Usually, only the endpoint that issues an 'active close' should go into TIME_WAIT state. So, if possible, have your clients issue the active close which will leave the TIME_WAIT on the client and NOT on the server.
See here: http://www.serverframework.com/asynchronousevents/2011/01/time-wait-and-its-design-implications-for-protocols-and-scalable-servers.html and http://www.isi.edu/touch/pubs/infocomm99/infocomm99-web/ for details (the later also explains why it's not always possible due to protocol design that doesn't take TIME_WAIT into consideration).