Trainee Solicitor-worth doing the AITI?

SIMPLYTHE

Hi,

I am a trainee solicitor working in a sole traders. I plan to stay here until I qualify, get at least 1 years’ PQE and then set up a general practice on my own.

When I was in Blackhall, I heard loads of people going on about the tax exams as an ideal way to get ahead in the profession. Talk of big money, increased job security etc., was rife. I thought that they would be interesting and would be worthwhile doing from a career perspective and I enrolled in Part 1. (2exemptions)

The problem I’m having now though is that I find it very boring, the lecturers terrible and the lectures themselves way too long – 9 hours tax lecture – are they trying to kill someone?

I would love some advice on the following:

1) Do they get more interesting? It’s fine if they get more difficult, but I’d have a tough time doing them if they get any more boring.
2) How useful do you think these exams would be to a person in a general law practice?
3) I heard that clients rarely go to small firms for tax advice. Is this true? I never ever ever want to work for large firm, so this is very important info!
4) Will the AITIs send my Personal Indemnity Insurance even further through the roof? (Sole traders being hit hardest ATM)
4) Is completing Part 1 completely pointless if you're not interested in pursuing it further? I did hear Part 2 has some application for sole traders... What about if you were to drop it after Part 2?
5) What, if you were me, would you do??? I have never in my life dropped something before, but I am seriously rethinking my decision to sit these....
5) General advice???

THANKS!!!
SIMPLYTHE

Arsenal1986

I don't know too mcuh about this but a friend of mine working in a Big 4 Accountancy firm who did Law at undergrad is doing these exams and says its alot like Law and quiet interesting in practice.

At smae time, I havnt come across too many dual qualified Solicitor/Tax consultants so I don't know if many people have made a success of this kind of thing.

I'd be interested to hear ppl's opinions on this too.

OP, do you have an Accountancy/Business background or pure Law? Are the exams difficult for someone with a no Accounting background?

maidhc

Arsenal1986 wrote: »

At smae time, I havnt come across too many dual qualified Solicitor/Tax consultants so I don't know if many people have made a success of this kind of thing.

Quite a lot of solicitors have the AITI qualification as well. I can't comment if it helps or not, but would suspect that it is of limited use unless you practice in the area.

drkpower

SIMPLYTHE wrote: »

5) General advice???

Dont set up a general practice on your own after 1 years’ PQE ........
.

SIMPLYTHE

At smae time, I havnt come across too many dual qualified Solicitor/Tax consultants so I don't know if many people have made a success of this kind of thing.

Really hard to find out! It's driving me mad!!

I'd be interested to hear ppl's opinions on this too.

OP, do you have an Accountancy/Business background or pure Law? Are the exams difficult for someone with a no Accounting background?[/QUOTE]
Have 1.1 Business Degree. Liked accounting. Preferred it tax tho so far...

SIMPLYTHE

drkpower wrote: »

Dont set up a general practice on your own after 1 years’ PQE ........
.

What about a specialised practice?:D
and how long would you be in general practice before you set up your own?

SIMPLYTHE

SIMPLYTHE wrote: »

At smae time, I havnt come across too many dual qualified Solicitor/Tax consultants so I don't know if many people have made a success of this kind of thing.

Really hard to find out! It's driving me mad!!

I'd be interested to hear ppl's opinions on this too.

OP, do you have an Accountancy/Business background or pure Law? Are the exams difficult for someone with a no Accounting background?

Have 1.1 Business Degree. Liked accounting. Preferred it tax tho so far...[/QUOTE]

correction: preferred accounting to tax so far. Tho Part 1 Tax is so basic no wonder to be fair...

johnnyskeleton

drkpower wrote: »

Dont set up a general practice on your own after 1 years’ PQE ........
.

Without knowing the posters personal circumstances, reasons for wanting to do so and a number of other factors, how can you comment like that?

Sure, setting up as a sole practitioner after 1 year PQE will have its difficulties, but it is not impossible. If you think about it, every barrister is self employed from day 1, but if someone gives general advice of "don't become a barrister" over 100 people each year choose to ignore that advice.

