08/01/12 Appeals Court Sides With Real Estate Attorney Over Malpractice Claim A real estate attorney, Howard Stern, got a close reprieve in a malpractice case filed against him by a former client. The Appellate Division, First Department, said in a 4-1 ruling that even though there was “strong evidence” that Stern had acted negligently when he handled a real estate deal for Wo Yee Hing Realty there was no evidence that he was the reason that the plaintiff suffered a loss. Stern was hired by Wo Yee Hing, a firm owned by three brothers, who wanted him to work on the sale of the building as part of a transaction the IRS calls a 1031 exchange. Stern claims that he never claimed to be familiar with these transactions but the brothers told him they would take care of the details. Related Article Federal Appeals Court Sides With Lawyer Over First Amendment Issue Federal Appeals Court Sides With Lawyer Over First Amendment Issue .... Appeals Court: Negligence but No Legal Malpractice on Part of Real Estate Attorney On Tuesday, the Appellate Division, First Department, found that in case of a real estate attorney, Howard Stern, there was “strong evidence” that he had acted with negligence but he cannot be sued for malpractice. The court found on facts and evidence produced that the lawyer’s clients were unable to p .... The pros and cons of practicing as a Real Estate Attorney Inarguably one of the ''hot'' areas of law, real estate law has recently become a very attractive choice for law students and established attorneys looking to switch practice areas. We talked to real estate attorneys in various situations to see what this field can offer you. .... The 1031 exchange law says that a company can defer the capital gains tax due from its sale of commercial or investment property if a similar “replacement” property is identified within 45 days and possession taken within 180 days. The exchange has to be done via a “qualified intermediary”. The checks for $10.2 million deal were made out to the firm's name instead of the intermediary, because of which the 1031 exchange could not be legally possible. Justice David Saxe said that “To prevail on its claim of legal malpractice, plaintiff must prove not only that defendant was negligent, but also that defendant's negligence was a proximate cause of its losses”.

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