If you’re thinking about becoming a tax attorney in New York City, one of the first things you’ll want to consider is the salary. Salary can vary based on a number of factors, including experience, education, and the type of employer you work for. In this article, we’ll explore the average tax attorney salary in NYC in 2023, as well as some of the factors that can impact your earning potential.
What is a Tax Attorney?
Before we dive into salary figures, let’s first define what a tax attorney is. A tax attorney is a legal professional who specializes in tax law. They can help individuals, businesses, and organizations navigate complex tax issues and ensure compliance with local, state, and federal tax laws.
Factors that Impact Tax Attorney Salary
As mentioned earlier, there are several factors that can impact a tax attorney’s salary in NYC. Here are a few of the most important:
One of the biggest factors that can impact your salary as a tax attorney is your level of experience. Generally speaking, the more experience you have, the higher your salary will be. In NYC, tax attorneys with 5-10 years of experience can expect to earn around $150,000-$200,000 per year, while those with 10+ years of experience can earn upwards of $300,000 per year.
Your level of education can also impact your salary as a tax attorney. Generally speaking, tax attorneys with advanced degrees (such as an LL.M. in Taxation) tend to earn higher salaries than those with just a J.D. In NYC, tax attorneys with an LL.M. can expect to earn around 10-15% more than those without one.
Type of Employer
The type of employer you work for can also impact your salary as a tax attorney. Tax attorneys who work for large law firms in NYC tend to earn more than those who work for smaller firms or in-house for a corporation. However, working for a smaller firm or corporation may offer other perks (such as a better work/life balance) that can make up for a lower salary.
Finally, where you work in NYC can also impact your salary as a tax attorney. Generally speaking, tax attorneys who work in Manhattan tend to earn more than those who work in the outer boroughs (such as Queens or Brooklyn). However, the cost of living in Manhattan is also higher, so it’s important to consider your overall financial situation before accepting a job in a specific location.
Overall, tax attorneys in NYC can earn a very comfortable salary, especially if they have several years of experience and/or an advanced degree. However, it’s important to consider all of the factors that can impact your earning potential before deciding on a career path. By doing your research and weighing your options, you can ensure that you’re making informed decisions about your future.