<SEC-DOCUMENT>0001104659-20-077412.txt : 20200626
<SEC-HEADER>0001104659-20-077412.hdr.sgml : 20200626
<ACCEPTANCE-DATETIME>20200626153201
ACCESSION NUMBER:		0001104659-20-077412
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20200626
DATE AS OF CHANGE:		20200626
EFFECTIVENESS DATE:		20200626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARRETT BUSINESS SERVICES INC
		CENTRAL INDEX KEY:			0000902791
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HELP SUPPLY SERVICES [7363]
		IRS NUMBER:				520812977
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-239460
		FILM NUMBER:		20993797

	BUSINESS ADDRESS:	
		STREET 1:		8100 NE PARKWAY DRIVE
		STREET 2:		SUITE 200
		CITY:			VANCOUVER
		STATE:			WA
		ZIP:			98662
		BUSINESS PHONE:		(800) 494-5669

	MAIL ADDRESS:	
		STREET 1:		8100 NE PARKWAY DRIVE
		STREET 2:		SUITE 200
		CITY:			VANCOUVER
		STATE:			WA
		ZIP:			98662
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2023514-2_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">As filed
with the Securities and Exchange Commission on June 26, 2020</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 428.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 428.5pt"><FONT STYLE="text-underline-style: double"><U STYLE="text-decoration: none">Registration
No. 333- </U></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 428.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 0; text-align: center">SECURITIES AND
EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt; width: 18%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 0; text-align: center">FORM S-8</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt; width: 18%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 181pt 0pt 185.85pt; text-align: center">REGISTRATION STATEMENT
UNDER<BR>
 THE SECURITIES ACT OF 1933</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt; width: 18%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 6.6pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 6.6pt 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">BARRETT
BUSINESS SERVICES, INC</FONT>.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 6.25pt 0pt 0; text-align: center">(Exact name of registrant
as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.45pt; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Maryland</TD>
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">52-0812977</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.4pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">(State of incorporation)</TD>
    <TD STYLE="padding-top: 0.4pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">(IRS Employer Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.05pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8100 NE Parkway Drive, Suite 200</TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.4pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Vancouver, Washington</TD>
    <TD STYLE="padding-top: 0.4pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">98662</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.4pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="padding-top: 0.4pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.45pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.65pt 0pt 0; text-align: center">BARRETT BUSINESS SERVICES, INC.
2020  STOCK INCENTIVE PLAN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.5pt 0pt 0; text-align: center">(Full title of the plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.3pt 0pt 0; text-align: center">Gary E. Kramer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 190.25pt 0pt 185.85pt; text-align: center"> Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 190.25pt 0pt 185.85pt; text-align: center">Barrett Business Services,
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.65pt 0pt 0; text-align: center">8100 NE Parkway Drive, Suite
200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.9pt 0pt 0; text-align: center">Vancouver, Washington 98662</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.05pt 0pt 0; text-align: center">Telephone (360) 828-0700</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-align: center">(Name, address, and telephone
number of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: left">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of &quot;large accelerated filer,&quot; &quot;accelerated filer,&quot;
 &quot;smaller reporting company,&quot; and &quot;emerging growth company&quot; in Rule&nbsp;12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 5.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 1.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%">Large accelerated filer</TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 20%">Accelerated filer</TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Wingdings">&yacute;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Non-accelerated filer</TD>
    <TD><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD>Smaller reporting company</TD>
