Lawyers Who Transition to “Of Counsel”

Do you have senior partners, shareholders or other lawyers transitioning to “of counsel” status this year? You may need to update their status to “terminated” if they are no longer considered employees of the firm. In many cases, those considered “of counsel” are independent contractors paid via Form 1099-R as opposed to Form W-2. Individuals properly designated as independent contractors are...

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A Benefit for Your 1099 Contractors

Nearly one out of every four 65-year-olds today will live past age 90, and one out of 10 will live past age 95.1 This means that for some, retirement can last for 25-30 years, or longer! Because of this, many legal professionals choose to work well into their 70s as “contract” or “1099” service providers. The ABA Retirement Funds Program...

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