Around the water cooler — Commercial Solutions Service Group

Each week I will highlight a different case or legal happening, and solicit your thoughts on the impact of it in the legal community.

Arnstein & Lehr recently formed its Commercial Solutions Service Group to assist clients in navigating the increasingly complex legal issues that have emerged in connection with situations of financial distress in today’s economy.

The service group is comprised of attorneys from its Chicago and Florida offices, who work in a variety of legal disciplines, including banks and financial institutions; bankruptcy & creditors’ rights; condominium and community associations; construction; litigation; real estate; and tax practice groups.

The new service group anticipates aiding clients in a variety of situations, including, according to the firm:

– Banks weighing their legal options when faced with the possibility of taking over management of a property that is partially built

– Builders and developers facing construction issues and financial difficulties as a result of the housing collapse

– Protecting contractors with enforcement of mechanics’ liens on real estate

– Counseling condo associations whose funding has been impacted and limited by foreclosure proceedings

– Aiding lenders and borrowers in avoiding lengthy Chapter 11 proceedings

– Navigating the myriad tax concerns that emerge during workouts

– Aiding retailers and landlords of retail properties during bankruptcy proceedings

Dino Armiros, a partner and co-chair of the service group, said the firm decided to name it a “service group” instead of a “practice group” because the group contains lawyers from different practice areas.

“We want to create an awareness in the business community that Arnstein & Lehr has the depth of expertise to handle all facets of a distress situation,” Armiros said. “We’re capable of advising people on their business solutions, rather than simply their legal options.”

Samuel Levine, partner and co-chair of the group, said this group provides an opportunity for different facets of the firm’s practices to work together.

“The problems we faced today are more complex than in the past,” Levine said. “You are able to have the client use the expertise of a wide range of people.”