Real estate law

Real estate law focuses on non-contentious negotiation and management of projects, both large and small, that feature commercial property in some way. Matters can range from a large-scale redevelopment of a whole city centre to granting a short lease of a shop to a retailer.

Graduate careers in real estate law

Even with a standard transaction such as the purchase of an office block, a lot of legal research needs to be done before any property can change hands. Who owns it? Does anyone else claim to own it? Has it been erected lawfully? Searches will be made with various public bodies and the results analysed and advice given.

In tandem with this, the legal paperwork will be negotiated: this can be little more than a five-page contract but needs to cover a wide range of issues including rents, fixtures and fittings, subcontracts and rights of way. Usually most of this work can be done from the office. Real estate lawyers rarely visit the properties they are dealing with – there is little need to unless more information is needed than can be found in the title deeds. However, client contact is a large part of real estate lawyers' work: they will need to keep clients up to date with progress, answer questions and explain terminology. Contact is likely to be face to face, either on site or at the client’s offices.

Two weeks is probably about right for the initial stages of a deal to be finalised, after which contracts can be exchanged, legally binding the client to the sale or purchase. Completion may take place very soon afterwards or could be delayed several months – it depends on the deal that has been done and, usually, the availability of finance. Following completion, administrative aspects of the deal, such as payment of stamp duty, registration of papers with the Land Registry and communication with the bank, need to be followed up.

Clients can range from investment funds, national and regional property developers, government agencies and banks to almost any business that needs property to operate. Retailers are a good example of a business driven in part by property requirements. Real estate lawyers tend to have a number of cases ‘live’ at any one time. Some can last for years while others can be dealt with quickly. Teams tend to be small – often a partner, a junior assistant and a trainee.

The buoyancy of the real estate markets tends to move in cycles. Historically the area has been very buoyant and while it has been less so recently, this is likely to be short term. The fact remains that land is needed for any number of purposes, and always will be.

There are limited travel opportunities within this area, but lawyers in real estate tend to have a good work/life balance with little weekend work, although they may need to work late to meet deadlines from time to time. The real estate industry is also very sociable as client networking is essential to generate new business.

Is real estate law recession-proof?

Traditional commercial property work has suffered in the downturn more than most practice areas. High value investment transactions have all but disappeared. However, all is not doom and gloom: many practitioners are helping out with property insolvency advice and there are a large number of businesses, particularly those in the public sector, whose requirements for space will not always be in line with an economic downturn.

What skills do you need as a real estate law solicitor?

• The ability to build and maintain relationships.
• Commercial acumen.
• Good drafting skills.

Life on the job as a graduate trainee in real estate law

Typical trainee tasks within real estate are due diligence; negotiation of simple land acquisition contracts; attending client meetings and site visits; and preparation of reports. Trainees are likely to be involved in all aspects of transactions from beginning to end. They are also likely to see a large and diverse range of deals within their property seat, which will stand them in good stead whichever area they move into.

Types of law practised

• Construction.
• Contract.
• Environmental.
• Planning.
• Property.

JAMES MALLENDER is a partner in the real estate group at BOND PEARCE LLP. He graduated from the University of Exeter with a degree in law.