Former Klehr Harrison Lawyers Growing Real Estate Boutique in Ardmore
A group of former Klehr Harrison Harvey & Branzburg lawyers have created a rare real estate boutique, moving into new digs in Ardmore’s Suburban Square.
Real estate law boutiques are quite rare for several reasons. Veteran Blank Rome real estate partner Philip Rosenfeldt said like any other boutique firm created by former large firm lawyers, real estate firms can pitch the quality service associated with large firms at a fraction of the cost. While the Philadelphia real estate community has some large developers and REITS, most potential clients are smaller and more price sensitive about legal spend. But he sees some inherent issues with the model of a real estate law boutique.
“I’ve been doing this for about 35 years and haven’t see a lot of them, largely because it’s tough to put all of your eggs in the real estate basket,” Rosenfeldt said. “Real estate deals can take six months and firms need cash flow. There might not be enough deal flow to make it work, unless [partners] are willing to put a lot of money into it the keep it going until deals close.”
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"Former Klehr Harrison Lawyers Growing Real Estate Boutique in Ardmore," by Jeff Blumenthal was published in the Philadelphia Business Journal on September 28, 2017.