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Currently taking the next 6 months to chill and survive Los Angeles long enough to deliver our baby. After that we are refugee traveling across the United States. Right now seems like a bad time for me to fiddle with the last classes on my associates, I'm terrified of the physically going to the campus after the last 3 weeks of reports. After the newborn turns 3 months old, we will take an overland route to her anscestral homeland of Long Island. poo poo's gone mad max yo. Moving for jobs seems bad right now for regular people, but also people are too demoralized to even look for regular people jobs. Like me, I haven't scheduled my exams because I'm filling out my USAJobs.gov resume to go on FEMA teams to do undisclosed helpful things for $70 an hour on 3 month tours.
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# ? Aug 28, 2020 22:35 |
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# ? May 28, 2024 14:20 |
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Seriously considering just moving to the other side of the world and telling my work “I’m remote only now, hope y’all don’t mind! Please do not schedule any meeting with me before 3pm”
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# ? Aug 28, 2020 22:42 |
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Hurt Whitey Maybe posted:That’s unfortunate Covok. Doesn’t really sound like there’s much y’all can do about it. I’m surprised that you can’t find applicants, it seems like you would get more applicants with a lot of places on hiring freezes and laying people off. A lot of employers on Reddit are saying they are having the same issue. A lot of people are hunkering in place. We also suffer from being close to the City but not in the City. Average salary in the city is 20k higher so some people prefer to commute. Also we got 4 applicants but only one responded to our follow-up.
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# ? Aug 28, 2020 23:05 |
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Covok posted:My month is ruined That sucks a ton. Our clients are similar to yours demographic-wise (I think we're both on Long Island as well as dealing with lots of boomers) but we didn't have quite as much of a backlash to remote appointments. We already had a stable of mail in clients who get finished by phone call and a lot of the ones who are traditionally come to sit down are used to sending their info ahead of time. I've got some employee angst as well. I'd like to replace the young guy we hired at our office last summer. To put it simply, he's still making the same mistakes that he was making when we first hired him and he hasn't actually lightened my load at all. He's not too long out of school and maybe I didn't do as good a job of teaching him as I was hoping when we hired him, but regardless I need a potential replacement for one of our accountants who's retiring in the next few years and he's not it. I'm not gonna fire a guy during a pandemic cause that's just hosed up, but I'm not sure how next tax season is going to go with or without him. All I know is it will probably suck big time for me.
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# ? Aug 28, 2020 23:37 |
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People not applying gives me hope of finding a job 9nce I graduate
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# ? Aug 28, 2020 23:42 |
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Because we're a governmental organization and we're technically spending taxpayer money, we can't pay any bills without a signed purchase order from someone with purchasing authority so that there's always a clear paper trail on who decided that money should get spent. Most departments seem to do fine with this. Bills get sent to me, I make copies and forward them to the appropriate department, they come back with signatures so that I can pay them. Except for the fire department. I bugged him for months about getting the credit card paid, and the fire chief didn't actually bring anything in until the day he called to ask why he couldn't use the card and I told him in was maxed out. Instead of bringing receipts or printed invoices for his credit card purchases, he just printed out my email listing all the receipts I still needed from him and signed it. Last week, I got an email that their gas card was suspended because it hadn't been paid in two months and enough of the payments had been late that they were sick of the bullshit. I immediately printed out the statements to put in his inbox, and then also forwarded him the email, letting him know that if he got the purchase order to me ASAP I could probably put through an online payment to get it unsuspended instead of having to wait for a board meeting. I did not hear from him until a week later, when he called to ask why his gas card wasn't working. On the day of a house fire.
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# ? Sep 2, 2020 17:30 |
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I passed AUD and I can't get over it. I've done no work this week because I'm just so excited. Also it's my birthday this weekend but who gives a gently caress, I passed AUD. In school I had one Auditing class, and it was hot garbage - I finished my Masters with an A in Auditing but zero understanding of it, bc the final (and only) exam was just copy-pasted Powerpoint slides. So when I started studying I knew loving nothing. I had to read the glossary to understand what rmm was. I smoked so much weed and read sooooo much about auditing and it was loving awful and I never have to do it again bc I passed the drat exam. Yesssssssssssssssssssss
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# ? Sep 18, 2020 15:06 |
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black.lion posted:I passed AUD and I can't get over it. I've done no work this week because I'm just so excited. Also it's my birthday this weekend but who gives a gently caress, I passed AUD. Congrats! Hope that was your last section!
