Contingency Fee Trap Under Federal Tax Law: Avoiding Hidden Settlement Obstacles and Malpractice Issues
Note: CPE credit is not offered on this program
Recording of a 90-minute CLE video webinar with Q&A
This CLE webinar will discuss the hidden "contingency fee trap" applicable under current law through 2025, impacting most contingency fee plaintiffs. This webinar will explore how this law creates hidden obstacles to settlement and gives rise to possible malpractice issues.
- Overview of current contingency fee tax treatment, origins, sunset provisions
- Case studies and figures with redacted practical examples of the contingency fee trap
- Discussion of what tactics will and will not work to sidestep the fee trap under the wording of the tax code and Commissioner v. Banks
- Practice tips for attorneys to provide adequate counsel on the contingency fee trap and avoid possible malpractice claims
The panel will review these and other high priority issues:
- What is the contingency fee trap, and how was it created?
- Who does the contingency fee trap impact?
- What are the real life implications and effects of the contingency fee trap?
- How can practitioners best mitigate the contingency fee trap?
Phillip M. Krause, CSSC, CLMP
Managing Director of Strategic Planning
Mr. Krause serves as the Managing Director of Strategic Planning for Ringler Associates, the largest and oldest... | Read More
Mr. Krause serves as the Managing Director of Strategic Planning for Ringler Associates, the largest and oldest settlement consulting firm the in U.S. As a settlement consultant, he has worked on a variety of cases including the NFL concussion settlement, aviation losses, medical malpractice, product liability, employment and contract disputes, class action and mass torts. Mr. Krause manages the firm’s key strategic partner relationships and assists all firm consultants nationwide with complex cases, which often require more comprehensive planning. A subject matter expert in the financial services industry, he currently serves as a Council Member to the Gerson Lehrman Group and a FINRA Arbitrator.Close
Robert W. (Rob) Wood
Mr. Wood has broad experience in corporate, partnership and individual tax matters. Concerning the tax treatment of... | Read More
Mr. Wood has broad experience in corporate, partnership and individual tax matters. Concerning the tax treatment of litigation settlements and judgments, he is perhaps the preeminent tax lawyer in the U.S. In addition, Mr. Wood is a frequent expert witness on tax matters in civil cases, in disputes over independent contractor versus employee classification, class actions, and tax and accounting malpractice cases.Close