He is a former director of the Free Speech Coalition and was a co-founder of X-Rated Critics Organization (XRCO), Fans of X-Rated Entertainment (FOXE) and PAW Foundation, the charity for the welfare of pornography industry performers. He is also a member of the AVN Hall of Fame. He was at one time married to the 1970s porn film actress Drea. Margold was also in the 2010 documentary After Porn Ends, which is about life after being in the porn industry.
William is also infamous for giving Ron Jeremy his nickname "The Hedgehog."