Trifluoromethylphenol (I) is converted into 2-hydroxy-4-trifluoromethylbenzoic acid (II) by treatment with potassium carbonate and carbon dioxide under pressure (Kolbe-Schmitt reaction). (II) is then converted with a suitable acetylating agent in the 2-acetoxy-4-trifluoromethylbenzoic acid (III).