ATTORNEY FEE DEFERRAL
Synergy’s CEO, Jason Lazarus, guest blogs for Advocate Capital about the power of deferred taxation of contingent attorney fees.
Lawyers who earn contingent legal fees have a unique ability to control the timing of their income with either attorney fee structures or deferred compensation arrangements. While many lawyers fail to consider these vehicles due to lack of information, it is easy to see once one understands the options how powerful this can be for contingent legal fees.
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Synergy wants to congratulate one of our best clients on achieving one million dollars in deferred legal fees since 2004. The firm made the decision that out of every significant settlement, the three partners would set aside anywhere from $25,000 to $100,000 of their legal fees in attorney fee structures. Even though they set aside a small amount of each fee earned over the years, it has added up to a large amount today. Since they used attorney fee structures, the fees were invested pre-tax and are tax deferred until payments begin. Given the fact that every financial plan should include fixed income, attorney fee structures or other tax deferral mechanisms for lawyers should be seriously considered. Using these mechanisms it allows for investment in fixed income vehicles on a pre-tax basis and the money grows tax
deferred until distributed.
To learn more about tax-deferral strategies visit http://www.structuredfees.com/
Synergy wants to congratulate one of our best clients on achieving one million dollars
in deferred legal fees since 2004.
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