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McDermott Will & Emery has added a trio of real estate transactional lawyers, including two partners, who all previously practiced together at Weil, Gotshal & Manges.
The lawyers include partner David Herman in New York, partner Sam Limmer in Washington, D.C., and of counsel Cynthia Resnick in Miami.
All three were at Weil until last year, when at least two of the three—Limmer and Resnick—had brief stints at Paul Hastings as of counsel. All three joined McDermott in July and August.
In an interview, McDermott chair Ira Coleman said that Herman is “one of the most significant hires we have made in New York in a long time” and that the timing was right to bring on someone with Herman’s skillset at the intersection of real estate transactions and private equity, especially in New York.
“With David, we can triangulate on some of the best clients in this area at a very important time for them,” Coleman said in an interview. “Especially when we see disruption in a space—and there wasn’t something much more disruptive than the pandemic to New York and global real estate—there is opportunity. David believes in a high-achieving culture and is a collaborative partner, and I look forward to his time here.”
After the former co-head of Herman’s group at Weil, Michael Bond, retired in 2022, Herman said he reevaluated what he wanted next in his legal career.
“I realized I needed to be at a place where real estate was more of a focus,” Herman said. “The opportunity to be here [at McDermott] and seeing how they want the real estate group to grow and succeed, it is very exciting.”
Herman said that he is expecting to be busy in the coming months. He said his existing client base is moving with him and also expects the real estate deal market, especially private equity firms, to be very active in short order.
“Some people see these markets as in flux or quiet and that it doesn’t seem like there is much work happening,” Herman said. “But this is game time from a restructuring perspective. This is where the big guys [the larger PE firms] are going to get a decade’s worth of deals in the next 18 months. There is money on the sideline and the opportunity to get into distressed opportunities. It’s going to be a very exciting six to 18 months.”
Herman’s practice focuses on multiple elements of the real estate apparatus, including advising lenders, borrowers and special servers on loan restructurings, workouts and takebacks; advising public and private REITs (real estate investment trusts) on joint ventures, acquisitions and spinoffs; and counseling on general corporate matters.
Herman also worked with Lehman Brothers on the bankruptcy and restructuring of its real estate portfolio.
Limmer focuses on working with real estate-focused entities, including developers, operators, private equity firms, REITs and others. Meanwhile, Resnick represents institutions, developers, private equity funds and servers of other real estate owners, among other clients, the firm said.
Representatives from Paul Hastings did not immediately respond to a request for comment about the move.
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