Real Estate

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.

For senior associates up for partner, firms have become increasingly focused on business potential and less so on an associate’s ability to outclass others in the courtroom or at the negotiating table.

In the days of yore, the partner track in Biglaw was oftentimes a reward for consistent competence and professionalism. In an era of PPP and RPL, most firms (other than the Cravath, Quinn, or Simpson Thacher types) are less likely to promote associates unless they see real revenue-generating potential.

If you find yourself in your fifth to tenth year and are unsure whether you will make partner, here are four steps to help you steer your career…

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Bruce Stachenfeld

I am famous for a saying. Actually I am not really famous, but I have a saying that I have been, well, saying for years, as follows:

“Lawyers are only happy when they’re miserable.”

What I mean is this: You are working round-the-clock so much you haven’t even been home for a full day and hardly at all for a month on a doozie of a deal. You are completely sick of it. All you can think of is when the deal will be “over.” You are clearly “miserable.” If only you could have your personal life back! Then, finally, the deal closes — at last. Your client is wiring out the funds. As the transfer of funds is happening, a (terrible) thought races through your mind. You hate yourself for the thought — you try not to have the thought — but you simply can’t help it… and the thought is that you are kind of worried because you have nothing to do now and that is disquieting… gee, what if work has really slowed… at some point this will be a real problem. You’ve had your personal life back for maybe a second — you haven’t even taken a shower — and you are worrying where your next deal will come from.

Or the other way around. Work has been slow — very slow — for a couple of months. You have enjoyed some rounds of golf and gone out to a bunch of dinners and lunches, but you really would like a nice tricky and challenging deal to sink your teeth into. And of course you are mindful of the fact that like it or not lawyers just have to bill hours. That is how we make a living, and you just aren’t billing hours. Not a good thing. You are edgy — if only you could have a big deal to work on….

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University of Colorado Law School — Ranked in the Top 10

We rank everything else about law schools, so why not their buildings?

A quality building may not be more important than a school capable of getting you a job, but there are advantages to nice buildings. If you’re going to law school, you will have to spend significant time there, so it may as well be nice. If you’re an alum, it’s always nice to see your donation to the school went to something nice.

So did your law school make the list of the top 50 best law school buildings in the world?

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285 Central Park West

Lawyers and their real estate transactions continue to make the news. Last weekend’s New York Times, for example, chronicled the hunt of a former Cahill Gordon associate and her husband for an apartment large enough for themselves and their three children. Boji Wong and Benjamin Berkman ultimately found what they were looking for, paying just a shade under $3.8 million for a 2,200-square-foot, three-bedroom co-op in tony Tribeca.

For our latest Lawyerly Lairs column, though, we’re going to take a trip uptown. We’ll check out the beautiful pre-war apartment that a noted entertainment lawyer and his wife, a high-profile journalist and writer, recently sold for a tidy sum — $5.3 million, to be more precise….

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Julius Towers

Our latest Lawyerly Lairs column is about a gay Filipino lawyer’s hunt for a new home on the island of Manhattan. (No, it’s not about me; I’m quite happy where I am, and I don’t own any dogs.)

Julius Towers, a 36-year-old intellectual property lawyer for Colgate-Palmolive, recently relocated from Queens to Manhattan. His search was complicated by a couple of canines: Felix, a Shiba Inu, and Athena, a golden retriever-poodle cross.

What was Towers’s budget, and where exactly did he wind up?

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People in business over the internet like to act like what they are doing is so new and exciting and technologically advanced that the “old rules” no longer apply. Sometimes that’s true (chances are my two-year-old will never know what a “newspaper” is). Sometimes it’s not (paperless office my ass).

But old laws always still apply. Stealing cable (another thing my kid will probably not use) is stealing cable even if you are paying somebody else to steal the cable for you.

For instance, when you rent out your place to somebody else, you become a landlord. It doesn’t matter if you rent it out through AirBnB. AirBnB is just a travel agent (this post should be in a time capsule) with an impressive roster of vacation rentals….

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Bruce Stachenfeld

“Low overhead is great!” That is one of our sayings. We recite it all the time — yes, even out loud at meetings — as it is a powerful competitive advantage for a law firm. It seems pretty obvious, but if so, why doesn’t everyone get with this concept?

There is a term informally used to describe how overhead impacts a law firm called “Implied Overhead.” The “Implied Overhead” of a law firm is the cost of everything except the lawyers divided by the number of lawyers. So if you have 50 lawyers and the cost of “everything” except the lawyers is $10,000,000, then you have implied overhead of $200,000 per lawyer.

Our Implied Overhead for last year was about $165,000. Anecdotally I believe that Implied Overhead for major law firms averages about $300,000. (I admit I don’t really have this data for sure; it is just what I have heard.) If your firm has 100 lawyers and implied overhead of $200,000 and the average for major law firms is $300,000, then you have a $100,000 per lawyer competitive advantage over your major law firm competition. Multiply that by 100 lawyers and you just made $10,000,000! And this flows right to the bottom line! If there are, say, 30 partners at this firm, then each partner just got a check for $333,333!

Yikes — did I do that math right? Was that $333,333 per partner merely by reducing the implied overhead?  I just double checked and $10,000,000 divided by 30 partners does indeed equal $333,333. That’s a sizable number, so maybe you should read the rest of my article….

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Chief Judge Loretta Preska

According to Black’s Law Dictionary (affiliate link), a judicial diva is “a particularly confident, skilled, and physically attractive female judge.” By this definition, Chief Judge Loretta Preska (S.D.N.Y.) is a judicial diva. She is highly regarded, as both a judge and an administrator, and she never looks anything short of fabulous.

I’ve been fascinated by Judge Preska for years. I had this to say about her back in 2004 at my first website, Underneath Their Robes: “Magnificent. Tall, thin, elegant. Great bone structure, perfectly coiffed silver hair. Note to self: nominate for superhotties contest next year?”

This gorgeous judge now owns a gorgeous apartment. Chief Judge Preska and her husband, a partner at one of the nation’s most profitable law firms, just paid almost $9 million for a penthouse apartment on the Upper East Side….

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For several years, I’ve enthusiastically supported co-working as an attractive office option for solos. Working alongside others not only mitigates the isolation of solo practice but offers demonstrated financial benefits: bar studies show that lawyers in shared space earn more than lawyers who work from home or in stand-alone offices. At the same time, co-working is more affordable than traditional full-time office space or many corporate virtual office arrangements and thus enables newer or cash-strapped solos to enjoy the benefits of shared space without substantial overhead.

But this recent post by Posse CEO Rebekah Campbell, for the New York Times You’re the Boss blog of the New York Times, has made me reconsider whether co-working space is right for everyone — particularly lawyers….

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Bruce Stachenfeld

I guess at heart I am a competitor. I want my law firm to be the absolute top law firm in the world – at least in our niche of being The Pure Play in Real Estate Law.

I would like us to be loved by clients — loved by lawyers — incredibly profitable — the greatest law firm that ever hit the legal world. And to do this I need to crush my competition — right?

Or maybe not right. Let’s think about this a bit and see what happens….

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