(Lynne Marek is a staff reporter for the National Law Journal, where this article, in slightly different form, originally appeared. The Journal is published by ALM, the parent organization of Real Estate Media, which publishes GlobeSt.com.)

Real estate attorneys, long known as "dirt lawyers," are adopting more of the deal-making skills of their corporate counterparts. This transformation is a direct result of two immense forces with one essential need. Amidst the frenzied pace of mergers and acquisitions and the signing of massive multi-property sales transactions, the need is clear for attorneys who not only understand how to assess properties but can also play a role in crafting a transaction strategy.

"The lines have blurred between a real estate and a corporate lawyer because there's so many financial concepts that are used more and more in the real estate world," said Jay Neveloff, a partner at Kramer Levin Naftalis & Frankel in New York City. "Clients need more than a scrivener, they need a strategist."

The increased volume of M&As--particularly involving publicly traded REITs--is a major force behind the stepped-up role of real estate attorneys, the lawyers say. According to the Washington, DC-based National Association of Real Estate Investment Trusts, 2006 was the biggest year ever for mergers and acquisitions, valued at $117.2 billion. That nearly quadrupled the two prior years combined, with each logging about $15 billion.