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 REO legal process management is dominated these days by what are less-than-affectionately known as "sea lawyers" - people who aren't actually lawyers, have little or no true legal training or understanding, but do have experience in the industry. Unfortunately, experience of any kind is a poor surrogate for the rigors of legal thought, which really can only be taught through an arduous trio of law school, bar exams, and the actual practice of law. "Sea lawyers" are risky bets as managers of legal process for 3 reasons: (1) they generally are unaware of their boundaries, and are unwilling or unable to admit when those limits have been reached; (2) they have very little appreciation of the nature of legal risk (because until it happens and they've experienced it, it does not exist in their minds); and (3) they are difficult to manage or control, as "sea lawyers" manage by means of unwritten tribal knowledge. The primary problem caused when "sea lawyers" manage legal process is that they will invariably walk REO servicers into all kinds of legal risk without even knowing it - precisely because they are not lawyers - and without their managers having any way to control it. | |||||
| This problem can only be addressed by developing business practices and performance standards based on the law and on how REO legal process actually operates - all of which requires the knowledge, training, and background only a true lawyer is qualified to supply. As a law firm with around a decade of experience in managing REO legal process nationwide, contact J&A to discuss the true legal risk of your operations, and how to design business practices and performance standards that react appropriately to those risks - before you're walked into another lawsuit you never saw coming. |
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