Mortgage industry lawyers demerge

Green, a former senior banking partner of Gadens Brisbane, is demerging his team of 150 lawyers, paralegals, and support staff to set up a new practice, Green Mortgage Lawyers. Of the 150 people departing to join Green Mortgage Lawyers, approximately 50 are based in Brisbane with the balance located offshore in Manilla.

Green first joined Gadens nine years ago as part of a merger and has 40 years of legal experience specialising in commercial and retail banking transactions. He has lectured in mortgage lending law at both the Securities Institute of Australia and TAFE and is a fellow of the Mortgage & Finance Association of Australia (MFAA).

However, from 30 June, Gadens Lawyers Brisbane will no longer be acting as solicitors for the mortgage industry due to its withdrawal from retail mortgage processing.

As such, effective from 1 July 2024, all mortgage processing and loan contracts previously handled by Gadens Lawyers Brisbane will be taken over by Green Mortgage Lawyers.

From that date, where customers have been issued their loan documents and the completed documents have been returned, Green Mortgage Lawyers will complete the settlement. Any residential lending transactions that have not been settled by 1 July will be transferred to Green Mortgage Lawyers.

Gadens and its team of around 200 staff in the Brisbane office will continue to operate for non-mortgage industry clients. A spokesperson for Gadens said it would "work together" with Green Mortgage Lawyers "to ensure a smooth transition for clients in the mortgage finance sector, and that they continue to receive the calibre of quality service for which our firms are known".

Speaking of the change, Green stated that he was setting up Green Mortgage Lawyers to become “one of Australia’s foremost authorities in retail and commercial banking services”.

“Our journey isn’t just about turning a new page – it’s not about going out with the old and in with the new. It’s about evolution and redefining how we support mortgage lenders and brokers as specialist legal advisors,” he said.

“It allows us as a business to really hone in on what matters most: our clients and their brokers and borrowers. Unlike being part of a large, diversified partnership, at Green Mortgage Lawyers all our decisions will have our clients’ interests at the heart of everything we do.”

The founder of Green Mortgage Lawyers said the new practice would be focused on “investing more funds into security, innovation, and technology” for the legal mortgage lending journey.

He said: “Being independent is key for us – it means we can embrace the latest technologies and tailor our services precisely to what our clients need. Without the red tape of bigger firms, we’re nimble and quick, always staying ahead of the game. This agility means we handle matters faster, closing loans more efficiently.

“We have innovative automations and streamlined digital mortgage processes that make us competitive. But the true value our clients benefit from – is the essence of our brand – our people, our service, and our wisdom. That’s what will always underpin the best businesses in any industry, and at Green Mortgage Lawyers, it’s what we embody … So, what should you expect from Green Mortgage Lawyers? In a nutshell – you can expect more.”

The demerger comes despite Gadens having been on a growth phase recently, having added five partners to its team and last June promoted seven employees to partner, three of whom at the Brisbane location.

The law firm is currently working on merging its two independent Gadens partnerships (in Adelaide/Brisbane, and Melbourne/Sydney) into one nationally integrated firm. The merger will be effective from 1 July 2024, and the merged firm will continue to trade as Gadens with around 100 partners, more than 350 legal practitioners, and over 600 total staff across offices in Adelaide, Brisbane, Melbourne and Sydney.

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