What Neal & Leroy, LLC does

Neal & Leroy, LLC is a Chicago-based law firm founded in 1938 by Earl J. Neal that provides comprehensive legal services across 18 practice areas including real estate transactions and finance, zoning and land use, eminent domain and condemnation, public and project finance, municipal law, construction law, corporate transactions, litigation, labor and employment, IP and technology transactions, historic preservation, TIF and community development, transportation, digital infrastructure, bankruptcy, appellate practice, civil rights and constitutional law, and administrative law. The firm serves both public sector clients (the City of Chicago, the Public Building Commission of Chicago, the Chicago Transit Authority, the University of Illinois, and various suburban municipalities) and private sector clients (developers, institutional investors, Fortune 500 companies including Walmart and Exelon, healthcare systems such as Rush University Medical Center, private equity and capital firms, and nonprofits including METR). Landmark engagements include co-bond counsel on over $3 billion in O'Hare Airport bond issuances, legal counsel on the $550 million University of Illinois South Campus Development, and assembly of 650+ parcels for the O'Hare Modernization Project, with the firm consistently acquiring approximately 350 land parcels per year for public projects.

The firm operates from a single headquarters at 20 South Clark Street, Suite 2050, Chicago, Illinois, and remains family-owned with Langdon D. Neal (third generation) serving as a principal and owner. The firm's revenue model is traditional professional services billing on a fee-for-service basis, with no publicly disclosed pricing; clients are acquired and retained through professional networks, referrals, industry reputation, and demonstrated expertise in complex real estate and municipal matters. Marketing channels include professional referrals, legal publications and thought leadership, third-party industry recognition (Chambers USA, Legal 500, Super Lawyers, Leading Lawyers), and event sponsorships such as 1871's 2026 Emerging Tech Summit.

The firm has actively invested in practice expansion, adding dedicated Digital Infrastructure (data center) and IP/Technology Transactions practices covering AI/ML agreements, blockchain/Web3/DeFi, software licensing, and data privacy/cybersecurity, and recruiting lateral partners including Sara K. Barnes (zoning/land use) and Brian Arnfelt (Chair of Corporate Practice, formerly at an Am Law 5 firm and an investment bank). The firm received Chambers USA 2026 Guide recognition in Land Use/Zoning & Real Estate and was named a Legal 500 "Top Firm to Watch" in 2026, validating its current market positioning as a preeminent Chicago real estate and municipal law firm with growing corporate and technology capabilities.

Name

Neal & Leroy, LLC

Legal name

Neal & Leroy, LLC

Website

https://nealandleroy.com

Company type

Private

Founded year

1938

Operating status

Operating

Headcount range

11–50 employees

Short description

Neal & Leroy, LLC is a Chicago-based law firm founded in 1938 that provides real estate, zoning, eminent domain, public finance, corporate, litigation, and technology transactions legal services to municipalities, public agencies, developers, and corporate clients across the Midwest.

Ownership category

akta.pro rank

Product category

Legal Services

NAICS

Offices of Lawyers (541110), Legal Services (5411), All Other Legal Services (541199)

SIC

Services-Legal Services (8111)

akta.pro primary industry

Real Estate & Construction Law (BPAHAAAE)

akta.pro secondary industries

Litigation Support & Expert Witness Services (BPAHALAG), Employment & Labor Law (BPAHAAAD)

Keywords

• Real estate law
• Municipal law services
• Eminent domain counsel
• Public finance law
• Zoning and land use

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Legal Services - Professional Fees: Traditional law firm billing for legal services including real estate transactions, litigation, corporate matters, municipal law, and specialized practice areas. Services are billed to municipalities, public agencies, private developers, corporations, and individuals.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Neal & Leroy, LLC is a Chicago-based law firm providing comprehensive legal services across multiple practice areas including real estate transactions and finance, public and project finance, zoning and land use, eminent domain/condemnation, corporate transactions, litigation, labor and employment, construction law, municipal law, historic preservation, tax increment financing, digital infrastructure, and IP/technology transactions. The firm represents municipalities, public agencies, educational institutions, real estate developers, institutional investors, and corporate clients on complex transactional and litigation matters across the Midwest.

Product overview

Neal & Leroy, LLC is a Chicago-based law firm founded in 1938 offering comprehensive legal services across multiple practice areas. The firm operates as a single integrated law practice rather than a platform-with-modules architecture. Core practice areas include Real Estate Transactions & Finance (covering transactions, zoning, land use, eminent domain, and public finance), Corporate Law, IP & Technology Transactions (including AI/ML agreements, software licensing, data privacy, and emerging technologies), Litigation, Labor & Employment Law, Public & Project Finance, and specialized areas such as Historic Preservation, Construction Law, TIF & Community Development, Municipal Law, Transportation, Digital Infrastructure, Bankruptcy, Appellate Practice, Civil Rights & Constitutional Law, and Administrative Law. The firm is particularly recognized for its eminent domain practice (acquiring ~350 parcels per year) and land use/zoning expertise in the Chicago metropolitan area.

