Real Estate Law to Real Estate Development?

Question

Hey everybody,

New to this site but I'm really enjoying the wealth of information and discussion here.

I've found myself at a bit of a crossroads. I am currently at a top law school and will likely be joining the real estate group at a premier BigLaw firm in my hometown after graduation. Although I'm unsure of the specific niche I'll be assigned to, the group handles a diverse range of matters (construction, development, zoning, financing etc. etc.) for some of the biggest players in town.

Although I have secured a 'prestigious' and well-paying position at one of the top firms in the city, the idea of being a cog in the wheel simply isn't fulfilling. In fact, its downright suffocating. Considering that I have yet to even graduate, it may seem a bit early to be getting cold feet. Without getting into the reasons that I originally went to law school, suffice to say that I have become increasingly disillusioned with the prospect of being a lawyer. That's not to disparage the legal profession, I just think it's a clash of personality.

Still, although I wouldn't make the same choice over again, I am trying to find a silver lining.

I am very fortunate to be in a situation where I'm not bound by my decisions. I have a substantial scholarship/will graduate with little debt, my undergraduate degree was in economics/business, and I have several years of experience in corporate finance. I have a very close contact who is a CRE developer, and he wants me to jump ship and head over to his shop at some point in the future. Real estate has always piqued my interest, and this seems like a tremendous opportunity. However, I'm wondering if I would be jumping the gun too soon, as I don't have any real estate specific experience on my resume.

So, my question is this: Do you think that the legal side can impart any value-add skills that will be transferable to the business side of real estate? Would it be worth it to stick around for a few years before making a jump? As I mentioned earlier, the firm I will be joining is a top-dog in the market. I think that it could be a great opportunity to work there first for a couple of years to (1) learn about the whole process/environment from a bird's eye view and (2) obtain contacts and connections that would be beneficial if I were to transfer to the business side.

Apologies for the long post... I'm just feeling rather conflicted about all of this

Account Closed · Answer

ARE YOU KIDDING ME??????Full disclosure: I have four kids, two with Master's degrees in their chosen fields, one with a degree in Economics and another that's pre law, so I've had very similar conversations. It all gets down to this simple fact; not everyone is made to do everything, but if you find what you're really good at, stick with it and own it. If you're being successful in law school, it's not just because you are smart but because it's the way you're wired. Lawyers think differently than most people; they're logical, think in steps and they are problem solvers and that skill set is extremely valuable in today's real estate business world. Immerse that way of thinking, in an environment that will let it thrive in business and real estate and you will be a force to be reckoned with. Stay at the firm, not just because of the contacts you'll make, but because you'll have a pretty significant steady income behind you to catch you when you inevitably stumble, because you'll be able to glean knowledge from kindred spirits and because you need health insurance (I just threw in that law one, but it's valid these days):). Congratulations to your successes and I toast your future.Mom and Dad should be proud. Feel free to pm me and connect.Tom

Michael Boyer · Answer

jay, law, Florida, gotta check out lawyer Larry Loftis and his work in small 2-4 unit multiplexes there; he has a good selling book on the topic..if I were you, I would get a year probably 2 with the firm, just for what you will learn, people you will meet, and options it opens.. It may let you see where you best fit ... Save up and plan an exit strategy, too, just in case....I saw early on ( in a busy legal aid place, putting in dozens of hours so someone can get their deposit back) that my better way to help others was through housing them not wrapped up in their disputes.. So I went more into landlording and education...a lot will depend on your interests and work life balance... But if you have job lined up, no debt, those degrees, and an interest in earl estate (wow!) I think the future looks bright..pm me for any more ideas...

Joshua Clark · Answer

Welcome to the site, Jay.In my opinion, I think you should stay the course. I think having a grasp on real estate legal issues certainly wouldn't hurt anything, and you're not digging yourself into a huge amount of debt to accomplish it. Continue learning about real estate investing and/or developing while getting a view from the legal side of things. You can always start moving forward toward your real estate goals while working and drawing a presumably steady income with benefits. Then, when you feel the time is right, or you feel you have learned everything you would like while working the legal side, move on to learn or develop a new skill set.Meanwhile, keep hanging around BiggerPockets and I think, in addition to your work contacts, you'll meet tons of contacts and connections right here in the forums. I wish you the best!