In an effort to cut costs in an increasingly pricey New York real estate market, some commercial developers are hiring suburban attorneys to do their legal work, Real Estate Weekly reported.
For example, the real estate practice at Westchester law firm Kurzman Eisenberg Corbin & Lever passes savings on rent to clients that include developers Tishman Speyer Partners, Bayrock Partners and Fisher Brothers. “Instead of paying $700 or $900 an hour, clients are paying $500 or less,” real estate partner Steven Goldman, who used to work in the city, told Real Estate Weekly.
“Up in the White Plains area, some of the major law firms have opened offices and shifted people up here so they can save on costs,” he added.
Meanwhile, landlord-tenant law firm Hieberger & Associates “subcontracts” its Westchester casework two or three local firms to save on time and money. [REW]—Leigh Kamping-Carder