Smith returns to law but keeps focus on housing
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What are you doing in this new role?
I’m working in the finance area, so serving as a bonds counsel and underwriters’ counsel for municipal finance transactions. I’m working mainly in housing-type financing. I did that right out of law school in a law firm in Indianapolis.
What led you to Indianapolis and back to Des Moines?
I just had a job opportunity at Ice Miller (LLP), and at that time, it was a good chance to see a different part of the country. For me, Indianapolis was a big city, (after) growing up in a small town in northwest Iowa. I worked there about four years, and at that point, my wife and I had one child, we were making trips back and forth to see family in Iowa and it got to be too much. Then an opportunity at Iowa Finance Authority (IFA) popped up and it was a great opportunity to move back to Iowa.
What led you to Dorsey & Whitney?
Really just a good opportunity to work with the people at Dorsey & Whitney. Through my work at Iowa Finance Authority (as deputy director and chief financial officer), I’d gotten to know several of them and it was just a nice opportunity to join a strong firm and expand the practice on the housing side.
What attracts you to this area of law?
I’d like to say I dreamed about it since I was 7, but it was really, I knew I wanted to do transactional-type work and part of it was the people I was able to work with in Indianapolis.
Has the recent economic situation affected your work?
It’s been very interesting probably starting back in summer 2007 when I was still at the Finance Authority. A lot of issues in the credit markets have created additional issues to work through on the legal side. I think some of the things that everyone’s read about – Lehman Bros. (Holdings Inc.) goes down for bankruptcy and Bear Stearns issues – some HFAs (housing finance authorities) dealt directly with those entities and have had to work through those issues. Fortunately, Iowa Finance Authority didn’t work directly with Lehman, but just given the market in general, it’s a lot different world than it was a few years ago. HFAs issue bonds to finance loans to low- and moderate-income owners and that part has gotten more challenging and more expensive.
What’s the best part about your job?
I enjoy working with the professionals on the finance team and getting a deal to closing. … It’s generally not adversarial. People generally know what it takes to get the deal closed so the agencies can further their mission.
What do you like to do for fun?
We’ve got three kids and so we are busy with kids’ activities all the time, from soccer and dance and basketball et cetera.
Is there any advice you live by?
I try to treat others with respect and in a courteous manner even when they’re wrong on some things. I guess for two reasons: One, it’s the right thing to do, and two, when I screw something up, hopefully they’ll remember that and do the same for me.
Is there an accomplishment you’re most proud of?
I’d say just working at the Finance Authority. There’s a very strong staff there and a very strong executive director, and over the past seven years, while I was there with them, a lot of very good things were done in terms of expanding programs and providing more funds.
What’s the biggest difference going back to a law firm?
Going back to the mode of keeping track of billable hours.