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.
Read the full story at Legal Newsline.