There are other threads on this and I'm not sure a big argument about this will help the OP, but if he/she has already decided to become a sole practitioner after 1 year PQE, he/she is entitled to do so and see what happens.

SIMPLYTHE

maidhc wrote: »

Quite a lot of solicitors have the AITI qualification as well. I can't comment if it helps or not, but would suspect that it is of limited use unless you practice in the area.

good point. Probate, Conveyancing (when it eventually gets back out of the gate) do you know anyone who has it and uses it in a small firm??? and do they make any money from it? What proportion of their income? Does anyone know a solicitor working in small firm making money from Tax???

drkpower

johnnyskeleton wrote: »

Sure, setting up as a sole practitioner after 1 year PQE will have its difficulties, but it is not impossible.

Without knowing the posters personal circumstances, reasons for wanting to do so and a number of other factors, how can you comment like that? He may have no difficulties whatsoever. Yawn......

He asked for advice; i gave him some. Its good advice. He should listen to it. You might want to think about what your objection to my post is, before making your objection.

Arsenal1986

I know William Fry do alot of Tax advisory/consulting work. As they are a big law firm and it clearly works for them, why cant it work for you in a small practice? Perhaps you could put out feelers to current clients, see where they are getting their tax done no, see if theyd be interested if you were to ofer the service. If the client is happy with your legal services perhaps they want to give you more work.

What does the Solicitor that is employing you think?

johnnyskeleton

drkpower wrote: »

Without knowing the posters personal circumstances, reasons for wanting to do so and a number of other factors, how can you comment like that? He may have no difficulties whatsoever. Yawn......

Seriously? Do you not understand the difference between saying to a specific person don't set up your own practice with only 1 year's pqe without knowing their circumstances and on the other hand saying that it is not impossible to do so. Also, it will have insurance and practicising certificates which, while not insurmountable, are nevertheless a difficulty. He/she may overcome any difficulties, but it's fair to say.

drkpower wrote: »

He asked for advice; i gave him some. Its good advice.

I don't see how you can assess whether it is good advice for him or her without knowing his/her circumstances. It is certainly not self evidently good advice, if such a thing were possible.

drkpower wrote: »

He should listen to it. You might want to think about what your objection to my post is, before making your objection.

My objection is that you are assuming:
1) no one should set up a sole practice after 1 year's experience,
2) telling anybody not to do so is automatically good advice, regardless of circumstances.

That is my objection to your advice.

TheScriptFan

Hi - I have just done part 2's, there are a number of trainee solicitors taking the course, so regardless of whether you enjoy it or not, you may find yourself left behind if you are setting up as a sole trade solicitor who has no tax experience.
I would imagine CAT, stamp duty etc are all very useful to a solicitor and can give you added value in this now, extremely competitive business.
I was exempt from part 1 but I believe there is a significant jump to part 2, so I'm sure you would find it more challenging.
If you find you have no interest in it, then best not to continue - sole trader solicitors are ten a penny now though, so I would advise to plough on. I would not trust anyone who is not a registered AITI consultant to provide tax planning either to me personally or to my company.

Best of luck with your decision!

maidhc

TheScriptFan wrote: »

If you find you have no interest in it, then best not to continue - sole trader solicitors are ten a penny now though, so I would advise to plough on. I would not trust anyone who is not a registered AITI consultant to provide tax planning either to me personally or to my company.

Best of luck with your decision!

Unfortunately I wouldn't trust a newly qualified AITI, or any solicitor without substantial experience in the field either.

hamo121

So much hating...

McCrack

maidhc wrote: »

Unfortunately I wouldn't trust a newly qualified AITI, or any solicitor without substantial experience in the field either.

I tend to agree, letters after ones name mean squat, experience is the key. There are plenty of able solicitors not AITI qualified well capable of dealing with tax issues in practice. Any conveyancing solicitor will be capable and if unsure he/she will know who to ask.