The tax departments of most law firms have had a bad run over the last ten years, losing market share and top talent to accounting firms, but there is evidence that change is afoot. To understand the problems facing law firm tax lawyers, you have to understand the market for tax services for large corporations.
Cross-border mergers and acquisitions, although presenting many of the same issues as domestic deals, are usually more complex and rife with surprises and other pitfalls. In recent years this complexity has grown along with the pace of globalization. The sheer range of concerns has expanded as the speed and volume of international deals have increased.