practiced general corporate and securities/M&A in biglaw for 10+ years): do the job that will give you the time/flexibility to do the best you can academically. Your grades will matter the most to the biglaw firms that you are probably targeting. Your CPA background will give you a bit of an edge, especially if you have done any public accounting work.
If you want to consider the 3 options, in terms of what would make you most marketable, I would say generally #1 is the public accounting experience, #2 paralegal experience, and #3 the non-legal experience at a law firm.
The paralegal experience potentially could be #1, but only if the paralegal experience is in corporate/securities work, not litigation, at a firm that makes heavy use of paralegals in corporate/securities. In my experience, this is not universal. My first biglaw firm did this, and those paralegals were incredibly valuable, and it was not uncommon for them to go to law school and then be welcomed back with open arms because they could hit the ground running. My second biglaw firm did not do this; paralegals there were mostly for litigation or for basic tasks, and I can't think of any associates in my practice group that had any paralegal background.
posted by odin53 at 2:29 PM on November 3, 2021
If you want to consider the 3 options, in terms of what would make you most marketable, I would say generally #1 is the public accounting experience, #2 paralegal experience, and #3 the non-legal experience at a law firm.
The paralegal experience potentially could be #1, but only if the paralegal experience is in corporate/securities work, not litigation, at a firm that makes heavy use of paralegals in corporate/securities. In my experience, this is not universal. My first biglaw firm did this, and those paralegals were incredibly valuable, and it was not uncommon for them to go to law school and then be welcomed back with open arms because they could hit the ground running. My second biglaw firm did not do this; paralegals there were mostly for litigation or for basic tasks, and I can't think of any associates in my practice group that had any paralegal background.
posted by odin53 at 2:29 PM on November 3, 2021
If you have 5 years experience in accounting, IMHO, you should continue working as an accountant, while searching for a firm that is looking specifically for people of your background: newly minted (or about to be) lawyer with experience or certification in accounting, as there can't be THAT many of your type around, while also specialize in the area of YOUR preference (i.e. business law), as your background can also be applied to securities, fraud investigation. stockholder lawsuits, and that sort of thing.
It'd be nice to get the paralegal experience, but it needs to be the RIGHT kind of experience to give you a boost in your career track, and most paralegals are used as secretaries and research assistants on whatever they are assigned to, and in a big firm, it could be for anything and anyone. So you may want to start networking with alumni, advisor, and so on to start narrowing down which lawfirm(s) would be a good fit for you, and be ready to start putting out feelers.
posted by kschang at 4:20 PM on November 3, 2021
It'd be nice to get the paralegal experience, but it needs to be the RIGHT kind of experience to give you a boost in your career track, and most paralegals are used as secretaries and research assistants on whatever they are assigned to, and in a big firm, it could be for anything and anyone. So you may want to start networking with alumni, advisor, and so on to start narrowing down which lawfirm(s) would be a good fit for you, and be ready to start putting out feelers.
posted by kschang at 4:20 PM on November 3, 2021
I am a former biglaw tax lawyer, hopefully some of this will be helpful:
1) I have never heard of an accountant at a big law firm being promoted to associate post-graduation and I think that unless you are a top, top student, it's unlikely that you would be able to get hired as an associate at a biglaw firm out of a part-time JD program.
I think this is more common in the IRS where getting a JD likely makes you eligible for higher payscale/higher roles. This is not necessarily a bad thing! I think I might have been happier at the IRS than in biglaw. The lifestyle definitely would have been better.
2) I would stay away from paralegal roles. I think they are more likely to hurt your future prospects than help.
3) Public accounting is a pretty decent option, particularly if you don't mind working hard. Moving up the ranks here will probably give you good experience and position you reasonably well for roles in industry (maybe inhouse tax) down the line.
posted by redondo77 at 6:15 AM on November 5, 2021
1) I have never heard of an accountant at a big law firm being promoted to associate post-graduation and I think that unless you are a top, top student, it's unlikely that you would be able to get hired as an associate at a biglaw firm out of a part-time JD program.
I think this is more common in the IRS where getting a JD likely makes you eligible for higher payscale/higher roles. This is not necessarily a bad thing! I think I might have been happier at the IRS than in biglaw. The lifestyle definitely would have been better.
2) I would stay away from paralegal roles. I think they are more likely to hurt your future prospects than help.
3) Public accounting is a pretty decent option, particularly if you don't mind working hard. Moving up the ranks here will probably give you good experience and position you reasonably well for roles in industry (maybe inhouse tax) down the line.
posted by redondo77 at 6:15 AM on November 5, 2021
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posted by praemunire at 11:59 AM on November 3, 2021