I’ve attended a bunch of Mass Torts Made Perfect seminars over the years (around 10 at last count), and as I return home from Vegas and reflect on the most recent installment, I can’t remember a time when more litigations were on the brink of resolution. Of course, this means a lot of “deal making” is going on behind the scenes, and mass tort attorneys are starting to believe they might actually see a return on their multi-year investment.
Mass tort attorneys don’t allow themselves to start considering the tax and other implications of fee income until the money hits their account… After all, we know the reality of mass tort litigation, often summarized by the saying “half as much and twice as long.” It never ceases to amaze me how much time, resources, and passion mass tort attorneys invest in their cases, but when it comes to planning for the anticipated fees…not so much.
Now that you are starting to believe money is on its way, it is imperative that you take the time to understand how to preserve as much of your hard earned fees as possible. Contingent fee attorneys are in an exclusive club with exactly 1 member – you can take advantage of tax deferral opportunities available to nobody else. You need to start asking yourself the following questions:
1) What do I plan to do with my contingent fee income?
• Pay off high cost debt
• Plan for retirement
• Invest in future cases
• Buy real estate
• Create a consistent stream of future income
• On and on…
2) How can I limit the impact of taxes on my contingent fee income?
3) How can I achieve more predictable future income and eliminate just a little bit of the stress?
4) What unique financial solutions are available to help me accomplish my personal and professional goals?
Whether you are financially inclined or not, you MUST invest the necessary time and attention to these critical topics. Why would you work so hard for years only to squander your income to taxes unnecessarily? There are no guarantees in the contingent fee business, and you owe it to yourself, your partners, and your family to consider all of your options for maximizing your hard earned income.
Brook Hollow is currently working with firms involved in Avandia, Metal on Metal Hip, Pradaxa, Mesh, and other litigations to provide consultation and solutions to maximize their income. We have closed deals worth over $100,000,000.00 in the last 24 months and would be happy to meet with you to discuss how we can save you a bunch of money.
Look forward to talking with you soon!