Virtually all commercial transactions have tax implications. Accordingly, corporate tax is one of the most important practice areas for any major law firm. Working in corporate tax involves advising on the most tax-efficient means of acquiring, divesting or restructuring assets, negotiating and documenting the transaction, and ensuring the smooth completion of the resulting deal. On the contentious side, corporate tax lawyers advise on all aspects of tax litigation and investigations, negotiate with tax authorities and conduct litigation in the civil and criminal courts.

Steve Smith is an associate at Olswang, well known for its work in the technology, media, communications and real estate industries. Steve did his law degree at the University of Canterbury in New Zealand and then spent five years working at the New Zealand Inland Revenue. Arriving on UK shores in 2000, Steve worked at Theodore Goddard (now Addleshaw Goddard) for a couple of years before the desire to take a break from the law took over: "I went to Canada for 18 months to study theology. I wanted to take some time out to think about what was next. I suppose it was my delayed gap year!"

On his return, Steve joined a private equity firm as an in-house lawyer: "It's very different working in-house. In some ways, it's fun being the only lawyer in the team and I did enjoy being part of a small business, but it's not a very demanding environment in terms of technical skills."

Leaving the in-house experience behind, Steve joined Olswang in May 2006. He describes the nature of his work as an associate in the corporate group, specialising in corporate and personal tax matters: "I enjoy the fact that we have a wide client base. In any given week, I might structure a corporate transaction and draft the tax documents on Monday, advise on the sale of a London office block on Wednesday and help an individual set up a small business or terminate an employment on Friday. You also need to spend a lot of time training and keeping updated because there is a large body of tax law and it changes rapidly. It’s a sad admission, but tax is actually quite interesting."

As plus points of the role of a tax solicitor, Steve mentions the satisfaction gained from understanding the tax system and being able to help clients with their issues. "You have to look at each deal, figure out what is really going on and look at the issues that are specific to that deal. In that sense, it is a very technical discipline - on most points, you are either right or wrong - so you get to exercise your mind a lot. Because there is a lot of thinking and checking the legislation, I think it's important to work at a firm (like Olswang) where you are regularly interacting with your clients, rather than being locked away in your office."

As such, Steve thinks that a particular set of skills is required to be an effective tax lawyer: "You need an analytical mind, but also to be quite curious. You need to keep looking at things and asking yourself how else you could view this legislation or this set of facts. Once you have figured out what the law says, you need to be able to explain it clearly to the client." As ever, business nous is an essential part of the job: "The very good tax lawyers are commercial - they use their judgement as to how much detail the client wants to know and they stay focused on the commercial context into which they are advising."

If you want to get up to speed with the tax world and set yourself apart from your peers, take a trip to your local newsagent, suggests Steve: "In terms of general knowledge, can I suggest reading the FT? The hot potatoes of the tax world usually crop up there, such as this year's changes regarding capital gains and non-domiciles, both of which have received wide coverage."

Beyond newspaper reading, Steve has this advice to offer when it comes to your training: "There are some tax training courses you can do, but it would be pretty ambitious to do them at the beginning of your training contract because many of them are very specialised, so it is probably worth saving them up for later on. If you're not really sure what you want to do, you may be better placed keeping your options open and doing something with a broader corporate or commercial focus and specialising later on."

Steve also makes the point that it's important not to be too hard on yourself at the start of your career: "Try to be realistic about your own expectations of how quickly you can develop and the expectations that you think others will have of you. People don't expect you to know everything on day one. Most of us remember how daunting the whole thing is at the beginning."

So how to get ahead? Well, says Steve, if you choose the firm that's right for you, you're already halfway there: "It's easier now than it used to be to find out about firms and their culture. So do the research and pick the firm that you think will match what you want from your career. You're more likely to do well at a firm where you enjoy the people and the environment. Ultimately, you need to enjoy what you are doing. The first couple of years are the hardest. If you stick with it, it becomes much more enjoyable. I thought I'd give working at the Revenue a year, and here I am doing tax 14 years later!"