In this National Structured Settlements Trade Association "Settle Smart" Podcast, Counsel Matt Meltzer discusses the IRS Generic Legal Advice Memorandum (GLAM) and its potential impact on attorney fee structures in the structured settlements industry.
He explores the significance of GLAM and how it initially shook the industry, raising concerns and questions about paying legal fees to third parties. However, he clarifies that the panic may have been unwarranted, as the GLAM's scope appears limited to non-traditional fee structures.
Learn about standard attorney fee structures, their advantages, and why attorneys opt for them. Discover how these structures help manage cash flow effectively and provide stability in income, particularly for plaintiff attorneys with irregular earnings. Matt also discusses the potential impact of the GLAM on structured settlements and attorney fee structures. He reassures industry professionals that traditional fee structures should remain unaffected, thanks to the precedent set by the Childs vs. Commissioner case. He also delves into a "what-if" scenario, considering the impact on past attorneys and the prospect of retroactive or prospective changes in IRS policy.
ABOUT NSSTA: Since 1985, the National Structured Settlements Trade Association has been the leading voice of the structured settlement industry. Today, nearly 1,200 individual #NSSTA members from throughout the industry benefit from association activities, including: -- Continuous updates and legal analyses of federal and state court decisions, laws and regulations -- Monitoring of Congressional and state legislative activity that impacts the structured settlement industry -- Hosting professional certification and continuing education meetings throughout the year -- Maintaining the only Internet site solely devoted to promoting the benefits of structures