[rkn]

Hey everyone,

So I have a question about whether it’s worth going after a law degree, but let me give you a little bit about my background and what my goals would be to help with some advice I need.

I was in the non-profit sector (in finance) for many years and then when the recession hit I was pretty much laid off work. I went back to school for my Masters in Accounting degree and sat for the CPA exam. I have my CPA now and am currently working as a public accountant for a small firm (about 8 employees). In about 3 years I will make partner and through a succession plan have the opportunity to “buy in” as majority partner.

In regards to my personal life, I’m in my late 30s, married and have two kids, one of which is going to start high school. So anyone who has a family recognizes the demands and responsibilities for this. I want to be a good husband/dad so trying to heavily weigh these questions/decisions.

I’ve always had a desire to be a business owner and love the idea of being a partner. I also have thought about getting a law degree and passing the bar exam. The hope is to offer more services to clients in the areas of tax, and gift/estate planning, etc.

I also am an adjunct teacher at a university and absolutely love doing this – teaching accounting and business.

I guess my question is – should a guy at my stage in life pursue a law degree with all the demands/time required? I also have thought about getting a DBA to work at a university while still being a partner at a firm (yes, it is possible – I know someone who is currently doing this albeit the firm has only 6 employees). Or should I leave well enough alone and focus on the growth of the firm and the clients that I can bring? Or just enjoy life – why stress?

Thanks for the input and opinions.

[Spartans92]

Hey rkn, a law degree may not always be necessary or I should say not the only option if you want to provide more tax services. I think a MST (master in taxation) may be a better choice if that's the case. I have always thought about going to law school but during my internship one of the partners in tax have changed my thought. One, because law degree is not cheap and if you do have a law degree and don't practice law what use does it make? You pretty much park one of your certification is how the partner told me. You go with law or CPA. If the whole purpose was to get tax knowledge then MST is the best because it requires the individual to do tax research and very extensive work.

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[jonnybgood2321]

“home is where you make it” – joe dirt

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[Credit Revenue]

I would vote for enjoying life and your family. Maybe after family priorities slow down go to law school if it's a dream. It sounds like you are doing well for yourself. I can't wait to get the CPA exam process over with because I feel as if it takes away from my daughter. At the end of day….I don't know your support system…How much they need you around…How much time a law degree would take away and so forth. If you weren't doing well I would vote for the law degree, but your life seems to be going pretty well. I believe your children and family are the most important part of life. Being a father is far more important than a law degree.

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[Track55]

I would not. You would be better served taking that $100k and investing in land or retirement accounts.

I did have a high school chemistry who quit at 39 and went to an Ivy League medical school. But he became a doctor and used the degree. He wasn't married.

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(took seven tries, 1 year 10 months).

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[lysol12345]

I'm almost 32 and thought about law school for almost 6 years. Mathematically it will not work out for me. I need nearly 2 years of my free time honing my lsat score to get into top14 law school, most likely nyu or Cornell. What about the opportunity cost? That's about 100k each year. Law school is 150k. That is already a $250,000 swing. I didn't factor in a tax llm.

On a related note if you are really that ambitious you would not be a partner at a small firm.

[Credit Revenue]

What is the problem being a partner in a small firm? I don't understand that comment.

A - 79 expires 4/30/16 need a pass on REG
B - 78
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R - 83!!! Can live again!

[Sir Ivalis]

Hey rkn. I'm sure you've done some google searches on this question and I suspect the answer is a resounding “don't do it.” In my opinion it is a terrible investment and I would say that to someone even in their mid-20s, especially if they were already a successful accountant.

The only people who should go to law school are people who would be completely unhappy doing anything but practicing law in a law office/in-house practice. 3 grueling years in school (5 if part-time), possibility of major student loans, or if you work and go to school, you simply won't be doing anything else.

At the end of all of that, unless you crush your grades at a top 14 school, I really don't think you'll be in a better position. As I've mentioned in other posts, I actually went and got a masters of tax after becoming a licensed attorney because the opportunities in public accounting were astonishingly better.

Another thing I tell people – you don't make the dive all at once. You can study for the LSAT, see what score you get, see what schools you can get into when you apply, and see the tuition cost staring you in the eye from a sheet of paper before you have to commit anything.

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[Mayo]

“Hey rkn. I'm sure you've done some google searches on this question and I suspect the answer is a resounding “don't do it.” In my opinion it is a terrible investment and I would say that to someone even in their mid-20s, especially if they were already a successful accountant”

This. Don't do it.

Mayo, BBA, Macc

[dess213]

@Credit Revenue – I don't get it either. I love the small firm that I work at and would be super happy to be a partner here. It's all relative. I would not thrive in the huge corporate environment of the large firms, but I'm doing pretty well for myself here.

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I'M DONE!!

[HoosierDaddy]

It sounds like you have a really nice life setup for yourself. I wouldn't want you to disrupt your life with law school. What would you gain?

If you really like teaching, a part-time doctorate in business is a great idea. You can proceed at your own pace and take 4,5,6,7 years to finish it. Once you have had enough with accounting you can transition into a really good role at a university.

You can always satisfy your ambition by pursuing additional certifications. They will look great to your current and prospective clients as well as a future students 🙂

-Passed all four sections of CPA exam in 2010 using Becker.
-Former Seasonal Audit Senior with Big Four accounting firm.
-Plan to sit for Certified Fraud Examiner (CFE) and Certified Anti-Money Laundering Specialist (CAMS)

[rkn]

Hey everyone,

Thanks for the great feedback. Really appreciate it. It sounds like your thoughts and opinions are in line with what I've been hearing. Just wanted to get another perspective.

I am very happy with my life now and where I'm at with my work placement.

Thanks again for everyone's input!! Happy studying if you are taking the exams. Don't give up!

[Author]

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