From Legal Execution to Business Leadership with Andrew Morris

Andrew Morris is a Managing Director at Blue Owl, where he supports the firm’s Real Assets business as a member of the Legal Team. His work spans the firm’s net lease, real estate credit, and digital infrastructure strategies.

Before joining Blue Owl, Andrew served as Associate General Counsel and Chief Compliance Officer at First Eagle Alternative Credit. Earlier in his career, he practiced at Kirkland & Ellis LLP and Davis Polk & Wardwell LLP, advising private fund sponsors on legal, regulatory, fund formation, and capital markets matters. He earned his JD, cum laude, from the University of Pennsylvania Carey Law School and his BA in International Affairs, magna cum laude, from The George Washington University.

Insights from Andrew Morris on Moving from Legal Execution to Business Leadership

Technical expertise can take someone a long way in commercial real estate. The next level requires something different. Leaders have to understand how the business fits together, how decisions affect multiple stakeholders, and where their team can create value beyond the work immediately in front of them.

Andrew Morris has built his career around that broader view. As his role expanded, so did the questions he was responsible for answering. The work became less about executing one transaction or solving one legal issue and more about helping people make better decisions, stay aligned, and move the platform forward.

In this episode of The Dealmakers’ Edge, Aaron Strauss and Andrew Morris discuss the shift from technical execution to business leadership, what it takes to earn trust across an investment platform, how leaders manage competing priorities, and why understanding the whole picture matters as responsibilities grow.

1:39 - Starting in finance during the financial crisis and finding his path into investment management

3:08 - Advising fund managers at Kirkland and learning how their businesses operate

4:25 - Moving to Chicago and transitioning from outside counsel to an in-house role

6:18 - Joining Blue Owl after the Oak Street acquisition

8:29 - How the role changes from legal execution to managing people and process

10:06 - Staying focused on durable, income-oriented assets in an uncertain market

11:59 - Where digital infrastructure fits within the mission-critical asset strategy

13:37 - Seeing the whole picture and creating value beyond transaction execution

17:58 - Learning the real estate business and earning trust after joining Blue Owl

19:59 - Why understanding a client’s business is the foundation of trust

21:06 - Building a culture where people feel valued and empowered

22:23 - Developing the next generation as the platform continues to grow

Mentioned In From Legal Execution to Business Leadership with Andrew Morris

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Transcript

Aaron Strauss: You're listening to The Dealmakers’ Edge with A.Y. Strauss, diving deep into stories behind commercial real estate leaders. 

Hello, everyone, welcome to The Dealmakers’ Edge. Today, we have a very special guest, Andrew Morris, who's the managing director of Blue Owl, where he leads the legal team for the firm's real assets business, supporting approximately $85 billion in assets under management across net lease, real estate credit and digital infrastructure strategies. In this conversation, we're going to touch on just his career background, which has been amazing from the most impressive law firms doing very complicated deals to how he pivoted to go in-house and take on increasing responsibility, how he's developed in leadership, how he's thinking about the state of the market, his career growth and just what he's looking forward to is exciting in the coming years. So it's a great conversation. You'll see leadership up front and close. Hope you enjoy it. 

Aaron Strauss: Hello, everyone. Welcome to The Dealmakers’ Edge. Today, we have an amazing guest I've gotten to know, Andrew Morris, who's joining us. And we're going to hear about his amazing career to date. He's got a big responsibility. He's currently managing director of Blue Owl Capital and he's juggling a ton. And I'm so glad you made the time. I know how busy you are. So thank you, first of all, for taking time out of your busy day and also for sharing your compelling story and what's going on out there in the market. I've known you a little bit, not too great. We have some good common connections. Maybe you can share for those listeners who have not heard of you, your background, and kind of how you got to where you are today. 

Andrew J. Morris: Sure. Thanks, Aaron. I'm happy to be here. You know, I grew up outside Philadelphia, went to St. Joe's Prep in the city there and made my way into GW, studying international affairs down there. Kind of flirted with taking a job in the government like a lot of my friends and a lot of my friends were still there, like they did, but made my way home and joined a finance job at SEI Investments in Pennsylvania. And that was during the financial crisis. And I was about, I think I joined in August and then everything exploded. And so what we were doing is building these back office and middle office solutions for money managers. So that was kind of my first foray into that industry. And it was at a time where there was a major reset in the market, kind of nobody had really been through something like that before. And you had an opportunity to really help clients in a meaningful way and think differently about things. And that really kind of set my course. And maybe I didn't appreciate it at the time either. So I went to Penn in my hometown and made my way to New York and I did some capital markets work, doing some offerings of bond offerings, IPOs, that kind of thing at Davis Polk. But I ended up back in the money manager space. I just liked that industry and eventually moved over to Kirkland's funds regulatory practice. And that's where I think I really found my spot, which was helping advisors manage their business, be it established advisors, helping them through SEC exams, thinking through thorny issues, or having new advisors help them structure their business and achieve what they wanted to achieve. So that's really kind of where I… that was my launching point from there. 