    <TD><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Emerging growth company</TD>
    <TD><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 0">If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 5.65pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.25pt 0pt 0; text-align: center">CALCULATION OF REGISTRATION
FEE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.25pt 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.25pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.25pt 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; font-weight: bold; text-align: center; vertical-align: bottom">Title of<BR>
Securities to Be<BR>
 <U>Registered</U></TD>
    <TD STYLE="width: 20%; font-weight: bold; text-align: center; vertical-align: bottom">Amount to Be<BR>
<U>Registered</U></TD>
    <TD STYLE="width: 20%; font-weight: bold; text-align: center; vertical-align: bottom">Proposed Maximum <BR>
Offering Price <BR>
<U>Per Share</U></TD>
    <TD STYLE="width: 20%; font-weight: bold; text-align: center; vertical-align: bottom">Proposed Maximum <BR>
Aggregate <BR>
<U>Offering Price</U></TD>
    <TD STYLE="width: 20%; font-weight: bold; text-align: center; vertical-align: bottom">Amount of<BR>
<U>Registration Fee</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: center; padding-top: 2pt"><FONT STYLE="font-weight: normal">Common Stock, </FONT><BR>
<FONT STYLE="font-weight: normal">$.01 par value (1)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-top: 2pt"><FONT STYLE="font-weight: normal">375,000 shares</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-top: 2pt"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-top: 2pt"><FONT STYLE="font-weight: normal">$19,650,000
(2)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-top: 2pt"><FONT STYLE="font-weight: normal">$2,550.57</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.25pt 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.25pt 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.25pt 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: left">Pursuant to Rule&nbsp;416 under the Securities Act of
1933, this registration statement also covers an indeterminate number of additional shares reserved for issuance under the 2020&nbsp; Stock Incentive Plan (the &quot;Plan&quot;) as a result of any future stock split, stock dividend, or similar adjustment of the
outstanding common stock.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29.5pt 0pt 5.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: left">Pursuant to Rule&nbsp;457(h), the proposed maximum aggregate
offering price and the registration fee have been computed based on the average of the high and low sales prices of the common
stock reported on The Nasdaq Stock Market on June 24, 2020, $52.40.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 531pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 531pt"></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 0; text-align: center">PART II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.1pt 0pt 0; text-align: center">INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Item 3. <U>Incorporation of Documents by Reference</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">The following documents filed
by the registrant with the Securities and Exchange Commission are incorporated by reference in this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 5.65pt; text-indent: 33pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.15pt"></TD><TD STYLE="width: 16.15pt">(a)</TD><TD>The registrant's Annual Report on <A HREF="https://www.sec.gov/Archives/edgar/data/902791/000156459020008249/bbsi-10k_20191231.htm">Form&nbsp;10-K for the year ended December&nbsp;31, 2019</A>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.6pt"></TD><TD STYLE="width: 16.7pt">(b)</TD><TD>The registrant's Quarterly Report on <A HREF="https://www.sec.gov/Archives/edgar/data/902791/000156459020021908/bbsi-10q_20200331.htm">Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2020</A>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.6pt"></TD><TD STYLE="width: 16.7pt">(c)</TD><TD STYLE="padding-right: 9.9pt">The registrant's Current Reports on Form&nbsp;8-K filed on <A HREF="https://www.sec.gov/Archives/edgar/data/902791/000110465920027446/tm2011389-1_8k.htm">March 2, 2020</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/902791/000110465920029765/tm2011871d1_8k.htm">March 5, 2020</A> (other
than portion deemed furnished); <A HREF="https://www.sec.gov/Archives/edgar/data/902791/000110465920043668/tm2015155d1_8k.htm">April 6, 2020</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/902791/000110465920051100/tm2016861d1_8k.htm">April 24, 2020</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/902791/000110465920064850/tm2020685d1_8k.htm">May 21, 2020</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/902791/000110465920068876/tm2021530d1_8k.htm">June 2, 2020</A>; and <A HREF="https://www.sec.gov/Archives/edgar/data/902791/000110465920077374/tm2023514-1_8k.htm">June 26, 2020</A>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.6pt"></TD><TD STYLE="width: 16.7pt">(d)</TD><TD STYLE="padding-right: 9.9pt">The description of the registrant's capital stock contained in Exhibit&nbsp;4.1 to the registrant's
