Top 5 Questions to Ask Before Pursuing an LLM in Taxation
After you graduated law school, did you also declare that you would never return to school?
I did!
But seven years after Haley and I graduated law school, I found myself researching and applying to LLM programs. An LLM (also known as a “Masters of Laws”) is a graduate degree for attorneys in a specific area of law.
You can hear more about my story on the Lawyers Who Launch Podcast Episode 10: Amy’s LLM Journey as well as read more about Amy’s LLM Journey.
If you are considering going back to school for your LLM in taxation, here are the top five things you should consider:
Is an LLM in taxation worth it?
Perhaps because I have a background in economics, but my first question when looking into an LLM program was is it worth it? In particular, what is my return on investment?
For my practice, I was interested in obtaining my LLM in taxation, which generally has a very good return on investment. There are certain roles that require an LLM. In fact, to be considered a “tax attorney” in the United States, you must have your LLM in taxation.
Here is a good starting place to help you consider whether this advanced degree is right for you and your professional goals:
Does it qualify you for new career roles you are interested in pursuing?
Can you pursue those roles without an LLM degree?
Will it allow you to increase your salary and/or billable rates?
Does it give you the education that you need to advance your career?
If you have found that a taxation LLM will be beneficial to your career, then start researching specific programs.
Like law school, LLM programs can be expensive. The same type of program can vary in cost widely from school to school. Keep the program cost in mind as you compare programs to one another.
Do you have the necessary background?
One of the reasons I chose to pursue an LLM in taxation is because it complimented my current practice area. I chose to take tax electives in law school and I worked in a firm with a strong tax practice for over a decade. I was already familiar with many of the concepts in my coursework.
If you do not already have a background in tax work, you should consider gaining professional experience to make sure this is a practice area you want to pursue by furthering your education.
What is the time commitment?
As you investigate different programs, begin to reach out to the admissions office to get a better idea of what kind of weekly time commitment you can expect for each course. Like law school, in addition to the weekly course lecture, you will have significant reading. Some courses may also have weekly assignments, quizzes, or discussion board posting assignments.
You’ll want to have a good idea of what your time commitment is so you can approach your firm about the support you may need to complete your LLM. There are a number of excellent online LLM programs which can provide significant time flexibility since you can attend class from your home or office.
In addition to the weekly time commitment, research the length of the program.
How many credits is the program?
How many credits can you take each semester?
When do you expect to graduate with your LLM?
Will you have professional support?
If you have found a LLM taxation program that you are interested in pursuing, it is time to approach your employer. You should be ready to discuss how pursuing this program will benefit you and your employer. Be prepared to discuss the professional support that you need to pursue the program including tuition reimbursement and scheduling flexibility.
Will you have personal support?
Taking on another obligation such as pursuing an LLM in taxation also requires support for your personal and family life. The time you need to dedicate to an LLM may require you to step back from other commitments such as volunteer or civic committees for a season. You may also need to build in extra support such as arranging additional childcare.
If you’ve ever thought that you may want to go back to school to pursue your LLM in taxation, we encourage you to take the first step today and start researching to see if this could be the next step in your career.
Have a great day!
Amy
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