Introduction for new followers I'm a partner at Rick Steiner Fell & Benowitz, a New York City based law firm which represents banks, credit unions and other lenders on commercial loans. Our clients include some of the largest -- and smallest --institutions. We handle their traditional business banking (C&I), investment, SBA, development agency and other loan facilities. In the 13 years I've been doing this I have closed thousands of loans worth billions of dollars -- everything from "small" six figure term loans to nine figure syndicated facilities across multiple states. We also represent business obtaining financing from non-institutional lenders in the business banking and lower middle market space. Here on X I share thoughts and stories from the trenches and occasional items on silly things my kids say or farming. I'm a lawyer, but not your lawyer, and my DMs are open if you want to chat.

if you send me a reminder to file my BOI forms I will never send you business again. Also instant junk block

Just saying, I'm a lawyer, have a degree in computer science, code, and use a ton of AI tools on a daily basis. You'd think recruiters would be after me for those Legal Engineer jobs

Hey @bot can you send me an invite to grab a grokbot email address

I’m more interested in who the brokers were for these two lenders

This is a public service announcement January 2, April 1, July 1, and October 1 are all semiofficial bank closing holidays Please don’t ask to close your deal on any of them

How do I say this... You don't want to use AI when you can reduce something to a deterministic solution. What do I mean? You don't want to use AI to fill in fields in loan documents or operating agreements. Instead you want to use AI to build the software that does it for you. And then you don't need the AI tool again for that task. It's a subtle difference, but a really important one.

Just like that 3Q is over Happy 4Q!

In the past, poor (as in bad) lawyers would just say that they have no comments to the documents, and everyone would move on. But now with Harvey, Leora and other AI tools, the cost of a quick review is so low that everyone does it and the poor lawyers don’t know that their comments are not worth sending, or they comment on the wrong thing. Ironically, these tools make it easier to identify the bad or lazy attorneys, providing leverage to the good ones

For the next week, every day is September 30th IYKYK

Interestingly, we recognize the court system can assign damages in individual cases, but as the # of claimants grows the court system can't deal with it on a case-by-case basis, since 10,000 jury verdicts would bankrupt any company, and we view that as economically (and judicially) suboptimal. So we get class action lawsuits or mass torts, or these kinds of things, where, yes, Amway probably needed to pay more, but if they paid their real damages (on a jury case by case basis) then they'd just be bankrupt, and the value they currently provide would be lost, and that would be bad. It's interesting to think about the limitations of courts and how the system changes the larger the claim.

One of the best accounts here. Can’t believe I only found it recently

Just got mine. Can’t wait

Took me a long time to learn this

Anyone want an Instinct invite? Got a bunch to give out

Don't ask a lawyer (who is acting as a lawyer) to sign an NDA.