Current Report on Form&nbsp;8-K filed on <A HREF="https://www.sec.gov/Archives/edgar/data/902791/000110465920077374/tm2023514d1_ex4-1.htm" STYLE="-sec-extract: exhibit">June 26, 2020</A>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">Except to the extent that
information is deemed furnished and not filed pursuant to securities laws and regulations, all documents filed by the registrant
pursuant to Sections&nbsp;13(a), 13(c), 14, or&nbsp;15(d) of the Securities Exchange Act of 1934, as amended, subsequent to the
date hereof and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or
which deregisters all securities then remaining unsold, shall also be deemed to be incorporated by reference herein and to be a
part hereof from the dates of filing of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">Any statement contained in
a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes
of this registration statement to the extent that a statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: left">Item 4. <U>Description of Securities</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: left">Item 5. <U>Interests of Named Experts and Counsel</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: left">Item 6. <U>Indemnification of Directors and Officers</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left"><I>Indemnification</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">Under Section 2-418 of the
Maryland General Corporation Law (the &#8220;MGCL&#8221;), a person who is made a party to a proceeding because such person is
or was an officer or director of a corporation (an &quot;Indemnitee&quot;) shall be indemnified by the corporation (unless the
corporation's charter provides otherwise) against reasonable expenses incurred by the Indemnitee in connection with the proceeding
if the Indemnitee is successful on the merits or otherwise or if ordered by a court of competent jurisdiction. Also under said
section, a corporation is permitted to indemnify an Indemnitee against liability incurred in a proceeding unless (i) the Indemnitee's
act or omission was material to the matter giving rise to the proceeding and (a) was committed in bad faith or (b) was the result
of active and deliberate dishonesty; (ii) the Indemnitee actually received an improper personal benefit in money, property, or
services; (iii) in the case of a criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was
unlawful; (iv) the Indemnitee was adjudged liable to the corporation in a proceeding by or in the right of the corporation; or
(v) the Indemnitee was adjudged liable on the basis that he or she improperly received a personal benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">As authorized by the MGCL,
Article V of the registrant's charter provides that the registrant shall indemnify each of its officers and directors to the fullest
extent permissible under the MGCL, as the same exists or may hereafter be amended, against all liabilities, losses, judgments,
penalties, fines, settlements and reasonable expenses (including attorney fees) incurred or suffered by such person by reason of
or arising from the fact that such person is or was an officer or director of the registrant or is or was serving at the request
of the registrant as a director, officer, partner, trustee, employee or agent of another foreign or domestic corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise. Such indemnification continues as to a person who has ceased to
be a director, officer, partner, trustee, employee or agent and inures to the benefit of his or her heirs, executors, and administrators.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">The
registrant has entered into indemnification agreements with each of its outside directors. Under the indemnification
agreements, the registrant has agreed, to the fullest extent permitted by the laws of the State of Maryland, and in
accordance with the terms, conditions and limitations set forth in the indemnification agreements, to indemnify each of its
outside directors against all judgments, penalties, fines and amounts paid in settlement and all expenses actually and
reasonably incurred, in connection with various legal proceedings including, without limitation, a lawsuit, arbitration,
administrative hearing or investigation, whether by or in the right of the registrant or otherwise. This right to
indemnification will extend to actions taken by the director in other capacities in which he or she is serving at the request
of the registrant, such as a director or officer of a subsidiary or a fiduciary or trustee of an employee benefit plan.
