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Market Update 2022 Q1: Tax

​2021 really was a year of two halves. Whilst tax industry roles seemed abundant earlier in the year, professional services firms still seemed quiet and slow to get going. In the second half of the year we saw a huge swing in the opposite direction, and collectively the accountancy, law and consulting firms came back in a big way. Whilst interesting inhouse opportunities remain, the professional services firms are where the majority of activity exists at present. Mix in a greater fluidity between the accounting and law firms, and an increased demand for senior talent, and there are some really unique, career-making roles on the market at the moment.

VAT, customs and trade, and contentious tax were large focus areas in the second half of 2021, and the typical flow of corporate tax work had a more obvious international focus than usual. As we move into 2022, it is the M&A departments that are particularly active, especially the private equity and financial services focused teams. This need for M&A tax professionals has been evident both in industry and practice roles, but most drastically within law firms. The amazing amount of activity within the tax legal market we experienced in the final quarter of 2021 has continued into the new year, and this activity is largely M&A focused. With so much appetite for M&A tax professionals, this is an incredible time for non-UK qualified solicitors to find roles in UK law firms, whether those individuals are currently practicing in other jurisdictions, or are working within the big four firms in the UK.