On the verge of collecting his share of $2 billion in fees from the $26 billion opioid settlement, Huntington attorney Paul T. Farrell did what a growing number of fellow trial lawyers have done: He moved to Puerto Rico.
Why Puerto Rico? The U.S. territory offers sun, sand and pleasant temperatures year-round. But it has much, much more, including a tax regime that allows newcomers who live there at least 183 days a year to shelter nearly all their income from state and federal taxes, even if that income is generated by providing services in the U.S.
Farrell moved in January, opening a new practice with Michael J. Fuller in San Juan. When asked if he had permanently moved to Puerto Rico, and if taxes were a factor, Farrell answered “yes and yes.”
“We’ve kind of transitioned to this new world,” said Farrell, a self-described West Virginia hillbilly who serves as co-lead counsel in federal multidistrict litigation against the opioid industry, along with Joe Rice of Motley Rice and Jayne Conroy of Simmons Hanly Conroy.
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