Aaron Strauss: Terrific. And I know you have a unique blend. A lot of practicing attorneys want to escape over to the other side of the fence, the business side. And with your experience, both honestly, on the investment side before Davis-Polk and Kirkland, you already had that capacity to do business and law. And then I guess the opportunity presented itself for an in-house role and to continue to leverage that fabulous experience. I mean, I imagine those years at Kirkland, 16 to 19, were amazing years of growth, because the market was exploding and the firm was exploding, in a fabulous way. So the exposure and experience you must have gotten to fund managers of all ilk, all sizes and scope, must have been amazing. But then to leverage that experience, more of a business role, would love to hear about that transition. I know people always ask you about that. 

Andrew J. Morris: Well, yeah, it was really a natural one. I had a client in Chicago who was a credit manager. And my wife had grown up in Chicago. I had grown up in Philly. I didn't know how long I wanted to stay in New York. And I knew Kirkland was a Chicago headquartered firm. And so I threw it out there as a total throwaway in early days. Hey, maybe I'd think about moving to Chicago. So one day, the big partner pulls me in and says, hey, are you still thinking about moving to Chicago? And we had had no conversations about this. I said, sure. It was in the afternoon. It was totally out of the blue. And he says, well, can you be there on Monday? So I called my wife on the way home. I said, well, I've had a day. And so the client needed a CCO on short notice. And so it wasn't Monday, but it was a couple of months later, I joined their team on secondment and then moved into Kirkland's Chicago office, before going back to the client full time. And so that's how I kind of made that transition. And it was a really rewarding experience to kind of dip a toe in and get to know everybody inside an organization, now inside the organization and learn a lot more about how these organizations operate. And then what the goals of the people are. They're not a monolith, these firms and all the individuals have different motivations and goals and priorities. So it was really eye-opening.

Aaron Strauss: Maybe you could talk a little bit about how the transition to Blue Owl went. You were already outside of the law firm sphere. You were building your bona fides and your chops as somebody who can handle compliance and regulatory and legal and understand the fund management business from the inside out. Maybe you could talk about that transition to Blue Owl, how it came about, what was the draw? 

Andrew J. Morris: Sure. I mean, it was, again, it was really a natural, natural thing. You know, I had met, or had been introduced to, our GC, Nina Reddy, during, I think it was during COVID, you know, because I remember when we met, we were over Zoom and it was, we were both in, you know, hoodies in our kitchens. And a mutual friend who I, you know, I've worked with and she had worked with, introduced us. And she was looking for somebody in New York and she knew I wasn't going to leave. But our mutual friend introduced us and said, hey, you should just meet this guy. He's a profile of a guy you might want to hire. And that was, call that 21. About a year later, this is after Blue Owl acquires Oak Street, the real estate manager in Chicago. I got a call from Kirkland Ellis saying that Blue Owl was looking for somebody. And I said, Nina? So it was really a natural turnaround where we already knew each other and it was about getting to know everybody else. 

Aaron Strauss: Amazing. And when you reflect back on that crazy time of COVID, it is sort of mind blowing to think how many billions and billions of dollars of deals were done over zoom of people, essentially in their pajamas, if you're really being honest about it. But those were incredibly exciting times. And obviously for the world, it was a bit terrifying too, but it seems, you know, when you're talking to somebody very talented, it always seems like it's sort of very organic, almost like a casual, but you're a living embodiment of what I always say is like, if you're good, the work finds you, you know, when there's talent, it just naturally bleeds to the stream where it needs to go. So that's a great, great story of how you got there. And obviously it's been four plus years and your responsibilities and your job role keeps evolving and changing to the point now where you're leading the legal team for the real asset business in Chicago, and it's about 85 billion in AUM to what I understand, across the net lease, the credit business, digital infrastructure strategies. It's a huge portfolio and obviously it's a fabulous organization. You have an amazing team around you, but maybe you could talk about macro, your day-to-day role for those who want to get a better flavor. 

Andrew J. Morris: Yeah, that's a really good point, because I think my view of what internal counsel does, especially in a leadership role, I learned a lot through growing up inside of both, my prior firm and here. A lot of what I end up doing is really managing and it's managing people, it's managing process, some systems here and there. You know, I do plenty of, I try to do as much substantive legal work as I can, cause I really like doing that, but it's a lot of thinking through, is this the right way to approach a business process? Do I have the right people staffed here? Do they need more people? Do they need different resources? And trying to take the long view on, are we doing things efficiently and effectively? 