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# ? Sep 18, 2020 18:56 |
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It was not, I took AUD first, but I'm chuffed all the same
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# ? Sep 22, 2020 19:38 |
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Hey Goons. Just a general accounting question. Is it legal to report business liabilities (like payroll tax) as losses on your personal P&L? I mean, I think I know the answer, that it is the definition of tax fraud and I vaguely remember my accountant joking about it years ago as being really stupid, but am I wrong? I know that this isn't an "Ask an Accountant" thread, but don't want to make a post for such a small question. The Bird fucked around with this message at 18:12 on Sep 29, 2020 |
# ? Sep 29, 2020 16:51 |
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Personal P&L for what purpose? Is the business a disregarded entity? My initial thought is "uhh no" but if you're like, applying for a loan or something, the bank would want to take your biz financials into account anyway... Not enough info to give you a solid answer so I'll stick with: "Probably not, but it depends maybe" e: I re-read your post, and liabilities =/= losses I think something may be lost in translation here, but refer to my above quoted answer nonetheless
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# ? Sep 29, 2020 21:02 |
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The Bird posted:Hey Goons. Just a general accounting question. If you’re an employer these deductions go on your business return.
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# ? Sep 29, 2020 21:12 |
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black.lion posted:
This is exactly what I was looking for. If a business owner were to claim their business's payroll taxes on their personal P&L as losses, with the purpose of amplifying their losses/paying less personal tax (or any other purpose), that would be fraud. I think I may just be using the wrong terminology, but I spent 2 hours trying to google multiple terms only to get information on the PPP loan program and rules on deductions. The Bird fucked around with this message at 21:48 on Sep 29, 2020 |
# ? Sep 29, 2020 21:42 |
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The Bird posted:This is exactly what I was looking for. Haha, yeah fraud is just normalized now I guess.
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# ? Sep 29, 2020 21:53 |
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The Bird posted:This is exactly what I was looking for. I think we're still losing something in translation here. If the business is taxed as a corporation (the business has its own tax return and pays income tax itself), then yeah, he definitely cannot take the business' payroll taxes as a loss on his personal return. But if the business is a disregarded entity (such as an LLC where he's the sole member), then the business' revenues and expenses just flow through to his personal return, and payroll taxes are a legit business expense that can reduce his taxable income. edit: we might be getting stuck on the term "liabilities" too. Do you mean "liabilities" in the accounting sense, as in taxes that were unpaid and owed at the end of the year? Or do you mean that colloquially, and you're talking about the taxes that were actually paid out during the year? Blotto_Otter fucked around with this message at 22:39 on Sep 29, 2020 |
# ? Sep 29, 2020 22:36 |
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Blotto_Otter posted:I think we're still losing something in translation here. If the business is taxed as a corporation (the business has its own tax return and pays income tax itself), then yeah, he definitely cannot take the business' payroll taxes as a loss on his personal return. But if the business is a disregarded entity (such as an LLC where he's the sole member), then the business' revenues and expenses just flow through to his personal return, and payroll taxes are a legit business expense that can reduce his taxable income. What is being lost in translation is due to my own ignorance. I meant it colloquially, taxes that were actually paid out during the year to match the employee's contribution. So, the issue would be if the LLC is a sole proprietorship or has a collection of members. The corporation's formation and division of shares. In the case of multiple members, are the employer's payroll tax expenses proportionally divided to the member's returns? Very educational. Thank you. I went back and re-read the article that I got my question from. I misread it. So, this whole chain-of-questions is based on my poor reading skills. The Bird fucked around with this message at 23:15 on Sep 29, 2020 |
# ? Sep 29, 2020 23:05 |
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This has been fun!
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# ? Sep 30, 2020 00:37 |
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PPP is still a scam tutorial as written. poo poo reads like it has *winks* next to some of its bullet points and requirements. Fuckin bitter as hell. I got the business I was working into the PPP pipeline and in touch with the local gov authorities implementing that. Then I get tossed the gently caress out with the mass layoffs. They can kiss my whole rear end I'm laying cable for telecomms now and if I ever drive by my old spot I will disconnect their service. Fuckin jerks.
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# ? Sep 30, 2020 01:07 |
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KirbyKhan posted:PPP is still a scam tutorial as written. poo poo reads like it has *winks* next to some of its bullet points and requirements. Accountant Megathread: I’m laying cable for telecomms now
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# ? Sep 30, 2020 08:33 |
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Good Citizen posted:Accountant Megathread: I’m laying cable for telecomms now I thought you all had the lucky careers that were Can I strike CPA's off my career envy list? The Bird fucked around with this message at 21:48 on Sep 30, 2020 |
# ? Sep 30, 2020 21:46 |
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Who on earth would envy a CPA? Other than a CMA I guess Have you asked in the tax thread for your completely legal tax question?
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# ? Sep 30, 2020 22:16 |
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The Bird posted:I thought you all had the lucky careers that were Apparently some of the bigger public accounting firms like KPMG are having layoffs or pay reductions, so yep!
