Spotlight On: Michael Syme, Pittsburgh Office Managing Partner, Fox Rothschild LLP

Spotlight On: Michael Syme, Pittsburgh Office Managing Partner, Fox Rothschild LLP

2022-09-14T12:05:05-04:00September 14th, 2022|Pittsburgh, Professional Services, Spotlight On|

2 min read September 2022 Michael Syme, office managing partner for Fox Rothschild in Pittsburgh, has seen the firm continue to grow in size and strength. With Invest:, Syme discussed the rekindling of demand, the state of affordable housing and the impact of rising rates. “Time and time again, this country has been able to create completely new industries whenever there’s an economic downturn or big shakeup to the system,” said Syme.

How is demand for your services within the legal industry changing?

We are seeing a significant uptick in the creditors’ rights and financial services spaces. Demand for litigation services is also beginning to rise. After persevering through two years of the pandemic, people are beginning to do business again. Whenever that happens, you are going to see disagreements – people kicking, screaming and eventually ending up in court. However, the areas of traditional real estate and transactional work are starting to slow due to rising interest rates. 

Intellectual property work is also picking up. This isn’t surprising because anytime there is a jolt to the economy people begin to think and innovate. Time and time again, this country has been able to create completely new industries whenever there’s an economic downturn or big shakeup to the system. We have a very strong intellectual property department that’s been able to assist these entrepreneurs. 

What is the best tactic for tackling the affordable housing crisis? 

Affordable housing has provided a wonderful opportunity for us to help people. Fortunately and unfortunately, that area has expanded. The unfortunate fact is that no matter what we do there will always be a segment of the population that needs help. We need to find ways to provide safe and sanitary housing along with opportunities for people to learn, grow and obtain good jobs. The government has provided a number of ways to do that. I believe the best way to achieve this is through the government’s low-income housing tax credit program. The program was created in 1986 and since then it has created over 3 million new units of housing for over 30 million residents. A majority of the funding for this program and others like it comes from the federal government because it’s the only way states can afford to provide needed housing. 

Our Affordable Housing Group has grown. When I came to Fox, we had two partners and an associate in our Pittsburgh office’s Affordable Housing Group. Now there are three partners and two associates. We also have attorneys focusing on affordable housing in Minnesota, North Carolina, Texas and Florida. We are using the firm’s geographic reach to expand our work and help more people. 

How are rising interest rates affecting affordable housing projects?

The biggest change concerns getting the work done on time. When a development receives tax credits, especially at 9%, the buildings must be completed and placed into a service by a certain date. That can become very difficult when there are supply chain problems and contrators can’t get the necessary drywall, plywood or concrete. So, we have to go back and secure extensions in time from state financing agencies. 

With the rise in interest rates, obtaining construction loans and permanent financing has become more expensive. We look for new ways to make things cheaper, which forces our clients to choose between cutting overall costs or finding money that doesn’t have an interest rate attached to it. We have been looking at the federal home loan bank, which provides low-interest loans as well as grants. We are also working with state finance agencies to provide other avenues to finance housing

What is unique about the culture at Fox Rothschild that’s allowed the firm to easily retain its talent?

Retaining employees is always difficult. At Fox, the task is helped because we’ve been able to give lawyers and staff real opportunities for growth and advancement. In this office, for example, we recently had a client service specialist apply for and receive a promotion to the human resources department. There are opportunities here for everyone. We don’t try to guess why people leave, we focus instead on offering opportunities to do different things that keep people from leaving in the first place. We are bringing in new associates every year and have been able to attract lateral hires because they want to take advantage of a national platform and the knowledge base we offer.

For more information, visit: 

https://www.foxrothschild.com/

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