As real estate market booms, demand for lawyers rises, tooJuly 31, 2015 – In The News
Mark Silow was quoted inThe Philadelphia Inquirer article, “As real estate market booms, demand for lawyers rises, too.” Full text can be found in the July 31, 2015, issue, but a synopsis is noted below.
Demand for real estate attorneys is steadily increasing as the real estate market is booming in most big cities. To keep up with the demand, Fox Rothschild's Real Estate Department has grown from 70 lawyers in 2008 to 100 currently.
This growth has not been easy, though. There is a lack of real estate attorneys in the legal industry because of the market crash less than a decade ago. Many real estate attorneys weren’t being hired by many firms. Young attorneys who originally did real estate work are now in short supply.
"There is a whole lost generation of new associates in the three-to-five-year category because if you go back that long, it was a much quieter period," Silow said. "Associates were not getting hired, period. There's a real talent gap now."
To many who have been in the real estate industry for decades, the turnaround has been surprising.
"I was born and raised and only worked in Philadelphia and I have never seen anything like this," he said.
Philadelphia was unique in its recovery, as it was extremely broad and covered most sectors of the market, Silow said.