Choosing a Commercial Real Estate Attorney in Philadelphia

Purchasing or leasing commercial real estate in Philadelphia can be an exciting. And yet complex. Having the right commercial real estate attorney by your side is crucial to ensure your transaction goes smoothly. But how do you know if you have found the best attorney for your specific needs? Asking the right questions during your attorney consultation can give you the information you need to make an informed decision.

Our team of commercial real estate attorneys has 35+ years of experience in corporate and business law. Call Davis Bucco & Makara today at 610-238-0880 for more information. 

Look for Knowledge and Experience

The commercial real estate market has unique legal issues not found in residential transactions. When meeting with potential attorneys, ask specifically about their commercial real estate attorney experience. How long have they been practicing this area of law? How many commercial deals have they closed? A commercial real estate attorney with extensive experience will understand the Philadelphia market and be able to guide you accordingly.

Understand Their Involvement in the Transaction

Commercial deals often have multiple complex layers. Ask the commercial real estate attorney to walk you through the typical timeline of a commercial real estate purchase or lease. At what points will they be reviewing documents and negotiating terms on your behalf? You want to be sure you have support during crucial junctures like lease review, due diligence, and closing.

Ask About Their Network

Most commercial transactions involve coordination between various professionals like brokers, lenders, inspectors, and more. Prior to hiring a commercial real estate attorney, ask who they typically work with in their network. Having an established working relationship with reputable Philadelphia professionals streamlines the process.

Clarify Their Fees

Attorney fees can vastly differ between firms. Question potential hires about how they structure fees for commercial clients. Some charge hourly while others charge flat rates or hybrid models. Understanding their fee structure allows you to accurately compare quotes. Also ask if they offer fee estimates for budgeting purposes.

Verify Availability

Commercial deals may progress quicker than residential closings. Ask the commercial real estate attorneys about their current case load and bandwidth. A swamped commercial real estate attorney may not be able to provide adequate attention to your pressing transaction. Ensure they have systems in place to handle urgent requests.

Evaluate Their Personality

This is a long-term relationship requiring extensive communication. Make sure the commercial real estate attorney's personality and work style matches your needs. If you want round the clock updates, hire someone responsive. If you prefer dragging your feet, find a commercial real estate attorney willing to chase you down.

Check for Philly Market Knowledge

Philadelphia has unique zoning laws, permit processes, and regulations. Probe during the consultation how familiar the attorney is with the Philadelphia commercial landscape. Look for in-depth knowledge of the zoning code and permit procedures specific to the city.

Ask About Their Support Team

While you will primarily work with one lead attorney, also ask about their support staff. Many firms have paralegals and legal assistants who help prepare documents and keep transactions moving efficiently. Find out their role so you know who to contact when needs arise.

Look for Deal-Making Creativity

Beyond legal knowledge, the best commercial real estate attorneys bring creative deal-making skills to the table. Ask how they have solved roadblocks in the past using out-of-the-box solutions. Look for willingness to think strategically when unusual issues appear.

Request Client References

When interviewing commercial real estate attorneys, ask for 2-3 past client references you can contact. Speaking directly with former clients gives you insights into their communication style, responsiveness, and execution. Check that their experience align with your specific commercial real estate needs.

Confirm Malpractice Insurance

Though a worst case scenario, attorney malpractice insurance protects you if negligent legal advice leads to financial loss. Verify policy coverage amounts and exclusions. Requiring proper insurance ensures your interests are legally protected.

FAQs 

1. What qualifies an attorney to practice commercial real estate?

Look for 5+ years experience in commercial transactions, 75+ deals closed, and extensive knowledge of commercial leases, contracts, zoning laws, permits, and financing.

2. Should I hire an attorney for commercial real estate deals?

Yes, the legal complexities involved make hiring a lawyer critical. They protect your interests in negotiations, ensure proper contracts, and provide guidance.

3. What questions should I ask a commercial real estate lawyer?

Ask about their experience, involvement, network, fees, availability, personality fit, market knowledge, support staff, creativity, and client references.

4. When should I hire a commercial real estate attorney?

Engage one as early as possible, definitely before signing LOIs, leases, or purchase agreements. They can advise during negotiations.

5. How much do commercial real estate attorneys cost?

Fees range from $300-$500/hour, flat fees of $2,000-$5,000, or hybrid models based on deal size. Get fee estimates in writing.

Finding a Commercial Real Estate Attorney 

Finding the perfect commercial real estate attorney in Philadelphia takes research and pointed questions. Vet potential hires about their market knowledge, network, communication style, and proven track record. Asking these key questions during consultations sets you up for a smooth transaction with an attorney who caters to your needs. Partnering with the right legal counsel provides peace of mind as you undertake important commercial projects in the city.

Our team of commercial real estate attorneys has 35+ years of experience in corporate and business law. Call Davis Bucco & Makara today at 610-238-0880 for more information.