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The following interview with Franklin Law Group’s Charles Franklin originally appeared in Illinois Homes.
Tell us a little bit about your company and its foundation.
Franklin Law Group is a boutique firm located in Northfield, Illinois, a northern Chicago suburb, with a practice focused on commercial litigation. We represent a multitude of clients, from banks and other financial entities to real estate developers and entrepreneurs, as well as licensed professionals and government regulated businesses.
What are some of the services your company provides?
We counsel our clients on insurance coverage and claims presentation, employee disputes, transactions, work outs and solutions. We also assist them with document preparation, loss mitigation and recovery strategies, risk assessment and limiting their liabilities and exposures. In addition, we defend professionals accused of malpractice or license violations by regulators or administrative agencies.
What are the most common and useful terms used in the Real Estate Law business that others might not be familiar with?
Uniform Standards of Professional Appraisal Practice (USPAP)– the national generally accepted appraisal rules required to be followed in federally related transactions
Credible Opinions– worthy of belief, reliable and supported by relevant evidence and logic.
Do you believe it’s necessary your customers understand the basics of Real Estate Law prior to working with an attorney?
It is very helpful, since their own education, experience, judgment and discretion is the best safeguard they have to keep themselves out of trouble.
How does your company help teach people and walk them through the process so they can understand everything?
What we emphasize and counsel depends on the issue at stake. If it is a regulatory licensing matter, we may advocate a certain approach- stressing candor, contrition and cooperation. If it is a malpractice issue, we may advise something else. If it is a transaction- what is necessary to get the deal done, assuming our client wants it done?
Is there any other information involving real estate law terms and information that you wish to expand upon?
Give your attorney everything so they can make an informed decision and do not assume the attorney knows everything you know.