Around the water cooler — Q & A with Gary I. Levenstein

Each week we will pose these three questions to different lawyers in the legal community.

This week we talk with Gary I. Levenstein, senior partner and executive committee member at Ungaretti & Harris. He chairs the corporate, securities, and finance group, and oversees the business practice. He has been practicing since 1976.

– What do you find most interesting about your practice?

I truly enjoy learning about various industries, understanding the business operations of clients, being an instrumental player in a transaction and working with intellectually stimulating clients and attorneys.

However, the most exciting part of the practice is recognizing an opportunity that may be of interest to one of my contacts and playing matchmaker. I spend a great deal of time and have made numerous introductions of buyers and sellers to one another, financing sources and borrowers to one another, investors and companies to one another, and advisors and clients to one another. This is done as a courtesy to our contacts, and results in legal work related to any transaction that may occur. In the event nothing results from the introductions, our contacts feel that we have thought about them, and brought them a viable opportunity. Any time that you can spend with a client and leave a positive impression is beneficial.

A good example of this activity took place last year. We represented a buyer of a casino and time-share project in the Caribbean. The financing was handled by a large investment bank from New York. While that deal was proceeding, another client needed financing to acquire a gaming license and convert a racetrack to a racino (race track/casino facility). We introduced the investment bank to the developer. The introduction resulted in a debt financing of over $500,000,000. Obviously, this was an interesting, fun, exciting, and profitable situation.

– What makes a good lawyer?

I have frequently said that a good lawyer is equal part technician, businessperson, psychologist, and actor.

These qualities apply in all areas of law. Strong skills are the foundation for any lawyer. It is best to combine that ability with business acumen so a client can receive creative, well-rounded consultation. Also, a party on the other side of a deal will realize that you understand the issues from all angles. This should expedite the negotiation, which will inure to the benefit of the client. In order to properly communicate advice or handle negotiations, you should be able to analyze and understand the personality and character of your client or the other party.

All good lawyers have some bravado. The ability to perform from time to time could be very helpful under certain circumstances. A good lawyer does not confuse taking the stage and displaying unbridled ego. A good adage to remember is that many lawyers can deliver the sizzle, many lawyers can deliver the steak, but the most successful lawyers deliver the sizzle with the steak.

– What is the biggest legal news right now and what is its impact?

The news in the legal community is the effect of the economy on the practice of law. The activity of the practice is directly related to the state of the economy.

A strong economy will result in hiring and competition for talented attorneys. A weak economy may cause the elimination of certain positions and restructuring of firms. Firm management must deal with this delicate balance. If management is too quick or too slow to react, a financial issue and a morale problem can occur. A firm does not want to alienate its lawyers or cause alarm.

On the other hand, if things don’t change, then the firm moves backward. There are several keys for law firms to use in order to handle difficult economic times other than attempting to increase revenue and cut expenses. It is important for the leadership to strongly encourage attorneys to push work down to the lowest levels when appropriate and spread it among the lawyers as evenly as possible. This will keep most of the lawyers reasonably active so they do not become dispirited.

Senior people should spend their time marketing, recruiting lateral candidates, giving speeches, writing articles, and training. Firms can use this period to alter their strategy and target industries that remain vibrant and have sustainability during these periods. It is not easy to remain upbeat but the economy will ultimately recover and the firm could emerge in a strong position.