The following is an excerpt from Practice Perspectives: Vault's Guide to Legal Practice Areas.
Justin R. Quinn represents commercial real estate lenders, investors, and other providers of capital at all levels of the capital stack, from origination through maturity, including restructurings and workouts. Justin has represented both originators and purchasers in various types of secondary market transactions, including the negotiation of participation agreements, co-lending agreements, and intercreditor agreements, as well as the origination and restructuring of repurchase and warehouse lending facilities, programmatic investment vehicles, and “co-GP” operating agreements. He also has broad experience representing owners and developers in commercial real estate transactions, including the acquisition, financing, and disposition of office, retail, multifamily, and hospitality properties.
Describe your practice area and what it entails.
My practice focuses on commercial real estate finance and investment, which is effectively putting money to work in real estate. This ranges from senior secured indebtedness to subordinated and unsecured equity, with tons of variation in between.
What types of clients do you represent?
Our regular finance clients include banks, debt funds, private equity funds, high-net-worth individuals and their family offices, and publicly traded companies.
What types of cases/deals do you work on?
Finance is effectively involved in every type of transaction, so there is a great variety in the day to day. We represent our clients in originating or otherwise investing in senior mortgage loans, mezzanine loans, secured and unsecured preferred equity, limited partner equity, “Co-GP” equity, programmatic ventures, and financings of financings. We also help these clients exit each of these positions, both in the ordinary course as well as in distressed situations.
How did you choose this practice area?
I thought I was going to be an IP lawyer heading into a 2L summer associate position, but happened to be assigned an office on the real estate floor. Sheer proximity led to me getting involved in various real estate transactions over the course of that summer and I was drawn by how quickly someone without years of experience could actually pitch in and feel like a contributing member of the team.
What is a typical day like and/or what are some common tasks you perform?
At its heart, this is a transactional practice, so there are always diligence materials to go through or documents to draft. As you grow in seniority, more and more of the day involves talking through open issues with the client and then negotiating with your counterparts across the table.
What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?
I would recommend a class on secured transactions and the Uniform Commercial Code to anyone interested in transactional work. As far as skills development, being organized is a huge plus and is something that lets you contribute value from the start.
What is the most challenging aspect of practicing in this area?
There are so many different stakeholders involved in each particular transaction, and the client you are representing typically considers each to be its client. It is thus important to find solutions that work for everyone. A big part of advocating for your client is understanding what each of the other participants is trying to accomplish and finding creative ways to preserve the same while also ensuring that your client’s interests remain protected.
What is unique about your practice area at your firm?
To me, the biggest plus to Kramer Levin’s real estate group is the variation within our individual practice focuses. I find it invaluable to be able to bounce ideas off folks who are often addressing similar issues from an entirely different perspective. And enough cannot be said about having access right down the hall to best-in-class condominium, land use, bankruptcy, litigation, tax, and environmental counsel.
What are some typical tasks that a junior lawyer would perform in this practice area?
Junior lawyers typically begin their careers conducting due diligence, maintaining the transaction checklist, and drafting ancillary documents. But opportunities will quickly present to move towards being the lead associate on transactions and working with the partner in negotiating the primary documents and coordinating the closing, even during the first year on the job. There is no strict separation of roles by seniority, and juniors do not have to wait until they are senior enough to take a bigger role. Of course, that helps accelerate skill development.
How important is collaboration in effectively practicing real estate law?
Collaboration is key, as real estate tends to be a national and international practice, and thus even though the parties will likely choose to have the transaction be governed by NY or DE law, you are always working with various specialists in different jurisdictions to address matters critical to your client’s goals. Whether it be local counsel or practice area experts, it is very unusual to complete a deal without consulting with others outside my immediate practice area.