Indemnification is not available if the act or omission by the director was material to the matter in question and the
director acted in bad faith, with active and deliberate dishonesty, or in a manner that he or she had reasonable cause to
believe was unlawful, or actually received an improper personal benefit. Indemnification is also generally not available if
the proceeding is by or on behalf of the registrant and the director is found to be liable to the registrant or if the
proceeding is brought by the director against the registrant. The indemnification agreements include a presumption that the
director is entitled to indemnification, imposing on the registrant the burden of overcoming that presumption. The
indemnification agreements also put in place specific processes and procedures for indemnification claims and advancement of
expenses and costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left"><I>Insurance</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">The registrant maintains directors'
and officers' liability insurance under which the registrant's directors and officers are insured against loss (as defined) as
a result of claims brought against them based upon their acts or omissions in such capacities, including civil liabilities under
the Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: left">Item 7. <U>Exemption from Registration Claimed</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: left">Item
8. <U>Exhibits</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.9pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 10%">Exhibit</TD>
    <TD STYLE="width: 87%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><U>Number</U></TD>
    <TD STYLE="text-align: center"><U>Exhibit Description</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/902791/000156459018020533/bbsi-ex31_23.htm" STYLE="-sec-extract: exhibit">4.1</A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/902791/000156459018020533/bbsi-ex31_23.htm" STYLE="-sec-extract: exhibit">Charter of the registrant, as amended. Incorporated by reference to Exhibit&nbsp;3.1 to the registrant's Quarterly Report
                                                               on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2018.</A></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/902791/000110465920077374/tm2023514d1_ex3-1.htm" STYLE="-sec-extract: exhibit">4.2</A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/902791/000110465920077374/tm2023514d1_ex3-1.htm" STYLE="-sec-extract: exhibit">Bylaws of the registrant, as amended through May&nbsp;27, 2020. Incorporated by reference to Exhibit 3.1 to the registrant&#8217;s
Current Report on Form 8-K filed on June 26, 2020.</A></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><A HREF="tm2023514d2_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1</A></TD><TD><A HREF="tm2023514d2_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Miller Nash Graham &amp; Dunn LLP as to the legality of the securities being registered.</A></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><A HREF="tm2023514d2_ex23-1.htm" STYLE="-sec-extract: exhibit">23.1</A></TD><TD><A HREF="tm2023514d2_ex23-1.htm" STYLE="-sec-extract: exhibit">Consent of Deloitte &amp; Touche LLP, Independent Registered Public Accounting Firm.</A></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><A HREF="tm2023514d2_ex5-1.htm" STYLE="-sec-extract: exhibit">23.2</A></TD><TD><A HREF="tm2023514d2_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Miller Nash Graham &amp; Dunn LLP (included in Exhibit&nbsp;5.1).</A></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><A HREF="tm2023514d2_ex24-1.htm" STYLE="-sec-extract: exhibit">24.1</A></TD><TD><A HREF="tm2023514d2_ex24-1.htm" STYLE="-sec-extract: exhibit">Power of attorney of certain officers and directors.</A></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/902791/000110465920068876/tm2021530d1_ex10-1.htm" STYLE="-sec-extract: exhibit">99.1</A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/902791/000110465920068876/tm2021530d1_ex10-1.htm" STYLE="-sec-extract: exhibit">Barrett Business Services, Inc. 2020&nbsp;Stock Incentive Plan. Incorporated by reference to Exhibit 10.1 to the registrant&#8217;s
Current Report on Form 8-K filed on June 2, 2020.</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: left">Item 9. <U>Undertakings</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.65pt; text-indent: 33.05pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.6pt 0pt 5.65pt; text-indent: 66.05pt">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.8pt; text-indent: 49.2pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933 (&quot;Securities Act&quot;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 43pt 0pt 54.8pt; text-indent: 49.2pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the
most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 54.8pt; text-indent: 49.2pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To include any material information with respect to the plan of distribution not previously disclosed in the registration
statement or any material change to such information in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 5.65pt"><I>Provided, however</I>, that paragraphs&nbsp;(a)(1)(i)
and&nbsp;(a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is
contained in reports filed with or furnished to the Commission by the registrant pursuant to Section&nbsp;13 or&nbsp;15(d) of the
Securities Exchange Act of 1934 (&quot;Exchange Act&quot;) that are incorporated by reference in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.8pt 0pt 5.65pt; text-indent: 66.05pt">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial <I>bona fide </I>offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 31.2pt 0pt 5.65pt; text-indent: 66.05pt">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To remove from registration by means of a post-effective amendment any of the securities being registered which remain
unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.7pt 0pt 5.65pt; text-indent: 66.05pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;
The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of
an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.55pt 0pt 5.65pt; text-indent: 66pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the registrant pursuant to the provisions described in Item 6 above, or otherwise, the registrant has been advised that in
