Season 3: Episode 2: Magdalena Mozdzierz
Senior Manager at Ernst & Young in New York
Magdalena Mozdzierz
Senior Manager at Ernst & Young in New York
How to make it as an international tax lawyer at Big Four?
The life of the international tax attorney can be glamourous. Having lived and worked in Paris, Luxembourg and New York City, fluent in Polish, French and English, Magda has insight into the most personal financial decisions of her clients, such as how global elites structure their family trust in tax havens, how much a French movie star makes from a project, and what he did with the proceeds.
How she began her journey in the law?
What is it like to work complex tax issues for prestigious clients?
What challenges has she encountered and how did she overcome them?
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How did your journey in the law begin?
I received my first law degree in France. And I moved from Poland to France when I was 17. I really did not know what I'm going for at the time. I thought even if I don't like it, I can learn French. I actually did like it and I studied law in France for five years. In France, there is distinction between private law and public law. I knew public law is not for me. Constitutional law and administrative law is not something I like.
I definitely preferred more business-oriented subject matter. We had a lot of case studies and external speakers. It is helpful to hear practicing lawyers explaining what they do. I discovered that I like tax law. I came to Georgetown to complete my LL.M. in taxation. It was such an international environment. When I returned to Europe, I moved to Luxembourg. It is an international financial hub and a tax haven. At my first job, we had people from 50 or 60 different countries. Everyone speaks different languages. The primary language used is English and French. Let's be clear French do like speaking French, even if they know how to speak English.
Could you share with us some of the stories in the multilingual legal context?
In Luxembourg, I work with people from different cultures. Few people are native English speakers. And we were all trying to communicate in English. We use a lot of acronym. So we use a few letters to describe something that everyone should know. You have to understand the basic concepts. You need to understand what those words stand for.
On the first day when I started, one of the partners was like, Manga, can you please give her a ruling about CPEC (Convertible Preferred Equity Certificate)? I was confused. What is the CPEC? I'm googling it. Nothing came on Google. Of course, I spelled it wrong. I eventually figured out. As a young associate, you don’t know what you don’t know.
Another story is that we were working for a famous French actor. He had a structure going through Luxembourg that involves preferred shares or what we call MRPS, Mandatory Redeemable Preferred Shares. There was a change in the law. We will need to amend the structure to still make it work. This famous actor had a lawyer in France. He said to his assistant, hey, can you please arrange a call with the Luxembourg lawyers to figure out this MRPS situation? The assistant didn’t know what MRPS stands for. She thought it was a person named Mr. PS. She sent a meeting invitation requesting to speak with “Mr. PS.” It got us all confused. We were like, “who is Mr. PS? What is she talking about?”
What is your favorite and least favorite part of your job?
As a tax attorney, what I really like is the opportunities to work on a diversified portfolio. To understand the entire transaction, we have to be involved in everything. We review small contract to assess the tax consequences. You need to understand who is paying what to whom, why, what kind of indemnities there are. I like to have the full overview of the transaction and of the business. It gives you so much exposure to so many different businesses. Besides that as a tax advice, we are privileged to have a glimpse of what people do with their finances. How do they structure your their family trust? How do they store money? How did they get the money? What are they doing with it?
Even with this famous actor. This is the kind of money he's making on his movies, along with other sales and proceeds. I learn new things at my work that I would not otherwise think of, like royalties for songs. How much one pays to purchase the copyright to play five-second of a song in a movie.
Could you share with us any obstacles you encountered in your career?
It is important to manage the relationship with people. You have to find a good mentor. You have to find someone who is showing you the way to go forward and who is not focusing on your small mistakes, because we all make mistakes. Find people who will help you and explain to you what you were supposed to do. Constructive critics help you grow and advance in your career.
We all make mistakes in the beginning. What am I going to do about it? I have to speak to someone who is more experience. Do not try to hide your mistakes. Ask questions. Be humble. Accept the fact that you don't know everything. Never stop learning.
Office politics is everywhere. I think in the US in general, I would say there’s a little bit less office politics. People are a little bit nicer and more open. They do not have that many hidden agendas. In Europe, it's much more competitive environment.
What are the most important legal writing skills you have learned in law school and throughout your career?
Prepare an outline before you actually start writing anything. Organize your thoughts first. Don’t just start writing and go with the flow. State the most important idea first. Take time to develop each points. Structure your work well.
As foreign-trained lawyers, sometimes we have trouble communicating our ideas clearly. Do you have any advice on how to overcome the obstacle?
Have a clear outline of what you are going to communicate. See if it is possible to confirm what you are communicating in writing. Use short sentences with clear structure.
