Duval & Stachenfeld has a dedicated platform focused on providing specialized legal services to so-called “Emerging Managers” in the real estate industry as they launch and operate their businesses.
Indeed, working with Emerging Managers is a perfect win/win spot for us since it meshes so well with our mission “To Help Our Clients Grow Their Businesses”. Emerging Managers, by definition, are at the beginning of their growth stage; accordingly, our mission is a perfect fit. Most obviously, Emerging Managers need assistance on the “business” side, including connections for capital, strategic investors, real estate world contacts, high-quality personnel to hire, and marketing and business advice. We believe that we are more connected to the business side of the real estate world than any other law firm, which permits us to provide these benefits, and our clients love that we do this. Notably, we provide these benefits – without charge – as a major “value-add” that other law firms do not provide.
In addition to the business advice outlined above, we of course provide excellent legal counsel that is tailored to Emerging Managers. By way of general strategy, our partners work to strike the appropriate balance between protecting our clients’ interests without “overkilling” small-sized matters, which can be crippling to an Emerging Manager that needs to “hit the ground running”. In general, our attorneys employ an integrated, multi-disciplinary approach to provide comprehensive and practical advice to emerging real estate managers. This includes the following:
Our transactional team provides advice on the formation of real estate funds and special account vehicles, single-asset syndications, joint ventures, non-traded REIT structures, sponsor capital arrangements and other investment arrangements unique to the real estate space;
Our world-class tax team provides structuring advice at the outset to address potential tax traps for the unwary – including advice with respect to the formation of carried interest vehicles, the structuring of employee equity participation programs, foreign investments, potential tax consequences of subsequent investor recapitalizations, etc.;
Our investment funds team provides critical securities law advice including investment adviser compliance;
We often act as informal general counsel for emerging real estate managers to address day-to-day business needs and provide special alternative billing arrangements to do this; and
We offer a single-provider approach to our clients so that they don’t have to deal with multiple lawyers and multiple law firms.
We have industry-wide connections and broad legal experience – which means that, once our emerging manager clients launch their management platforms, we continue to work side-by-side with them as a “partner” to expand their businesses. Given our significant real estate industry footprint, we bring unique know-how to the table.