Aaron Strauss: Exactly. Just look at your career. You went from being the player in the field to the coach, maybe a bit of a GM role, almost, if you will, managing higher and higher up, which is amazing to see, especially at a company like Blue Owl, there's endless opportunity to continue to expand your career. And as a capital provider, you're really at the forefront of some of the most exciting, interesting deals in the market today. Maybe you could talk a little bit generally market conditions. You have a very unique seat, because of where you are, obviously. Maybe you could talk about the cycle a little bit. What's exciting for you now? Where do you think we're at? Obviously, there's a ton of fragmentation, so it's sort of a very generic question, but maybe you could talk about how you're seeing opportunities today and what's exciting in the market for you, or behalf of the firm, I should say, as well. 

Andrew J. Morris: We've been able to stick to our knitting really well, I think, even in a time of uncertainty. And I think uncertainty is kind of pervading the market at the moment. But we've been on the hunt since Mark founded the business, years ago, for durable assets, income-oriented strategies that really don't require you to make a macro economic bet. So, our portfolios are really focused on high quality tenants and what we think of as mission critical assets. So, where the asset is both, critical to a client's operations, a tenant's operations and their credit is strong and is also, from an economic perspective, critical to the economy. And blending that, those facets, we don't need to take a bet on what the broader economy's going to do. Now, we think rates are going to stay higher for longer, and that means that it puts a lot more pressure on income generation and on underwriting discipline, which we focused on consistently. 

Aaron Strauss: Sure. And I know you're not in any asset class in any specific market. It's such a huge organization, but obviously one of these hot topics constantly, you hear about it every single day. The data center business, AI, more and more and more demand. It's an insatiable demand, it seems like, for those assets. Maybe on a macro level, you could walk us through how you're thinking about that business and what's exciting about that. What's a little bit fearful? Are we being overbuilt? Are we potentially pushing that market in a way that's less sustainable over time? We'd love to hear on a macro level, you know, how you think about the data center business in that industry. 

Andrew J. Morris: When we think about digital infrastructure, it ties in really nicely to the overall business. Again, critical infrastructure to the economy and to tenants. It's certainly gotten a heightened focus as the way that the economy has pivoted over the last year and 18 months. But we've consistently been focused on production facilities, on logistics operations and other kinds of infrastructure. And digital is another aspect of those mission-critical assets. 

Aaron Strauss: Critical economy, I totally get it. On another question too, you're probably and I know you are, because you're constantly being asked to speak, whether it's at an alumni event, or a former firm, maybe you can touch on just broad career advice. There's a lot of people coming up right now. You've had a fabulous career to date from big law, great education, great background. You've sort of had this really organic flow to your career. It almost seems accidental, but it's not. It's clearly as a result of doing exceptional work. Maybe you could talk about some themes that younger people coming out, really need to keep in mind, as they're getting their first job or second job. You know, you're probably asked, can I meet for coffee? And can you give me some career advice? So maybe some big picture themes, what served you well, you know, in your travels to date, how you've managed to continue to take on more and more responsibility while maintaining kind of your ethos about you, which is equanimity and calm, despite a million moving pieces. 

Andrew J. Morris: Yeah, look, there certainly are a lot of moving pieces. But taking a step back and preparing to talk to you, I don't often find time for self-reflection. I probably should do more of that. But thinking about what's helped me in my career, I always think about trying to see the whole picture. Especially if you're in a client-focused industry, like law. Understanding, well, what's the client trying to achieve in their business? What's this individual trying to achieve within their organization? Who is my client? And figuring out how does that puzzle come together, where I can achieve a great result for that client, over and above just great execution on a transaction. 

Aaron Strauss: Sure. 

Andrew J Morris: Make it more meaningful for them. That's one piece that I think reflecting on the deepest relationships that I've built with clients over the years. And then certainly when you're in-house, understanding what's good for the organization and what are we all trying to achieve together and how does that puzzle come together. 

Aaron Strauss: That makes perfect sense. And you're juggling a lot. The team is huge. The firm keeps growing. The institutional platform is deep. Maybe you could talk just for a moment about just kind of resilience. You know, you lived through the GFC. You worked in big law. And not just big law, like top five big law, where three years is like 10 years in the regular world. So you've paid your dues and then some. But you've seen deals come and go and teams at issues. I mean, every day at your level, you're seeing more exquisite problems, as it were, than somebody on the junior rank. So, you have to have a good headspace. You have to manage this keeping clear. You've got a great vision for what you're doing on execution and the like. Maybe talk about resilience, you know, managing all the pressures you're under. You have to report to a ton of people. You're obviously fiduciary, you're part of a broad team, a tremendous amount of capital. How do you keep the right headspace, essentially, for conducting your day-to-day job, which is obviously a ton of responsibility? 

