Nelson Castellano, Managing Shareholder, Trenam Law
Nelson Castellano, managing shareholder at Trenam Law, told Invest: the recent opening of its Sarasota office is indicative of the firm’s wider goals to continue growing its practice in new markets and expanding its employee base by hiring new practitioners. “We constantly try to hire the best people, the best lawyers who put client service first, as well as trying to get everyone on a similar page through open and consistent communication,” he said.
How has Trenam Law evolved over the last year, and can you describe a few achievements recently earned by the firm?
The major achievement for our firm in the past year has been opening a new office in Sarasota. The firm originally started in Tampa 55 years ago, and we opened an additional office in St. Petersburg. Now that we have grown successfully, Sarasota seemed like the best place to explore the next level of expansion. We have three partners in that office, and we are excited about that location’s future growth.
What differentiating factors bolster Trenam Law’s competitive edge?
Tampa Bay is emerging as a major business hub in Florida and is increasingly seen as an alternative to Miami for business and talent. All law firms operate similarly, but we have figured out how to hire laterals. Generally speaking those laterals are looking for a particular work environment that’s harder for a national firm to provide.
We’ve also figured out how to build a culture that allows people to do what they want within reason while still having some individuality and support with a shared understanding. We constantly try to hire the best people, the best lawyers who put client service first, as well as trying to get everyone on a similar page through open and consistent communication. It’s worked for us, and we’ll see if we can expand this mindset to Sarasota. We’re happy with our hires and feel there is abundant opportunity there.
What is your assessment of the talent pool in Tampa Bay, and how do you leverage partnerships in the industry to foster workforce development?
Without a doubt, there is a ton of talent in the Bay area with more coming in. There is a high level of professionalism and respect among the lawyers we work with. We have a healthy respect for our competitors, believe they all perform excellent work, and we all try to get along and work together in a professional way. Miami was previously the default, but with Tampa’s recent growth and expansion, we are now a great alternative to Miami as a new, distinct market.
What trends are evolving in terms of real estate transactions or development in Tampa Bay?
Our firm has a strong real estate group. I do business transactions and work extensively on mergers and acquisitions along with capital development. The firm’s real estate practice group handles commercial lending, real estate development, and a lot of real estate transactions. That’s one area where I think interest rates have affected and slowed things to some extent. Interest rates have made deals harder to finance and harder to make the economics work. We will hopefully see some lowering of interest rates over the next couple months, which will unlock those opportunities. Sarasota presents exciting growth potential in real estate. I predict real estate will continue to be a huge driver for our firm and a driver of the local marketplace.
How are you seeing the M&A landscape evolving, and are there any specific sectors in which you are observing the highest demand?
We’ve been pretty diversified in M&A transactions. There is now a 50/50 split between buy-side and sell-side. One of the biggest changes I’ve seen is the emergence of more private equity groups coming out of the Tampa Bay area. The M&A space has continued to be strong, and I think that will continue. In the venture world, the emerging, early-stage companies have found their footing here in the Tampa Bay area, which has helped drive increased interest among high-net-worth individuals. They have found Tampa Bay to be a good place to invest, so there is a more committed focus on investing in local companies. M&A has slowed a bit due to higher interest rates, but as rates come down we expect to see an uptick in that arena.
Are there any specific regulatory changes that may impact your clients?
We are already seeing many changes. Regulatory legal changes and uncertainties are good for lawyers, as businesses seek legal guidance. I am hopeful that we will see a loosening of the regulatory world, which will drive more investments and opportunities for businesses to grow.
The Corporate Transparency Act was driving discussions among lawyers but is now on hold. Anticipated regulatory changes could impact business investment. There is potential for tax code changes among others, which will drive opportunities in the legal field. We are unique in that we view these uncertainties as positive, while most business owners are trying to just make sure they aren’t running afoul of the changes.
In what ways are you including technological innovation into your operations to enhance services or create efficiencies for your teams?
AI is a major industry focus, but the firm is taking a measured approach. We are actively reviewing the possibilities in implementing AI. We are exploring ways to increase efficiency, especially in research and document review. Trenam is monitoring how larger firms integrate AI before making major investments.
What philanthropic endeavors is Trenam involved in within the local community?
I have been active in Junior Achievement as a board member for 25-plus years, now serving as its Executive Board Chair. I’ve been on the Board of Zoo Tampa for a number of years, now the Vice Chair and the incoming Chair next year. I am on the Executive Board for the Florida Venture Forum and have been involved for a long time. This work demonstrates passion for youth education, conservation, and business development in Tampa Bay.
What are the firm’s top goals for the next two to three years and what is your outlook for the firm?
One focus is on growth via the addition of lawyers. We are continually looking to hire, with the primary driver being lateral hires, including laterals from outside Florida via remote work. Sarasota is our firm’s priority to grow our presence with local attorneys.
We are optimistic about Tampa Bay’s growth and Trenam Law’s role in it. I’m excited about the lawyers we hired over the last five years, especially our associates and young partners. It’s about hiring people who have a lot of energy and excitement and trying to capture and build on that momentum. We’re in a great place, and I’m looking forward to the future as we focus on continued expansion and building a strong, collaborative team.
