ADAM Leitman Bailey, the man, the firm, the brand, is a formidable force that seems somewhat larger than a 26-lawyer boutique that practices just one thing: real estate law in New York. Its focus – mainly contentious – is abundantly clear when you visit the website. So, too, is the firm’s go-getting attitude: a squad of marching lawyers dressed for success with Adam at the center; ‘The largest condominium settlement in New York history,’ says one banner; ‘Most New York real estate appellate victories,’ says another; and ‘WE GET RESULTS’ is a permanent fixture.

This raises the question of what the results are, and who gets them? Well, back in 2011 the firm successfully sued Donald Trump into a settlement – this may not be a current story, but it’s indicative of this small firm’s skills, given the President’s stated desire to never settle. It resulted in a 90% refund of the deposits that had been handed over by investors in Trump SoHo in response to their claims of fraud. Clients range from “the home owner who has an issue with their neighbor to companies like Wells Fargo, Verizon and Fidelity National [a real estate insurance giant],” said an associate. ALB promises victory in litigation: this is a bold firm on the hunt for gutsy associates. In return, the firm offers newbies plenty of opportunities in court, transactional juniors a lot of client contact and all associates an environment where they can “eat, breathe and sleep everything real estate.”

The Work

“The partners really molded me into the lawyer I am today and I cannot be more grateful.”

On the litigious side ALB often helps banks with foreclosures, which saw some juniors “mainlywriting and drafting; I could to go court but the type of work I do requires otherwise. But it’s nice that they do give you that opportunity.” We spoke to some sources who were very frequently in court “making oral arguments. We also have motions that need to be written and all kinds of documents that need to be reported and filed. It can be difficult as every county has their own rules and ways for each document.” Not that the challenge of the work was a problem: “l learned so much more than in law school just due to the hands-on experience. The partners really molded me into the lawyer I am today and I cannot be more grateful.” Over on the transactional side, associates could be aiding condo boards and landlords by “trying to cut deals; in practice I’m doing due diligence managing contracts, negotiation provisions and talking to my clients.”

The frequency and type of client contact associates got was mixed. Those doing contentious foreclosures mainly servicing banks found “the partners handle the direct contact, which I am very happy with. I mean if I was a client and had something important being dealt with I would call my attorney and want them to be on the phone!” However, insiders on the transactional side are constantly “talking to clients, leading the calls and coming up with options. It’s very, very rare thatI am not spending at least three hours a day emailing them!” The responsibility did pose an extra challenge, however, as it was not uncommon to have clients who are strong-willed and demanding – “You end up saying ‘that’s what the building department requires, I am not making it up’. But they fight you on everything!”

Culture & Hours

“We can’t schlep into the office looking like we have not slept.”

In any law firm, take a look at how revenue is generated and shared, and you have a better understanding of the culture. ALB’s pay structure is relatively unique, and one that fosters a sense of ownership among all members: “We share the common goal of trying to be the best lawyers we can.” All attorneys receive a base salary that varies depending on experience. However, there’s plenty of opportunity to earn more at ALB: first, there’s a ‘revenue sharing program’ that enables associates to earn a third of their billable hours (that the firm collects and clients pay); second, there’s a ‘bonus possibility’ scheme that allows each individual (regardless of level) to earn up to 20% of any new business that they bring in. Feelings were somewhat mixed toward the overall system. Some felt it’s “great as you get rewarded for how hard you work, which is the right way to do it.” Others felt it was “a little bit frustrating” that the calculation is not done on the total number of hours billed but rather on the revenue brought in, which left insiders “taking the risk that clients are slow to pay.”

Bonus pay is determined by an attorney’s billable rate, which is set by Bailey, and he has “the authority to lower or raise them based on performance.” Billable hour targets can be anywhere between 1,600 and 2,000, but “it’s normally 1,860 to 2,000.” This translated into a starting time of around 9:30am and leaving at 7:30 to 8:30pm.These hours may appear on the more reasonable end of New York law, but one lawyer did mention that “I only really have time to eat at my desk.” Late nights were not completely unheard of. Sources had been up till “3:30am and then had to wake up three hours later to go to work. But that’s not the norm.” Associates were happy that “typically, we try not to work on the weekends, but with emails being what they are today, I am on 24/7.”

Pro bono hours

• • For all attorneys: undisclosed

• Average per attorney: undisclosed

Office & Social Life

“Views of the Hudson river and the statue of liberty.”

Reassuringly for these New York real estate connoisseurs, its Battery Park offices are “a comfortable and beautiful space. They really take care of you! Each associate has their own office and there are beautiful conference rooms with views of the Hudson River and the Statue of Liberty.”

Training & Development

“They have been giving me the training to be the best attorney I can possible be.”

Diversity

Strategy & Future