Start with the following thoughts—

1. One size does not fit all! No one is “the best” at everything.
2. Avoid overspending. Even “just good” professionals are not cheap. Be smart is what you pay, to retain some dry financial powder to address unexpected challenges.
3. How big is the other side of your transaction? When you play with the SEC, or a NYSE firm, match strength with strength (even if you are paying through the nose)!
4. Dig deep to better understand your real need. Your fear is not the best indicator of how expensive an advocate you need engage.

MIX AND MATCH

At United Dominion Realty Trust, the General Counsel (Katheryn Surface Burks), engaged Hunton Williams to match up with the “white shoes” firms on the other side of complex financial and securities issues.  For challenging real estate transactions in Virginia, Hirschler Fleischer generally got the call.  And for more routine matters, her team of inhouse attorneys carried the day.

In the world of ADISA (non-traded real estate securities), there are a handful of law firms having both an adequate understanding of securities and tax issues of a non-registered transaction AND -from their deep and long-term involvement in the industry associations – insight into what will sell in the market.  

THINGS TO CONSIDER

Cross Training – Robert Hawthorne, Jr. – in addition to being a great lawyer – also runs a large farm.  An attorney with experience in your business might be quicker to grasp the nuance of your issue. 

Banking – Live Oak Bank has a great SBA lending program AND a menu of other financial services. Search for a lender who has “been there, done that” with a project like yours (as you don’t want a lender to have to be learning on YOUR job)!

Gen X – Kathryn Byler also teaches law school and undergraduate students.  She might be ideal when understanding and communicating with the younger generations is part of your challenge.

Securities – Mary Lou Ivey, is an accountant,served as CFO of a national church building foundation, and chairs the board of two investment funds. There can be an advantage gaining insight from someone who has played in the broader world.

Appraiser – Inquiry how they did in court as an expert witness. The written document alone may have little value standing alone.

Broker – Rupesh Bharad provides buying and selling brokerage, plus business and franchise consulting.  Match you current need to a firm which can grow with you longer term.

BOTTOM LINE

Pay for only what you need in a realty professional. 

Match strength with the level of challenge. 

Ask your existing realty professionals for referral to others they admire.

Talk with your competitors on who they have used for a similar case.

A true professional will yell for help – or just not take on the case – if they perceive a need for help beyond what they can comfortably provide.