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# ? Sep 30, 2020 22:19 |
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Democratic Pirate posted:Apparently some of the bigger public accounting firms like KPMG are having layoffs or pay reductions, so yep! Big 4 is 100% using this as an excuse to trim their workforces and further grind down the non-partners left behind. I am so so glad I left when I did, because I think even higher workloads plus the dread of layoffs on top of all the other 2020 stresses may have literally killed me, considering how my anxiety was already impossible to manage in my final days. In private industry the worst I've got this year is no annual cost of living adjustment and lower earned incentive bonus, but we're doing fine so shrug e: here's the current 'poo poo is bad' tracker for accounting firms for reference: https://www.goingconcern.com/tracker-job-cuts-pay-cuts-both-covid-19/ Good Citizen fucked around with this message at 22:58 on Sep 30, 2020 |
# ? Sep 30, 2020 22:48 |
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People are dying to get out of public accounting. Me:
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# ? Sep 30, 2020 22:59 |
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The Bird posted:I thought you all had the lucky careers that were Accounting jobs are somewhat depression-resistant (after all, as long as there's money, folks need money-counters), but there ain't no such thing as depression-proof. This all feels reminiscent of the '07/'08 recession, but on a more-compressed timeline. Public accounting layoffs are a reflection of corporate layoffs at large - If public accounting firms are having layoffs (and they are), that just means that the accounting firms' clients have been laying off even more folks. One funny thing to keep in mind about the big firms' layoffs - the big firms depend on keeping overall salary spend low by having relatively-inexperienced, recent college graduates make up the bulk of the workforce. In normal times, something like 70-80% of new hires have quit and moved on to better jobs within 3 years, and the big firms expect that when hiring new crops of kids right out of college. The problem today is not just that business at the firms has gone down (some firms are reporting flat or increased revenues!), it's that nobody's quitting in order to take a better job outside of public accounting, because everyone outside of public accounting has a hiring freeze. They anticipated a certain number of staffers to quit this year, but those staffers didn't quit because the economy tanked and job offers dried up, and so now they're firing those people to make room for the next incoming class of college grads. (edit: "funny" as in "well that's a bit twisted", not "ha ha" funny) The Bird posted:So, the issue would be if the LLC is a sole proprietorship or has a collection of members. [...] In the case of multiple members, are the employer's payroll tax expenses proportionally divided to the member's returns? Sort of, but indirectly. If there are multiple members, an LLC can opt to be taxed either as a corporation or a partnership. If it's taxed as a partnership, the income from the business is passed through to each member proportionally, and their proportion of the business' income gets taxed on their personal tax return. That income is after business expenses (which include payroll taxes) are subtracted out, so yes, it all gets passed through proportionally - but you probably won't be able to see specific expenses like "payroll tax" broken out, the form K-1 that is sent to each partner with their share of business income doesn't usually break things out into that much detail.
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# ? Sep 30, 2020 23:13 |
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Had been under the impression Tim Ryan (PwC Head Partner) wasn’t a lying dickbag, but this tracker seems to imply he’s a lying dickbag. Long story short there are supposedly not layoffs, but it sounds like they are being very aggressive with ratings and dropping the low ratings. Anyway, bonus just hit the bank account today baby, and 9/15 is in the past.
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# ? Oct 1, 2020 01:30 |
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Blotto_Otter posted:Accounting jobs are somewhat depression-resistant (after all, as long as there's money, folks need money-counters), but there ain't no such thing as depression-proof. The career track described in this thread mirrors almost every professional career track I have heard about (I am in architecture, for reference). Get in to a large corporation/firm, get experience, get out before they can you. Repeat. You either bounce around until you find something or leave for smaller city centers and less money. Start your own thing, partner track, or settle for a good culture. As an aside, I wish that our education systems would educate us on the job market prior to entry in a meaningful way, but how can they when those teaching haven't been in the job market in any substantial way in a long time, if ever. It's good to be resilient, though. Being tied to the overall market/money market is better than being tied to construction! And thanks for the clarification on losses/liability/why I have an accountant. That last one is reinforced every time I try to understand anything related to taxes.
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# ? Oct 1, 2020 19:04 |
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Moneyball posted:People are dying to get out of public accounting. Are you a 1st year? Also where in the country, I am in seattle and we have been looking for the 3-8 year experience positions.
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# ? Oct 6, 2020 00:06 |
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Lord of Garbagemen posted:Are you a 1st year? Also where in the country, I am in seattle and we have been looking for the 3-8 year experience positions. His posts in the thread have mostly been related to staff/short-term work in industry and trying to pass the CPA, which sounds outside the pipeline for public, at least with the major firms. Sadly big firms get enough interest out of their existing talent farms that trying to break in from outside that framework is very difficult, especially if you don't have your CPA yet.
