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Like every other business these days, law firms are trying to figure out how to take advantage of the new tax law.

Even if there’s still plenty of uncertainty, “the gains are just too large” for firms not to explore tax-saving tricks, says New York University tax professor Daniel Shaviro. “Anyone who can afford the legal advice and has enough money at stake would be insane not to give [them] very serious thought,” he adds.

The new law offers two obvious potential benefits: a 20 percent deduction for pass-through entities such as partnerships, and a 21 percent tax on corporations—down sharply from the former 35 percent corporate rate. Meanwhile, with the top individual income tax rate cut from 39.6 percent to 37 percent, this is the first time the corporate rate has been significantly lower than the individual rate since President Ronald Reagan’s 1986 tax overhaul.

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Meredith Hobbs

Meredith Hobbs writes about the Atlanta legal community and the business of law. Contact her at [email protected] or 404.419.2837. On Twitter: @MeredithHobbs.

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