Small Law Firm Open Thread: Real Estate

If you’re looking for options beyond Biglaw, we’re here to help. We continue our series of open threads covering small law firms focused on different practice areas. To see the fields we’ve covered so far, click here and scroll down.
We’ve received encouraging feedback from readers — and suggestions. Like this one:

I really like the small firm series you’re running, and I’m hoping you can make the next post about real estate law. I know there are lots of high-end boutiques specializing in commercial real estate out there, and I’m curious about what kind of hours they work and what kind of money the junior to midlevel associates make.

My current practice area involves long and very unpredictable hours, but I’m pretty junior, so I can still switch into another area. Real estate is at the top of my “escape options” list because I’ve heard that, even at larger firms, real estate involves less stress and fewer hours than litigation or corporate.

Is this true? Is real estate really free of “fire drills”?

Readers, can you provide information for our correspondent? If you can, please contribute to this open thread about REAL ESTATE LAW.
Some half-baked musings to start the conversation, after the jump.


Real estate has been hit hard in this recession. At large law firms, some of the biggest cuts have been inflicted upon real estate departments, as well as related departments, such as securitization practices.
But that’s at Biglaw shops. Are midsized or smaller firms focused on real estate weathering the economic storm better? To be sure, even smaller firms focused on real estate have suffered greatly — especially in places like Miami. But is that the case nationwide?
And is it possible that the real estate market is (finally) turning around? If real estate led us into the recession, will it be one of the first sectors out?
(Or is that really more of the case with residential real estate? Are we still waiting for the other shoe to drop in commercial real estate?)
In the comments, please raise questions and offer answers about real estate-focused law firms. Our tipster raised some good questions to start: what is the pay like? And the lifestyle? Is real estate less stressful than many other areas of practice?
We’re expecting this thread to focus on firms that specialize in large-scale commercial real estate law, as opposed to, say, residential real estate (e.g., house closings). But this is an open thread, so we leave open the possibility that it will go in different directions. Happy commenting!
Earlier: Prior small law firm open threads

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