Everyone has experienced those moments of setting seemingly realistic expectations and then ultimately had forces outside of their personal control lead to disappointment. Maybe you planned a home renovation project and expected to have it completed in time for a party. But in reality, the timeline got delayed and there were countless confusing back-and-forth interactions with the contractor until the work was ultimately completed late. This gap between expectations and reality—and the frustration that ensues—is also a major problem in the professional world, and especially for attorneys in the commercial real estate industry.
This phenomenon, which we dub the “expectations gap,” creates unnecessary tension between colleagues, despite the fact that everyone is working toward the same business goals. In commercial real estate, the 90-day gap between letter of intent (LOI) and lease execution is often a major source of tension between attorneys their broker colleagues, frequently resulting in lawyers being seen as “deal killers.” Is the three-month time frame between letter of intent and executed lease purposefully caused by lawyers? Of course not. There are a number of factors at play including the complexities of legal work, the risks in doing that work quickly, and generalized tools not designed for leasing workflows.
