Big Firm Real Estate v. Corporate Forum

[Anonymous User]

What's the appreciable difference?

[Old Gregg]

You're a specialist in one group that services an another, with all the inter- and intra-firm advancement limitations inherited by that status.

[005618502]

You're a specialist in one group that services an another, with all the inter- and intra-firm advancement limitations inherited by that status.

...what?

[Anonymous User]

You're a specialist in one group that services an another, with all the inter- and intra-firm advancement limitations inherited by that status.

This is really only the case in NYC, where basically every group is a support group for corporate. In other markets, RE is really more of a standalone practice. I'm a real estate associate in a non-NYC market and we barely ever interact with other groups. And when we do, it's with tax or environmental folks, and they are the support groups in that situation.

[Old Gregg]

You're a specialist in one group that services an another, with all the inter- and intra-firm advancement limitations inherited by that status.

This is really only the case in NYC, where basically every group is a support group for corporate. In other markets, RE is really more of a standalone practice. I'm a real estate associate in a non-NYC market and we barely ever interact with other groups. And when we do, it's with tax or environmental folks, and they are the support groups in that situation.

I think that's right.

[aces]

Real estate is often considered a "niche" practice in that many biglaw firms don't have RE practice areas and those that do only usually have a handful of partners in the area. I've heard it has the deal-making elements of transactional practice but with fewer "fire drill" situations that M&A would because transactions tend to progress more slowly and deadlines aren't as pressing. However, I've also heard that it's one of the biglaw practice areas that was hit the hardest by the recession (although obviously M&A and cap markets were also hit hard) and that it is often under a great deal of price pressure from midlaw and small law firms.

[Anonymous User]

I accepted an offer to work in a big firm's RE practice group after rotating between it and corporate last summer. The type of work is similar because both are transactional. RE deals are often smaller scale, but they may also be staffed more leanly. Obviously there are aspects that are unique to RE practice like CERCLA issues, surveys, etc. If your firm is more into commercial leasing instead of dirt work, you will likely find the work even more similar to every other transactional practice.

One huge positive to choosing RE right now is that there are literally no mid-levels. Anywhere. You will get responsibility/client contact early and often if you are competent enough. And I believe the dearth of associates in that practice area will give some decent lateral options down the road.

[seanPtheB]

I accepted an offer to work in a big firm's RE practice group after rotating between it and corporate last summer. The type of work is similar because both are transactional. RE deals are often smaller scale, but they may also be staffed more leanly. Obviously there are aspects that are unique to RE practice like CERCLA issues, surveys, etc. If your firm is more into commercial leasing instead of dirt work, you will likely find the work even more similar to every other transactional practice.

One huge positive to choosing RE right now is that there are literally no mid-levels. Anywhere. You will get responsibility/client contact early and often if you are competent enough. And I believe the dearth of associates in that practice area will give some decent lateral options down the road.

Can you elaborate on the exit options you anticipate being there down the road?

[Stephanie13]

I accepted an offer to work in a big firm's RE practice group after rotating between it and corporate last summer. The type of work is similar because both are transactional. RE deals are often smaller scale, but they may also be staffed more leanly. Obviously there are aspects that are unique to RE practice like CERCLA issues, surveys, etc. If your firm is more into commercial leasing instead of dirt work, you will likely find the work even more similar to every other transactional practice.

One huge positive to choosing RE right now is that there are literally no mid-levels. Anywhere. You will get responsibility/client contact early and often if you are competent enough. And I believe the dearth of associates in that practice area will give some decent lateral options down the road.

Can you elaborate on the exit options you anticipate being there down the road?

Would also be interested in this! Thanks!

[Anonymous User]

I accepted an offer to work in a big firm's RE practice group after rotating between it and corporate last summer. The type of work is similar because both are transactional. RE deals are often smaller scale, but they may also be staffed more leanly. Obviously there are aspects that are unique to RE practice like CERCLA issues, surveys, etc. If your firm is more into commercial leasing instead of dirt work, you will likely find the work even more similar to every other transactional practice.

One huge positive to choosing RE right now is that there are literally no mid-levels. Anywhere. You will get responsibility/client contact early and often if you are competent enough. And I believe the dearth of associates in that practice area will give some decent lateral options down the road.

I had a similar experience this past summer, and chose RE over corporate. I wont know which of the two groups I will be placed in officially for a little bit, but was told that I was 90% going to RE.

The bold was absolutely true at my firm. They had not placed a first year in RE for three years (and RE was the firms biggest practice area in this office). For the class that just recently started, just once was placed in RE. Hopefully the benefits you mention are true.