the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><U>The
Registrant</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form&nbsp;S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the city of Vancouver, state of Washington, on the 26<SUP>th</SUP> day of June, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 266.8pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">BARRETT BUSINESS SERVICES, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Gary E. Kramer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Gary E. Kramer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 266.8pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 292.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 5.65pt; text-indent: 49.15pt">Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated
as of the 26<SUP>th</SUP> day of June, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 5.65pt; text-indent: 49.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%; text-align: center">Signature</TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 48%">Title</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(1) Principal Executive Officer and Director:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Gary E. Kramer</I></TD>
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive Officer and Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Gary E. Kramer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(2) Principal Financial and Accounting Officer:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Anthony J. Harris</I></TD>
    <TD>&nbsp;</TD>
    <TD>Executive
Vice President and Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Anthony J. Harris</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3) A majority of the Board of Directors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%">*THOMAS J. CARLEY</TD>
    <TD STYLE="width: 48%">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>*THOMAS B. CUSICK</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>*JAMES B. HICKS, Ph.D.</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>*JON L. JUSTESEN</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>*ANTHONY MEEKER</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>*VINCENT P. PRICE</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>*DIANE L. DEWBREY</TD>
    <TD>Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 5.4pt">*By</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; padding-right: 5.4pt"><I>/s/ Gary E. Kramer</I></TD>
    <TD STYLE="width: 62%; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">Gary E. Kramer</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">Attorney-in-fact</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2023514d2_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>EXHIBIT 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;<IMG SRC="tm2023514d2_ex5-1img01.jpg" ALT=""></TD><TD STYLE="text-align: right; width: 50%"><IMG SRC="tm2023514d2_ex5-1img02.jpg" ALT="">&nbsp;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">June 26, 2020</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barrett Business Services, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8100 N.E. Parkway Drive, Suite 200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vancouver, Washington 98662</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Subject:</TD><TD>Form S-8 Relating to 2020 Stock Incentive Plan</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Reference is made to the Registration Statement
on Form S-8 (&quot;Registration Statement&quot;) to be filed by Barrett Business Services, Inc., a Maryland corporation (the &quot;Company&quot;),
with the Securities and Exchange Commission for the purpose of registering under the Securities Act of 1933, as amended (the &quot;Securities
Act&quot;), 375,000 shares of the Company's common stock, $.01 par value (the &quot;Registered Shares&quot;), issuable under the
Company's 2020 Stock Incentive Plan (the &quot;Plan&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We have examined originals or copies, certified
or otherwise identified to our satisfaction, of such corporate records, certificates of public officials, and other documents as
we have deemed necessary or relevant as a basis for the opinion set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This opinion letter is based as to matters
of law solely on the Maryland General Corporation Law, as amended. We express no opinion herein as to any other laws, statutes,
ordinances, rules, or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Based upon, subject to and limited by the
foregoing, we are of the opinion that, following (a) effectiveness of the Registration Statement, (b) issuance of the Shares in
accordance with the terms of the Plan and the instruments executed pursuant to the Plan governing the awards to which any such
Shares relate, and (c) receipt by the Company of the consideration for the Shares specified in the applicable resolutions of the
Board of Directors or a duly authorized committee thereof and in the Plan or any such instruments, the Shares will be validly issued,
fully paid, and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2023514d2_ex5-1img03.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Barrett Business Services, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">June 26, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We consent to the use of this opinion
and to the use of our name wherever appearing in the Registration Statement and in any amendments thereof. In giving this
consent, we do not thereby admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the
Securities Act.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Miller Nash Graham &amp; Dunn LLP</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">MILLER NASH GRAHAM &amp; DUNN LLP</TD></TR>
</TABLE>




<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tm2023514d2_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>EXHIBIT 23.1</B></P>

<P STYLE="margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in this Registration
Statement on Form S-8 of our reports dated March 3, 2020, relating to the financial statements of Barrett Business Services, Inc.
