My Fees are coming....My Fees are coming....what are the next steps, is it too late? I keep waiting to hear Paul Revere on the other end next time I pick up the phone. For those that don't get the reference, substitute "The British" for "My Fees". LOL.
Many attorneys out there seem to have the same fear in their voices and worry because they're about to receive significant fees. Instead of the British beating down your door for taxes, it will be Uncle Sam. If you've been reading this Blog or paying attention to what we do....you know there's a better way.
Defer your fees and borrow up to 85% of the fee back with a low interest loan ( 2 3/4%) from Brook Hollow Capital. Use the extra money you receive to fund more cases, cover firm overhead, "unlock case costs" (see previous blog), or pay partner distributions.
But is it too late?
No. You still have time.
For purposes of this blog, I wanted to talk briefly about the urgency and next steps needed to make all this happen.
The Situation: Big case settles and fees are imminent
Step 1: Contact Brook Hollow (obviously) so we can figure out the type of case and where the money will paid from and then into what.
What does that mean? We need to know if the defendant is going to pay you directly or pay into some sort of escrow account or 468B Qualified Settlement Fund. This is extremely important. If the answer is pay directly.....then it's easy. We just need to work with you to figure out the details of what you want to do....then we do the rest. If not.....proceed to Step 2.
Step 2: Set up your firms own "Secondary 468B" or QSF. (terms interchangeable)
Brook Hollow can help you create your own QSF including preparing the motion and order required for set up. Once the order is entered, your settlement is wired/deposited into the QSF and we have time to figure things out.
Step 3: Figure out what to do with your money.
Money is now sitting in your QSF. The clients money can be paid out and we have time to figure out the best solution for your situation.
Bottom line......If you're about to receive some fees.......get in touch so we can start this process. It can take a little time......and often, that's not a luxury that we have.