023 | Tax Strategy: Niche Deferred Compensation Solution for Law Firms

Curious about the role of innovative financial solutions in empowering plaintiff contingent fee law firms to grow their businesses?  

  

In today’s episode, we explore the fascinating world of tax strategy and financial planning with our special guest, Mike McGarry. As the Managing Director at Optcapital, Mike brings a wealth of expertise in crafting innovative solutions tailored to the unique needs of plaintiff contingent fee law firms.  

  

Mike sheds light on the complexities of tax strategy surrounding the huge swings in income for contingent fee law firms. He explores the intricacies of deferral programs versus structured fees, offering insights into how both solutions aim to address the challenge of managing large contingent fees and timing income recognition.  

  

Key Takeaways:  

• Tax strategy and financial planning is vital for plaintiff contingent fee law firms  
• The deferral program tackles managing large fees and the timing of when the income becomes taxable  
• The plan streamlines complex transactions with flexible contributions and withdrawal rights  

 

Resources:   

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Credits:    

Sponsored by Vital Wealth    

Music by Cephas    

Audio, video, and show notes produced by Podcast Abundance   

Research and copywriting by Victoria O'Brien