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# ? Oct 6, 2020 01:45 |
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That about sums it up. Still trying to talk a firm in to giving me a shot, but I'm never let in the club. I mean, it's 9:30 at night and I'm getting some work done off the clock. I'm made for public.
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# ? Oct 6, 2020 02:31 |
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Moneyball posted:That about sums it up. Well it's recruiting season so you can definitely reach out to your ex-college career department and see if they have events they'll allow you to attend. If you have 150 and can sit for the CPA they might consider your application, though you'll probably get questions about your post college time and why you haven't finished your exams yet. It'll be tough since you'll be non-standard and won't have momentum on your side but it's worth a shot if you're running low on options. Of course I have no idea what the gently caress COVID is doing to these events/timelines, or if recruiting is substantially scaled back this year. I don't follow public accounting firms other than bullshitting with the friends I have left there and reading going concern, though, so maybe my info isn't with the times anymore.
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# ? Oct 6, 2020 02:57 |
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Why are public firms so particular?
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# ? Oct 6, 2020 04:16 |
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Moneyball posted:Why are public firms so particular? I had the same experience as you, and it's not being particular, it's that they have a set method of recruiting people that supplies all the bodies they need, and there is no need for these conservative risk averse people to look outside of that. Managers are managers due to age and time in the firm. They have no experience of managing people older than them or from a different background. Your very presence represents an uncomfortable element that is completely unnecessary. They can just get a fresh 22 year old grad that they can for sure wring at least two busy seasons out of instead. I hate to be so pessimistic, but nothing I have seen personally or in others' accounts contradicts this.
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# ? Oct 6, 2020 04:42 |
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sale on Banksy art posted:I had the same experience as you, and it's not being particular, it's that they have a set method of recruiting people that supplies all the bodies they need, and there is no need for these conservative risk averse people to look outside of that. This is correct. They get all that they need from what they're already doing and anything outside of their expectations makes public accountants annoyed. Some smaller firms manage to get their good people by poaching those that are just enough outside the mold but still good/smart, but you gotta get in front of them first and have a solid case for yourself. And yeah, management in Big 4 especially ranges from great people to 'I would rather die than work with this person again'. I know one manager who is responsible for 5 people I know of leaving the firm. I know partners that only review workpapers at midnight and leave all of their review notes in all caps all the time. I also know some of the most amazing managers I've ever met. As with everything in public it's all about which teams you're on. E: for reference, though, I'm a person who changed career paths in their late 20s and didn't start in public until I was in my early 30s. So it's definitely possible, but I went directly through the typical college > internship > grad school > big 4 route so that went a long way towards making the firms comfortable. I also look young for my age, which probably helped. Good Citizen fucked around with this message at 05:19 on Oct 6, 2020 |
# ? Oct 6, 2020 05:15 |
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Are you looking for B4 specifically or any public at all Moneyballz?
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# ? Oct 6, 2020 12:54 |
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Anything pubic.
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# ? Oct 6, 2020 13:11 |
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Moneyball posted:Anything pubic. Well that opens up your options considerably
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# ? Oct 6, 2020 14:58 |
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sale on Banksy art posted:I had the same experience as you, and it's not being particular, it's that they have a set method of recruiting people that supplies all the bodies they need, and there is no need for these conservative risk averse people to look outside of that. Unfortunately, this seems exactly right to me. The big firms don't go with kids fresh out of a certain set of colleges because they are inherently better accountants. They go with them because a) that's just how it's done, HR just keeps bringing me resumes from kids at State U and nobody ever gets in trouble when one of them doesn't pan out, so why stick my neck out for a nontraditional hire, and b) getting a naive college grad with zero real-world experience is a feature, not a bug, when you're looking for people who will not question you when you regularly tell them to work a bunch of unpaid overtime filling out checklists and audit programs. It is possible to break in, but you'll probably have better luck with midsize and small firms. The bigger the firm, the more set in their process they are and the less willing they are to go outside of their usual recruiting pipeline.
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# ? Oct 6, 2020 17:46 |
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What state(s)?
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# ? Oct 6, 2020 18:17 |
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# ? May 28, 2024 14:20 |
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Moneyball posted:Anything pubic. black.lion posted:What state(s)? Also start at a small local firm and work backwards if your heart is set on a big firm. My trajectory was completely opposite of the norm. 1 year at big 4, 6 at small local firm (10 CPAs), 4 and counting at a large local firm (55ish staff, 6 partners, + admin). poo poo even go talk to the single shingle guys, as soon as you can get a year to 3 on your resume with good solid prep work moving around becomes alot easier.
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# ? Oct 6, 2020 22:24 |