Edit: Removed paragraph discussing increasing time_wait after misreading initial post.
The equivalent timer on the Check Point firewall is the "TCP end timeout" in the Global Properties and I would not recommend increasing it beyond the default 20 seconds, unless you are being absolutely inundated with "TCP out of state" logs sporting FIN or RST flags. Even then some more investigation is necessary to figure out the root cause of those logs, and increasing the TCP end timeout should be a last resort.
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