and the effectiveness of Barrett Business Services, Inc.&rsquo;s internal control over financial reporting, appearing in the Annual
Report on Form 10-K of Barrett Business Services, Inc. for the year ended December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ DELOITTE &amp; TOUCHE LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Portland, Oregon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 26, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.1
<SEQUENCE>4
<FILENAME>tm2023514d2_ex24-1.htm
<DESCRIPTION>EXHIBIT 24.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 0; text-align: right"><B>EXHIBIT 24.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 214.55pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.45in; text-align: left">Each person whose signature
appears below designates and appoints GARY&nbsp;E. KRAMER and ANTHONY J. HARRIS, and either of them, true and lawful attorneys-in-fact
and agents, to sign a registration statement on Form&nbsp;S-8 to be filed by Barrett Business Services, Inc., a Maryland corporation,
with the Securities and Exchange Commission under the Securities Act of 1933, as amended, for the purpose of registering 375,000&nbsp;shares
of common stock, $.01&nbsp;par value per share, of Barrett Business Services, Inc., to be issued pursuant to the Barrett Business
Services, Inc., 2020 Stock Incentive Plan, together with any and all amendments (including post-effective amendments) to the registration
statement. Each person whose signature appears below also grants to these attorneys-in-fact and agents full power and authority
to perform every act and execute any instruments that they deem necessary or desirable in connection with the preparation and filing
of the registration statement, as fully as he could do in person, hereby ratifying and confirming all that the attorneys-in-fact
and agents or their substitutes may lawfully do or cause to be done.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.45in; text-align: left">IN WITNESS WHEREOF, this power of attorney has been
executed by each of the undersigned as of this 26<SUP>th</SUP> day of June, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.8pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 45%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="width: 6%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 49%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Title</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Gary E. Kramer</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Chief
Executive Officer and Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Gary E. Kramer</TD>
    <TD>&nbsp;</TD>
    <TD>(Principal Executive Officer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Anthony J. Harris</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Vice President-Finance, Secretary and Treasurer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Anthony J. Harris</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(Principal Financial and Accounting Officer)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Thomas J. Carley</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Thomas J. Carley</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Thomas B. Cusick</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Thomas B. Cusick</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Diane L. Dewbrey</I></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Diane L. Dewbrey</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ James B. Hicks</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">James B. Hicks, Ph.D.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Jon L. Justesen</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Jon L. Justesen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Anthony Meeker</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Anthony Meeker</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Vincent P. Price</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Vincent P. Price</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.8pt"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.8pt"></P>





</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>tm2023514d2_ex5-1img01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2023514d2_ex5-1img01.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !B /,# 2(  A$! Q$!_\0
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M]>X_K6_5& 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% 'D;Q)/\
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M<7+N7E2)&1$/8C(&#GL*)-7N*DIR@J;NK7LU^IV7QBC2#0-)CC4+''/M50.
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M*[R/QSX^TVRTC-Q!;[5>9 =N-V6;/H!CFNK_ .%/>&\C,NH$>AE7_P")KIM
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M15G(%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 5S-QXI2+Q;'I
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%44 ?_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>tm2023514d2_ex5-1img02.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2023514d2_ex5-1img02.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !D ,,# 2(  A$! Q$!_\0
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I** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** /_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>tm2023514d2_ex5-1img03.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2023514d2_ex5-1img03.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !6 (8# 2(  A$! Q$!_\0
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M8]6TRWOHHWC69<F.089#T*L/4$$'W% %VBBB@ HHHH **** .8US_D=_"O\
MO7?_ **K3U[3Y]1TF2*SD6*\1EEMY'Z+(I##/L<8/L369KG_ "._A7_>N_\
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MZ\E\-V5BD\27MOD&5<A<,&1\=_NN2/<"I&\-K_PD:7WD1R0*(_+S.Z&'8"
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M0!S&N?\ ([^%?]Z[_P#15;M[I]MJ,21W*L0CB1"DC(RL 1D%2".I_.L+7/\
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MMC>!S"N]]Z,@"_WLL!D>] E%M72-ZBL#3O&.AZM?"SL[T/,P)0,C*) .NTD
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!V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
