In-house counsel and managersdirectors understand that law firms have useful information that literally "sits" around law firms—used once or twice, and then forgotten or even misplaced by their lawyers (One of the dark secrets in the legal world is that law firms are horrible at the one thing they sell: knowledge and management of it).

Every downturn and recovery offer opportunities for investors to adapt and respond to changing economic conditions.  Today’s climate requires investors to look for commercial real estate opportunities in new and challenging ways.  Investing in distressed assets presents investors with one opportunity for growth as market conditions improve.  Winstead PC and Cohen Financial hosted a webinar

Where have all the experienced people gone?

As the credit crisis deepens and gathers steam, it is becoming clear that the "problem" simply is not limited to "big picture" subjects favored by economists and industry wags.

Recently, we encountered several situations highlighting the inexperience of the title company and local counsel. In other words, problems arose during the execution of the recovery plan simply because key players in the plan were not "in" this sector of the commercial mortgage industry during the last real estate downturn. Below is a short description of both situations, with a couple of practical suggestions.

Separately, outside of a few large commercial mortgage service companies and the largest national banks, many banks and servicing companies are thinly staffed with personnel who are experienced in commercial real estate workouts, foreclosures, bankruptcies and related litigation (i.e., special servicing). Consequently, we devote a considerable amount of effort in training less experienced bank and loan servicing staff – both formally in seminars and informally in conversations. (In future postings, we’ll cover a broad range of training and mentoring topics.)


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