CHAIRPERSON'S MESSAGE

by Stephen R. Romine*

REFLECTIONS ON CHANGE

An unknown author once wrote, "The more things change, the more they appear to remain the same." I suspect he was observing that history tends to repeat itself and as Solomon, the greatest wise man of all time, once observed, "There is nothing new under the sun."

It is my privilege to serve as Chairman of the Section this bar year. As I reflected on my message, two thoughts came to mind regarding change. First, an observation of how much has changed since I started practicing real estate law over twenty years ago, and second, a question; how well has the Section adapted to change and what should it be doing to remain relevant to its members?

I learned in law school and was reminded when I started practicing that not much in real estate law has changed significantly in 400 years. Common law principles governing real estate are well-established. Although real estate principles have changed little over time, the same has not been true of the legal environment in which we practice. I will not take the time to reflect on all the changes of the past twenty years but will simply observe that change is constant. Many in our Section who handle residential real estate matters know how dramatic the changes have been. It is no longer customary for an attorney to negotiate or draft a residential real estate contract, and it is becoming less commonplace for the real estate lawyer to handle the closing. In the commercial arena, observe the monumental shifts in how real property is financed. A short decade ago, many of us represented local banks and national life insurance companies in financing real estate projects from shopping centers to office buildings. Today, much of this commercial financing is securitized and handled by large firms located in the money centers. Moreover, the role of the real estate attorney has become less significant, and the work has become commoditized.

How do we as individual real estate practitioners and the Section, as a whole, manage such change? There is no simple answer but it is critical that we understand the forces that are at work. Each of us must adapt to change in our own unique way and respond to market forces. It is critical to keep current on industry trends and developments. Understanding what is changing and why will better prepare us to take advantage of change. The Section is an important resource in providing timely information and a network to help each of us respond to change.

With respect to Section initiatives this year, I would propose some change as well. A few years ago, the Section established the committee structure in order to encourage member participation and allow members to focus on special areas of expertise. The committee structure has generally worked well but is in need of fine-tuning. Its purpose is sometimes unclear, and participation has dwindled. One change that I would ask you to consider is to restructure the committees by consolidating the existing 13 committees into the following 3 standing committees and 6 substantive committees:

The new committee structure will result in an increase in the number of members on each of the committees and provide a better opportunity for meaningful exchange. Furthermore, each new committee will be responsible for publishing a report on the committee=s work in each issue of the FEE SIMPLE. Moreover, each committee will be expected to provide a substantive article for publication in the FEE SIMPLE once every two years. As a result, members of the Section at large will benefit from the expertise and insights of the various committees, and the committees will help contribute to the continuing success of the FEE SIMPLE.

As you may not know, the Section has over 50 Area Representatives representing every geographic region of the State. Area Representatives meet with the Board of Governors four times a year. Area Representatives also provide the leadership for the committees and carry out the work of the Section. Under the new committee structure, Area Representatives will have more input into the management of the Section and direct responsibility for the articles published in the FEE SIMPLE. If you have an interest in becoming an Area Representative or would like to be appointed to a committee, please do not hesitate to contact any of your executive officers listed in the front of this issue.

One of the primary goals of the Section will be to continue to serve its members by providing educational opportunities. The Section sponsors three educational opportunities each bar year for its members. The first program is the Annual Real Estate Update held in the spring. This year the seminar is in its 21st year and will again be presented in Richmond, Roanoke, Northern Virginia, and Norfolk. The second program is the Seventh Annual Advanced Real Estate Program, which will be held April 4 and 5, 2003 in Richmond. The last program is scheduled in the summer in connection with the Bar's Annual Meeting. I would encourage you to make an effort to attend one or more of these programs.

In conclusion, as you think about how your practice has changed and what you can do to manage that change, please also think about how you can contribute to the success of the Section. I encourage you to get involved, support the programs and contribute your thoughts and ideas to making us better as we endeavor together to navigate our way in this ever-changing world.

*Stephen R. Romine is a shareholder with LeClair Ryan, P.C., practicing in commercial real estate, in Norfolk, Virginia. He is also the Chair of the Board of Governors of the Real Property Section of the Virginia State Bar.

back to top