New partner Daniel Mahler says clients increasingly seek firms with full-service legal teams
The once-booming industrial real estate sector is seeing a slowdown, while multifamily housing is emerging as a key focus for investors and real estate lawyers, says Daniel Mahler, newly appointed partner and real estate department co-lead at Miller Thomson LLP.
During the COVID-19 pandemic, industrial real estate saw unprecedented growth due to the rise in e-commerce and demand for distribution centres. However, Mahler says the wave has subsided, and clients are shifting their investments elsewhere.
“The number of industrial deals I did over COVID was crazy, and pricing was through the roof. That’s obviously really, really cooled down,” he says.
Multifamily assets, on the other hand, are gaining traction, he says. “If you ask the average transaction lawyer in Toronto or across the country, I think they’d probably point out multifamily.”
Although the shift from industrial to multifamily is an emerging industry-wide trend, Mahler says his practice hasn’t shifted in that direction yet and remains diversified.
He says that his clients, including real estate investment trusts (REITs), investment funds, developers, and landlords, are increasingly looking for full-size law firms that can handle deals nationwide.
This need, he adds, was one of the main reasons he moved to Miller Thomson, a law firm with a national presence.
He adds that even clients who previously handled transactions without a full-service legal team are now shifting towards firms that can provide comprehensive legal support.
“My clients have always operated in that space, requiring a full-service law firm, but I do think there is a trend where clients who may not have operated exclusively in that space are now being pushed or are seeking out those types of transactions,” he says.
Beyond the firm's national platform, Mahler says he was drawn to Miller Thomson for the opportunity to take on a leadership role while continuing to grow his practice.
“I think, first and foremost, the national platform was the most attractive component of the move, for sure, for my clients,” he says.
Beyond the national reach, Mahler says he was drawn to the opportunity to grow his book of business. Although he now serves as a co-leader of the real estate department, Mahler does not plan to downscale his practice.
“I’m 43 years old. I’ve worked very hard to build my practice to where it is today. I’m not looking to scale down my day-to-day transaction work. If anything, I am looking to grow it,” he says.
He sees the leadership role as an extension of what he has already done – mentorship, firm development, and contributing beyond individual client work.
“The leadership role is more of an ability for me to ensure that I have a voice in building something special and building this business,” he says.
Mahler began his career at Goodmans LLP and spent a decade at Aird & Berlis LLP before joining Miller Thomson.
