Starting Out in Law
James Thomson admits his first year of law school was not what he had expected, nor did he do as well as he had expected. He substantially improved his grades the following year and thereafter, and he also knew he had to start “getting out there” and connecting with people. James Thomson started out as an intern for Supreme Court Judge Phil Minardo, and then he interned with Dan Donovan when he was District Attorney. Rebecca Matulonis asks, “There are so many subsections of law, what made you go into real estate/business law?” James says he ran into Bob Scamardella, who was working on a 55+ development project, The Tides, on the south shore of Staten Island. He began an internship with Scamardella’s firm, stayed on after graduation, and that’s what got him started in real estate law.
Fun Fact
Not only is James Thomson an accomplished business and real estate attorney, he comes with a fantastic story! His great uncle was professional MLB player Bobby Thomson, responsible for the ‘shot heard around the world.’ How cool is that? James Prendamano and Rebecca who’ve known and worked with James Thomson on many ventures for years had no idea about this legendary story until this podcast.
Active in the Community
The late great Borough President Guy Molinari had a great influence on James. While he was interning and still in law school, Molinari had asked James to take a bus ride up to New Hampshire one Saturday. He reluctantly went, but he actually loved it. He loved connecting with people, and that got him interested in politics. James Thomson would go on to co-found the Executive Club on Staten Island, and become a member of The Chamber of Commerce and the SIEDC. James has been an active participant in numerous political campaigns and civic organizations, and as a contributor to NY1’s Staten Island Now roundtable discussions on local congressional races. He has been recognized as a Top 10 Up and Comer in Staten Island; a Staten Island Economic Development Corporation 20 under 40 honoree; and a YMCA Unsung Hero of Hurricane Sandy (2013).
Getting Down to Business (Law)
The number one important thing, says James Thomson, is to make sure you’re excelling at communication with your partners. In the beginning it’s nothing but good vibes, but there will be tougher times ahead. If you can’t communicate, if you can only operate when things are going well, you are dead on arrival, asserts James Thomson. You may not be comfortable having these conversations with your partner or partners in the beginning, but if you cant, you’re going to have a problem, a very big problem down the line. The Operating Agreement, the Shareholder’s Agreement, they set the tone for everything. One of the most essential things is spelling out what the different roles are. It’s good to spell that out in the document, even if you can in basic terms. Exit strategies are super important, says Thomson. You have the 3 D’s that no one wants to think about, but unfortunately they happen – Death, Divorce, and Disability.
James Prendamano drives the point home, saying, “There are so many things to think about in these documents, so many things to contemplate when you want to start a company or want to get involved in an entity. You have to cover the bases, and a guy like James Thomson has helped us do that on so many occasions.”
Formerly a partner at Scamardella, Gervasi, and Kasagrande, Thomson ventured out on his own in early 2021. Thomson says, “The pandemic over the last year made me realize that I could do so much work remotely, and it provided me with time and the opportunity to start my own firm.” His new office is located on 900 South Avenue in Corporate Commons, Thomson Law, PLLC. James Thomson is licensed in both New York and New Jersey. The easiest way to contact James Thomson is email – jt@nynj.org
Check out the entire podcast on the Casandra Properties YouTube Channel. Find out what makes an LLC different than a Corporation, and much more! https://www.youtube.com/watch?v=ypiP9cX412w Keep up on your real estate education and check out the Casandra Properties blog daily for home tips, industry insight, market trends, and more! https://www.casandraproperties.com/blog
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