Welcome to the Millennial Lawyer Podcast! In this episode, we have the privilege of hosting Adam Leitman Bailey, one of New York’s most successful and prominent real estate attorneys.
How Mark and Adam Met
Attorney Mark Shirian first connected with Adam when he interviewed at his firm during his first year of law school, though it didn’t lead to an internship. However, they kept in touch over the years. Adam later lectured at Mark's law school, New York Law School, and the two developed a mentorship relationship. Before Mark started his own firm, he turned to Adam for guidance, who was very supportive of Mark's decision to branch out on his own.
Key Moments in Adam's Career
Adam's career in real estate law began in Bayside, Queens. After law school, he struggled to secure a job but finally landed a position where he gave his all, eventually impressing his boss so much that the boss became a client. That moment marked the beginning of Adam’s success in the field.
A Memorable Real Estate Case
One of Adam’s most impactful cases involved a dentist named Ms. Rivas, who wanted to purchase a building in a rough part of Brooklyn. Adam and his team fought for her right to the building despite the property being sold to another party. Despite facing some physical challenges, including being punched by the other buyer, Adam’s team won the case on appeal, and Ms. Rivas was able to keep the property. This case also had a profound impact on Ms. Rivas's daughter, who became inspired to become a lawyer.
Changes in Real Estate Law
Adam has seen significant changes in real estate law over the years, particularly the 2019 reform of rent laws, which made it more difficult for landlords to deregulate apartments. This has had a negative effect on the housing market, contributing to a shortage of housing inventory. Another major shift was due to COVID-19, which led to remote work and a decreased need for office spaces, impacting the real estate market.
New York City Broker Law
A recent change in New York City law now prohibits charging a broker’s fee to tenants unless they hire the broker themselves. While this could seem like a positive development, Adam points out that many tenants may not fully understand the market or the complexities of real estate, and brokers play an important role in guiding them.
What Makes a Great Lawyer
According to Adam, a great lawyer must be knowledgeable, passionate, hardworking, and genuinely care about their clients. Success comes from treating cases as if they were your own, showing up when it matters, and always being ready to put in the work. Adam also values competitive individuals who have faced hardship, as they tend to have a hunger and drive that are key to success.
Advice for Young Attorneys
For young lawyers, Adam stresses the importance of ambition, hunger for success, and growth. He encourages young attorneys to focus on performance over the prestige of their law school. A strong work ethic and a drive to achieve are what truly make a difference in the legal world.
Closing Remarks
When asked about the state of real estate law, Mark expressed his respect for Adam’s resilience and vision. Adam, in turn, praised Mark’s success and shared that he has always admired his tenacity. Both lawyers shared a deep respect for each other’s work and achievements.
Final Thoughts
Adam’s advice to aspiring attorneys is simple: keep moving forward, no matter the obstacles. His career mantra has been to keep pushing ahead, and he believes that everyone ultimately ends up in the right place through perseverance.