If you haven’t considered structuring your fee, take two minutes and watch this informative video. It’s time well spent. MetLife has come out with a new video about its Non-Qualified Assignment (NQA) annuity product that enables plaintiff attorneys to structure their contingency fees. NQA Highlights: Lower tax liability when compared to a lump sum payout
Winning a settlement for your client is one of the most satisfying experiences for an attorney. A settlement also comes with fees, but much of those fees could be wiped out if an attorney hasn't thought through the tax consequences of a lump sum payout. MetLife has been in the structured settlement business for over
Your client just received a large jury award or settlement. Your client is satisfied with the outcome and you will be compensated for often years of hard work and out-of-pocket expenses. You can collect your fee as a lump sum, but there is another option: structuring the fee so payments are delayed or spread out
When a case resolves, attorneys have a decision to make:what to do with the fees owed to them.Successfully negotiating a settlement or winning a case on behalf of an injured client is one of the most satisfying aspects of the legal profession. While savoring the victory, attorneys have a decision to make: what to do
You’ve just won a big case for your client and you are anticipating a sizable fee for your good work. The question becomes: how do you best manage this income? If you are like most attorneys, the temptation is to add it to the firm’s bank account and think about what to do with it
A litigation practice, where most income is derived from contingency fees, is not for the faint of heart, particularly for solo and small law firms. While the eventual payout can be substantial, a firm can experience long periods where little or no income is generated. This can doom a small firm or solo practice without adequate reserves.
Counting down, here is the top 10 list of things to remember when creating a structure.
Legal fee structures are now viewed by the IRS as vanilla in character. The IRS may not have liked them, but the Service’s ardor has changed materially since the Childs decision.
The business model for a litigation law firm is often fraught with uncertainty — periods of big wins and big payouts as well as slow times with little or no income. One tool to even out cash flow, better manage the ups and downs of a litigation practice and prepare for an attorney’s future financial needs is structured attorney fees.
Structuring attorney fees has benefits: better money management of future expenses such as a child's education or your retirement, possibly lowering your tax bracket, guaranteed payments, and, as with injured-party settlements, receiving more money than if you had taken an initial lump sum payment.
