NewswireToday - /newswire/ -
New York, NY, United States, 2012/07/02 - Lehman Brothers' in-house lawyer John Nastasi has left the real estate group to start a law firm focusing on commercial real estate transactions and work-outs - NastasiLaw.com.
Lehman Brothers' in-house counsel for the real estate group, John Nastasi, has announced his departure to form a boutique real estate law firm based in Manhattan focusing on commercial real estate transactions, distressed assets and work-outs.
Mr. Nastasi plans to leverage his experience working out the multi-billion-dollar distressed real estate portfolio at the Lehman Brothers estate to build a law firm that can handle complex commercial real estate transactions and work-outs. Prior to his position at Lehman Brothers, Mr. Nastasi worked as an attorney in the real estate group at Fried Frank, widely regarded as one of the top real estate groups in the country. He had this to say of his new firm:
"The singular focus of the firm is to build the best real estate law practice possible. By maintaining a lean team of experienced real estate attorneys and by aligning with like-minded practitioners in related practice areas, the firm is able to operate efficiently and to serve the particular needs of its clients with skill and expediency."
The new firm, dubbed Nastasi Law Group, P.C., aims to capitalize on the changing landscape of the legal profession in the wake of the Great Recession.
“Clients are beginning to exhibit an unwillingness to pay the increasingly high rates charged by many large law firms. Some large firms have had to lower their hiring standards over the years in order to accumulate enough attorneys to maintain the ‘associate-leverage’ that makes them profitable. So clients are often paying more and getting less. I'm looking to change that,” says Mr. Nastasi.
As in-house counsel at Lehman Brothers, Mr. Nastasi had the opportunity to oversee the work of many of the major law firms across the country. He plans to use what he learned there to build what he believes will be a better law firm.
"Removing the emphasis from maximizing billable hours results in satisfied clients who see the value the firm provides and attorneys who are rewarded for extraordinary client service, not just logging in the most hours," Mr. Nastasi said.
Billable hours represent the primary revenue source for most law firms, and maximizing associates' billable hours is the key to profitability. Mr. Nastasi's approach of striving for efficiency so that fewer billable hours are required runs contrary to the principals that have resulted in huge profits for the big law firms.
"Nastasi Law Group values efficiency and client service above all else. Profitability is secondary. By providing a uniquely valuable service to clients, efficiently, and in a manner that reduces the number of billable hours needed to achieve results — and by focusing on creating solutions rather than identifying issues — the success of the firm will follow from the satisfaction of its clients," says Mr. Nastasi.
Nastasi Law Group will also employ an organizational management structure that is unusual for a law firm, most of which are partnerships.
"Nastasi Law Group is not a partnership. Partnerships can be inefficient and stifle innovation. The firm utilizes an innovative organizational management structure less like a law firm and more like a small business, so that decision-making is more efficient, and positive change is possible," said Mr. Nastasi.
About Nastasi Law Group, P.C.
Nastasi Law Group, P.C. (nastasilaw.com) is a boutique real estate law firm dedicated to efficiency and client service. The firm provides clients with legal advice and services from high-caliber attorneys with the training and experience of large law firm lawyers and the practical business savvy of in-house counsel. The firm was founded by John Nastasi upon the belief that the cost of legal services had begun to exceed clients' willingness to pay and that an opportunity existed to provide high quality legal services at a lower cost to clients. By assembling a team of sophisticated attorneys with big law firm training and by focusing on reducing overhead and maximizing efficiency through technology and innovation, Nastasi Law Group provides expertise and sophistication to clients looking to reduce their legal costs.