On March 22, 2020, Chief Administrative Judge of the Courts, Hon. Lawrence K. Marks, released Administrative Order 78/20, which banned all non-essential filings nationwide. For trial lawyers, this order has many far-ranging ramifications. In fact, with the courts being closed, there are multiple ways this temporary ban on non-essential filings may actually help you improve your law firm.
Now may be the most opportune time ever to redefine your practice, improve your firm’s settlement planning capabilities, and bring it into the new decade. Milestone empowers personal injury law firms by establishing a firm-wide qualified settlement fund. This fund provides 100 percent income recognition for a law firm of any size. Law firms can therefore plan appropriately for future growth and for attorney fee deferrals.
Attorney fee deferrals are a critical part of any growth plan. Deferment allows attorneys to spread out their larger fees across multiple years, creating a more tax-efficient and guaranteed future income. Milestone’s feeMaster Program is completely customizable. It’s an important tool to help you manage year-over-year cash flow both personally and professionally. Small to midsize law firms can potentially leverage money — which would be paid toward taxes — to instead go towards running their law firms in the following year.
It is also important to note that placing a fee within a qualified settlement fund also gives personal injury clients more planning options, and thus provides superior financial solutions to your clients. Therefore, not only is this important for the growth of your practice, it is the right thing to do to create better outcomes for your clients. It can even be included as part of your advertised services. A way to stay ahead of the competition.
If you have questions about the feeMaster Program and how to redesign your settlement planning regimen while Administrative Order 78/20 has paused the courts, please give us a call at (716) 883-1833.
A West Point graduate where he served as captain and military aviator, John Bair continues his commitment to our country through his efforts within the settlement planning industry. He has represented families of victims lost in the Flight 3407 crash, offered pro bono services to the families of 9/11 victims and drafted the first consumer protection bill for plaintiffs (H.R. 3699).