Real Estate Law - subpractice groups

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michaelscotch99
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Real Estate Law - subpractice groups

Postby michaelscotch99 » Mon May 15, 2017 4:24 pm

I'm looking into real estate law (primarily real estate transactions), and it seems like the field is much more diverse than I imagined.

Can someone clarify for me the different sub practice groups, including: acquisitions and disposals, financing, leasing, development, joint ventures and funds.

Is it common for a real estate lawyer to be involved in all of these subgroups?

Specifically, if you work at a firm doing transactional, are you usually separate from the finance/funds team? Or is there just a huge overlap and everyone does a little bit of everything?

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Devlin
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Re: Real Estate Law - subpractice groups

Postby Devlin » Mon May 15, 2017 5:13 pm

Unless the firm has a huge real estate section (which most big firm's do not have) you will likely get experience in all of those areas (assuming the firm you are with handles all of those areas).

michaelscotch99
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Re: Real Estate Law - subpractice groups

Postby michaelscotch99 » Mon May 15, 2017 5:24 pm

Oh I see.

What about firms that are focused solely on real estate law? Not necessarily boutiques but mid-sized firms that do only real estate work? Is it necessary to demonstrate an interest in one of the subpractice groups or is it okay to say "I like real estate transactional work in general"?

Anonymous User
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Re: Real Estate Law - subpractice groups

Postby Anonymous User » Mon May 15, 2017 5:31 pm

My firm has a real estate practice group with subgroups (midsized firm). At least for my firm, it would be important to express interest in whether you're at least interested in concentrating in residential or commercial, and within that, whether it be transactional or litigation.

Anonymous User
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Re: Real Estate Law - subpractice groups

Postby Anonymous User » Mon May 15, 2017 6:27 pm

As mentioned above Residential vs commercial is huge distinction, I've only ever worked in pure commercial and wanting residential would have dinged me. Work in currently, and summered for another, mid sized firm. Both did a little bit of everything within commercial real estate functions. We (and the other firm did this too) have a person specializing in each section who essentially approves any work the newer attorneys bring them while they run their own deals and have the other specialties check over their work as well. So eventually you may get to specialize but it won't matter for a long time. One firm did lit and transactional, the newer lawyers would jump back and forth as needed.
If you went to either of these firms all you need is an interest in real estate. Anecdotally other firms in this market operate the same way (the laterals came from similar firm structures). Be interested in real estate, maybe have a elevator speech about why one part sounds really cool because you have this real life experience in blah blah.


Sorry for grammar and spacing, on my phone.

1styearlateral
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Re: Real Estate Law - subpractice groups

Postby 1styearlateral » Tue May 16, 2017 10:07 am

FWIW, there are more lateral opportunities (with firms and in-house) for attorneys with real estate transactional/finance experience.

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Re: Real Estate Law - subpractice groups

Postby Anonymous User » Wed May 17, 2017 3:36 pm

1styearlateral wrote:FWIW, there are more lateral opportunities (with firms and in-house) for attorneys with real estate transactional/finance experience.


Any advice on how one would go from switching from residential to commercial or vice versa?

1styearlateral
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Re: Real Estate Law - subpractice groups

Postby 1styearlateral » Wed May 17, 2017 5:39 pm

Anonymous User wrote:
1styearlateral wrote:FWIW, there are more lateral opportunities (with firms and in-house) for attorneys with real estate transactional/finance experience.


Any advice on how one would go from switching from residential to commercial or vice versa?

If it's just transactional/leasing, it shouldn't be too hard. Financing might be more difficult, but I'm not really one to weigh in on that since I am in real estate litigation. I'm just familiar with the opportunities for laterals in major markets for real estate attorneys.

Anonymous User
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Re: Real Estate Law - subpractice groups

Postby Anonymous User » Wed May 17, 2017 5:52 pm

Anonymous User wrote:
1styearlateral wrote:FWIW, there are more lateral opportunities (with firms and in-house) for attorneys with real estate transactional/finance experience.


Any advice on how one would go from switching from residential to commercial or vice versa?


I'm Anon on phone from earlier

While (as stated below) there are some similarities in transactional between commercial and residential, your state may vary in how similar. In mine we wouldn't touch a residential transaction if we can avoid it (so favors for bosses friends do happen but they are rare and better be super simple) because there are major differences in the code to protect consumers. We simply don't know them. Likewise we wouldn't hire a residential person, generally, because they aren't familiar with the protections we put in that are standard for the commercial world.
Switch early if you're going to switch (same if you are bailing on litigation) and be ready to start learning the basics. Again, ymmv.

Anonymous User
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Re: Real Estate Law - subpractice groups

Postby Anonymous User » Wed May 17, 2017 7:22 pm

Anonymous User wrote:
Anonymous User wrote:
1styearlateral wrote:FWIW, there are more lateral opportunities (with firms and in-house) for attorneys with real estate transactional/finance experience.


Any advice on how one would go from switching from residential to commercial or vice versa?


I'm Anon on phone from earlier

While (as stated below) there are some similarities in transactional between commercial and residential, your state may vary in how similar. In mine we wouldn't touch a residential transaction if we can avoid it (so favors for bosses friends do happen but they are rare and better be super simple) because there are major differences in the code to protect consumers. We simply don't know them. Likewise we wouldn't hire a residential person, generally, because they aren't familiar with the protections we put in that are standard for the commercial world.
Switch early if you're going to switch (same if you are bailing on litigation) and be ready to start learning the basics. Again, ymmv.


Thanks everyone--I'm the poster asking for the advice on how to switch. I am hoping to leverage my residential into commercial but I know it will be a stretch. Not sure if there are any exit ops for residential real estate lawyers...




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