Differentiator

Problem solved

Functional benefit

Products and services

• Real Estate Transactions & Finance Full-service real estate legal counsel covering transactions, finance, zoning, land use, public finance, eminent domain, and TIF/community development for diverse public and private sector clients.
• Eminent Domain/Condemnation Nationally recognized practice representing municipalities and landowners in government takings; the firm has acquired approximately 350 land parcels per year for public projects.
• Zoning, Development & Land Use Leading Chicago metropolitan area practice representing real estate owners, developers, and municipalities in land use, zoning, and related regulatory matters.
• Corporate Law Transactional services for small to mid-sized businesses including entity formation, acquisitions, strategic partnerships, corporate governance, and commercial agreements.
• IP & Technology Transactions Counsel covering intellectual property licensing, technology transfer, software licensing (SaaS/open source), cloud services, AI/ML agreements, blockchain/Web3/DeFi, digital media content licensing, data privacy, and cybersecurity compliance.
• Litigation Trial and appellate advocacy averaging three to five jury trials per year in employment discrimination, real estate, eminent domain, and other contested matters.
• Labor & Employment Law Management representation in labor disputes, EEOC/IDHR proceedings, Title VII, ADEA, ADA litigation, and workplace misconduct investigations.
• Public & Project Finance Bond counsel, issuer's counsel, and trustee's counsel in municipal financing including general obligation bonds, revenue bonds, certificates of participation, and industrial development bonds.
• Historic Preservation Experience in landmark designation, National Register listings, tax benefit qualification, and representation in administrative and court proceedings.
• Construction Law Public and private construction contract drafting and dispute resolution, including contract litigation, mechanics liens, defect claims, and delay claims.
• Tax Increment Financing (TIF) & Community Development Municipal representation in all aspects of TIF and community development including financing, zoning, land use permits, and development agreements.
• Municipal Law Long-standing representation of municipalities, municipal authorities, educational institutions, and public agencies, including general counsel to the Public Building Commission of Chicago.
• Transportation Comprehensive counsel for public agencies, transit operators, and infrastructure developers covering regulatory compliance, infrastructure development, and administrative proceedings.
• Digital Infrastructure Data center development and operations counsel addressing site selection, land acquisition, data center leases, master service agreements, IP/security agreements, zoning, and municipal finance incentives.
• Bankruptcy Representation of debtors, creditors, creditors' committees, trustees, and other parties in complex bankruptcy and reorganization cases including preference litigation and fraudulent conveyance.
• Appellate Practice Appeals in Illinois Appellate Court, Illinois Supreme Court, Seventh Circuit, and U.S. Supreme Court with one attorney having argued over 100 cases on appeal.
• Civil Rights & Constitutional Law Representation in constitutional and civil rights claims including housing and employment discrimination, First Amendment, and Fourth Amendment matters.
• Administrative Law Representation before tribunals including Illinois Commerce Commission, Human Rights Commission, EEOC, Chicago Landmark Commission, and Surface Transportation Board.

Quantifiable outcome

• Successfully handled over 650 parcels for O'Hare Modernization Project
• +2 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered notable and minor.

• METR (Model Evaluation and Threat Research, Inc.)notableStrategic or Co-development PartnerNeal & Leroy advised METR, a nonprofit organization focused on AI safety research, in connection with structuring, agreement negotiation and launch of its AI risk assessment pilot program. The firm assisted with the launch of METR's Frontier Risk Report evaluating loss-of-control risks associated with frontier AI models developed by Anthropic, Google DeepMind, Meta, and OpenAI.
• 1871minorGTM or Marketing PartnerNeal & Leroy LLC sponsored the 2026 Emerging Tech Summit hosted by 1871, Chicago's tech hub. The summit assembles leaders across AI, Web3 and quantum computing ecosystems for dialogue on policy, regulatory and commercial dimensions of emerging technology sectors.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Seyfarth Shaw LLP: Chicago-headquartered mid-size-to-large firm with overlapping real estate, land use/zoning, labor & employment, and litigation practices serving a similar mix of municipal, developer, and corporate clients in Chicago and the Midwest. Comparable in practice breadth and Chicago-City institutional relationships.
• Chapman and Cutler LLP: Chicago-based mid-size firm historically focused on finance, public finance, and real estate transactions. Closest direct peer on bond counsel, public finance, and real estate work — competing for the same municipal issuer and developer clients.
• Katten Muchin Rosenman LLP: Chicago-based full-service firm with a substantial real estate, public finance, zoning, and corporate practice. Overlaps with Neal & Leroy on municipal bond counsel, real estate transactions, and zoning matters for Chicago clients.
• Goldberg Kohn Ltd. Chicago-based boutique with a well-known real estate, corporate, and finance practice. Direct comparable on real estate transactions, zoning, and developer-side mandates in the Chicago market.
• Pircher, Nichols & Meeks: Nationally recognized real estate and land use boutique. Competes for the same high-end real estate development, zoning, and institutional investor mandates; comparable as a specialty firm rather than a full-service generalist.
• SmithAmundsen LLC: Chicago-based mid-size firm with shared practices in real estate, zoning, employment, and commercial litigation for Illinois and Midwest clients. Peer on employee count and Chicago-centric client base.

Broad incumbents

• Mayer Brown LLP: Global law firm with its largest U.S. office in Chicago and a strong real estate, public finance, and litigation practice. Broader scale than Neal & Leroy and competes for the same large institutional and municipal engagements in the region.
• Greenberg Traurig, LLP: National real estate and land use powerhouse with a significant Chicago office. Overlaps on zoning, land use, public finance, and large Chicago development deals, but operates at materially larger scale and with a multi-jurisdictional footprint.
• Dentons US LLP: Global firm with a major Chicago presence and a municipal/public sector practice competing for the same public building commission, transit authority, and city-council-adjacent mandates Neal & Leroy services. Operates at substantially larger scale.
• Sidley Austin LLP: Chicago-founded global firm with substantial real estate, public finance, and zoning capabilities. Competes for the same large Chicago institutional and municipal matters; broader geographic and practice breadth than Neal & Leroy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Neal & Leroy, LLC