Fred Kent, President, Marks Gray P.A.
Invest: spoke with Fred Kent, president of law firm Marks Gray P.A., to discuss how the market growth in Jacksonville has been a multiplier in terms of services and innovation. “There’s a lot of buying and selling of existing properties right now, so sectors like retail and industrial are doing well,” he said.
What gives Marks Gray a competitive edge in the Jacksonville market?
This is our 125th year in Jacksonville, so we are dug in here. We know this market, the people, and the communities. That familiarity is a distinct edge for us. While we are proud of our history, we are keenly aware that we have to be flexible and able to adapt, which is reflected in the many practice areas we serve. People also appreciate the personal touch we provide while providing highly competent legal services.
What is your assessment of recent shifts in the industry?
There’s a lot of buying and selling of existing properties right now, so sectors like retail and industrial are doing well, but the office market still lags. Overall, we are always looking to expand our areas of practice to meet the ever-changing market. Over the past 8 to 10 years, we have developed an immigration law practice which focuses on business immigration where companies are reaching out to talent around the world. One of our younger associates has also started a surrogacy practice, to fill an increasing need to assist couples in navigating a complex and emotional process. As society and the market changes, we try to tap into these newer areas to address the needs that arise.
How has the influx of population to Jacksonville impacted business?
It goes without saying that people will need places to live, so there is a lot of activity in real estate purchases. Looking at places like St. Johns County and how fast it is growing, there is more demand to build new, which consequently results in areas of opportunity for the firm. These new residents also need to revise and change their estate plans to conform to the laws in Florida. The population growth is impacting every business sector, and the legal industry is being impacted in many positive ways.
How is the firm embracing a hybrid work model?
I personally like being in the office and coming in every day, but I realize not everyone operates in the same way. There’s a lot of great convenience in working from home, especially for young families with kids. We handle hybrid work on an ad hoc basis, depending on the needs of the employee. I still find that many prefer to come in for at least a few days a week. We are willing to adapt as long as the work is getting done, and that is the biggest key.
What is your advice to those moving to Jacksonville?
There is a lot of opportunity and availability of jobs here. The economy is strong given the many industries, the port, and the Armed Services that are all here. The legal industry, banking, and insurance are also prominent. Anyone with the right skills and the willingness to work will find a place to fit in in Jacksonville. If you’re a younger person, I’d recommend trying different things when you come here. The cost of living here is as good as anywhere in the region, so I encourage anyone to explore what Jacksonville has, because I’m sure the city has something to satisfy their talents.
How will Marks Gray P.A. continue to navigate changes in the market?
At the end of the day, cycles come and go and you have to ride them out. We’re still in a slow period but we are hopeful that things will improve by the end of 2024. We do a lot of work in the defense sector and the number of cases that are logged has really blown up over the past three years. The insurance industry is struggling a bit to get on its feet and the courts are just now getting a handle on case management issues. In other areas construction costs have increased substantially and interest rates remain elevated. With inflation, you have to keep up with expenses and that includes salaries and hourly rates. It’s a careful balancing act because everything is expensive these days, including basic living costs. It’s important to keep all these factors in mind. You can’t run people off with low salaries, but you still need to keep the bottom line in check.
