Structuring Your Attorney’s Fees is Part of Sound Financial Planning and Management
Founding Partner of Price Benowitz LLP
CPA & Law Firm Accounting Specialist at Koshers & Company
EVP & Head of Corporate Development at Esquire Bank
For many self-financed law firms, structuring attorneys’ fees are rarely part of their accounting strategy. However, prudent tax planning aimed at protecting law firm owners and their retirement requires that firms at least consider structuring a portion of the firm’s attorneys fees.
Additionally, structuring big case fees for future years can mitigate unforeseen economic downturns, allowing a firm to pay for business operations, protect cash flow, and invest in growth while substantially reducing taxes in the year the fee is earned.