With stabilised interest rates and renewed market confidence, the New York real estate legal market is showing strong signs of recovery—and law firms are hiring once again.
At Sonder Consultants, we’re seeing a clear uptick in demand across key areas of real estate law, particularly for mid-level associates who can hit the ground running.
Here’s where hiring activity is most active:
Equity Work (“Dirt” Work)
Equity work—often referred to as “dirt” work—continues to drive much of the real estate legal hiring in New York. Top-tier law firms are actively seeking mid-level real estate associates who can independently manage transactions, including:
- Acquisitions
- Dispositions
- Joint ventures
- Development projects
Much of this deal flow is being channelled through private equity sponsors, REITs, and institutional investors looking to reinvest in commercial property. The gradual phasing out of remote work has played a part in this trend, alongside the restructuring of existing real estate-backed investments.
Corporate Real Estate
As the M&A market rebounds, large-scale corporate transactions increasingly involve significant real estate components. Law firms need real estate lawyers who can:
- Collaborate closely with corporate teams
- Review and negotiate relevant real estate provisions
- Conduct due diligence on real estate assets
This area is particularly attractive for associates with cross-practice experience and strong commercial awareness, who can support corporate deals from a real estate perspective.
Real Estate Financing
Real estate finance is one of the most active areas right now. With interest rates stabilised, investors have returned to traditional financing methods, and both borrowers and lenders require legal support in:
- Acquisition and development loans
- Construction financing
- Mezzanine loans
- Mortgage-backed securities (MBS)
In addition, legal teams remain busy handling restructurings, workouts, and distressed real estate assets.
Lawyers with CMBS (Commercial Mortgage-Backed Securities) and CLO (Collateralised Loan Obligations) experience are in particularly high demand. These structures remain vital to the flow of capital from non-traditional lenders, particularly in commercial real estate finance.
📊 A July 2025 Wall Street Journal report confirmed this trend, noting that legal hiring across private credit and real estate-backed financing continues to rise—particularly for lawyers with CMBS, CLO, and lender/borrower experience.
Notably, only a handful of firms—such as Dechert, Cadwalader, and Mayer Brown—specialise in this space, making experienced attorneys with CMBS/CLO expertise highly sought-after and relatively scarce.
Key Takeaways for Associates
- Demand is strongest at the mid-level, where firms expect associates to manage deals with minimal oversight.
- The talent pool remains thin after several years of reallocation and slow hiring, giving strong candidates greater leverage.
- While real estate law has historically been jurisdiction-specific, exceptional international candidates with cross-border experience and exposure to U.S. deal structures are increasingly being considered.
Thinking About a Move?
If you’re a real estate associate looking to explore your options in New York—or interested in relocating to other major U.S. markets like California or Texas—this is a strategic time to consider a move.
📩 Contact Dan Sweeney at Sonder Consultants for a confidential discussion about current opportunities in the real estate legal space.
