Milwaukee lawyer gets real about market concerns

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It’s not a seismic shift, but the economic collapse of 2008 definitely moved the line on Mark Malloy’s real estate caseload.

“As property values plummet, I’ve seen an increase in those types of cases, a definite increase. It’s changed my practice,” said Malloy, a shareholder with Meissner Tierney Fisher & Nichols in Milwaukee.

The majority of Malloy’s cases are still insurance-related; companies seeking counsel about policy coverage or their duty to defend. But ever since the economy crashed, Malloy said, more and more clients come to him seeking damages for alleged misrepresentation or adverse facts — things that a real estate agent or broker knew or should have known at the time of sale but did not disclose.

“Since the crash, people have realized that their values have gone down,” Malloy said, “and they’re looking for any remedy they can to regain their losses.”

So far, he said, the biggest challenge has been getting a resolution. Property is very personal for most people. And while the vast majority of cases eventually settle, many who file suit hold out as long as they can.

“By the time resolution is discussed seriously, unfortunately, sometimes the fees are so large it’s actually difficult to resolve the case,” Malloy said. “And lately we’ve been in the unfortunate circumstance of having to try the case. That’s where I come in.”

He’s glad to be in a position to help. It’s part of the reason Malloy became a lawyer, after all.

“As lawyers, that’s what we are; we’re problem-solvers. And I think people really want somebody who, at the start of the case, really lays out a reasonable game plan they can stick to,” he said. “People want to know, ‘How much is this litigation going to cost? And what are my odds of winning in the end?’ It’s been one of the biggest effects of the crash, and it’s a good thing. …And it’s never been more important than in this economy.”

Wisconsin Law Journal: What was your most useful law school course?
Mark Malloy: No doubt, it was evidence. Evidence was not my favorite law school class, but it is a class I use every day.

WLJ: What was your least-favorite course in law school?
Malloy: My least favorite was probably tax. It was just not my bailiwick. (laughs)

WLJ: What is the best part of being an attorney?
Malloy: Being able to solve problems and work with clients who are in a stressful situation and make a little less stressful and meet those needs, whatever those needs might be.

WLJ: If you hadn’t become a lawyer, what would you have done?
Malloy: I would have wanted to be a left-handed reliever for the Milwaukee Brewers, but I don’t think that would’ve ever happened. So, if I hadn’t been a lawyer, I think I would have gravitated toward education.

WLJ: What profession would you not like to explore?
Malloy: While I have the greatest respect for them, I don’t think I’d ever want to be a police officer.

WLJ: If you could develop one CLE course for credit, what would it be about?
Malloy: I wish I could develop a CLE on how to advise a client in language they can understand. One of the traits as a lawyer is to be able to explain relatively complex issues in a manner that is both easy to understand but not condescending. That would be good, to have a CLE with some of the brightest minds in Wisconsin talking about just how they do that.

WLJ: What do you consider your biggest achievement, so far?
Malloy: Marrying up. (laughs) My wife, Julie (Belanger) Malloy, is much better than I am, and also a better lawyer. She was practicing until last year, but now we’re expecting another baby in the spring. We have a 10-year-old, an 18-month-old and one on the way.

WLJ: What trait do you most like in others?
Malloy: A good listener. I’ve found in my practice the lawyer who listens, not necessarily the loudest guy in the room but the guy who is in court listening, you end up having to deal with or answer to. A good listener is a trait I very much enjoy personally and professionally.

WLJ: What do you consider to be the most overrated virtue?
Malloy: Bravado. The converse of being a good listener. Sometimes the loudest guy in the room is compensating for something.

WLJ: If you could change one thing about yourself, what would it be?
Malloy: I’d be able to turn off my mind sometimes and, as a corollary, be able to sleep a little better. I guess that’s a good trait, too, though.