Andrew J. Morris: Yeah, I think it's really just important to focus on what your goals are, both as an organization and then your personal goals. I mean that beyond just your normal, like, you know, make your check-in. It really is about having that North Star. What are we trying to achieve? We're all marching together towards launching the next fund, towards closing that next big deal, or whatever those goals are. And that kind of goes to prioritization and juggling all those zillion different things you've got to do today. And like we said, we talked earlier about the motivations of everybody inside the organization and trying to tie all those people together into that common goal. To me, when you're all marching together, it's a lot easier to balance all of the competing individual interests. But when you stay focused on, here's what we're trying to achieve together, that, to me, kind of brings you a lot of clarity and it helps you motivate your people, helps you manage up to be steadfast and here's what the organization is trying to achieve and that's why we're making X, Y, Z decisions.  

Aaron Strauss: Absolutely. And I think it's also your testament to the philosophy that just because I don't know everything at this time doesn't mean I can't figure it out. I mean, your background is you're an investment lawyer by trade. You know, that, that's what you grew up doing. And then now your core responsibility is to protect Blue Owl's investment business. But at a certain point you had to learn real estate strategy and I knew you were surrounded by, by some spectacular talent and you've leaned on them and you've grown an amazing team, but I know you study hard, you read a lot, you're always thinking, you know, the more I know about you. But maybe you can describe those kind of jump off moments, right? Someone listening to this may be at a point, where they're in this business, but they don't realize the whole time they really may be able to shift toward that business. So having the mentality of expansion, like I can do that, I can figure that out. It can't be harder than what I already know. Maybe you could talk to that point for a minute. 

Andrew J. Morris: I've never had more fun in my career than those early days. You know, brand new team, young, motivated, brilliant. But I think they were so willing to bring me into the fold, because I was a new guy. You know, I was joining post-merger with Blue Owl. They don't know me from anything, you know. So I'm very grateful for the way that they brought me in. But, you know, part of my motivation there was that they needed to trust me. So I needed to learn how to add value to their deals, how to help them achieve what they wanted to achieve, while also maintaining my overarching goal, which is just protecting the organization. But it was, I really have never had more fun than jumping into deals with these guys and bouncing ideas off each other and working through problems. 

Aaron Strauss: That's amazing to hear. And I think you hit on an amazing point, which is, I think a lot of your success was many factors, of course, but one of those things, it seems as a theme coming through here is your ability to see issues through other people's eyes. I think a lot of people get a document, or they get a deal, or they get a problem and it becomes their problem. But it seems like you've developed this skill in your career, which is, okay, here's the problem. Here's the issue. Here's a solution. But above that, here's how you, as the stakeholder on the other side of this table, will perceive it, digest it, and imbue it. And that involves a lot of skill. It's the emotional capital. It's political capital. It's obviously the ability to understand deals from the lawyer perspective, from the business perspective. So you've really managed to put all this together. And honestly, you're very humble about it. But it's a unique skill set to combine all the technical ability with the empathy and understanding human beings and the other side of it. So I see it coming through. And congrats on just having that big picture mentality to execute. 

Andrew J. Morris: I'd love to say that I cultivated it myself. My father was a salesman. He was in the finance business, but he was a salesman. And he always said, your client needs to know that you understand their business. And that's how they start to trust you. And you really need to understand them and that they'll understand you. And that always stuck with me. I think I'm a salesman at heart. 

Aaron Strauss: Well, you hit on all those critical points. The other thing you said, which I really think is amazing, is having fun. You know, it's so hard. It's called work for a reason. If it was called fun, we'd be at some beach somewhere. So to be able to take the challenges and derive enjoyment from them, despite all the challenges, what they'd present, that's unique. So obviously you're part of a great culture. You're contributing to that great culture. Anything you can share with somebody who's trying to build a great culture on their platform, or maybe upgrade a culture that's already at a certain level, to attract people who frankly will enjoy solving these very complicated issues day to day. I would love to hear that as well. 

Andrew J. Morris: I'd love to say I have the answer there. That's an enormous challenge in the organization for sure. I think what drew me to Blue Owl was that they do value each and every person who works here. Their viewpoint, their breadth and depth of experience that they bring to each challenge that we're trying to solve. And I think organizations that make each individual feel empowered, feel valued and they'll be able to harness those talents towards the organization's goal. And I think that's paramount. 

Aaron Strauss: Really well said, I couldn't agree more. Last question, unless there's anything else I should have asked you but didn't, what are you excited about, in the next several years? Obviously, you are doing a ton and maybe it's just more of the same, because you've got such a huge mandate day to day. But every time I talk to someone like you who's got all the skills and the ambition and the people skills and the technical ability, I know you're always striving, there's always something over the horizon. What's exciting for you, when you look over the next few years? I won't hold you to market predictions, or market forces and so on, but what are some of the things that bring you excitement looking forward? 

Andrew J. Morris: Look, I'm really excited about developing my team, about this platform growing and my team's, both their responsibility, their portfolios and their business growing. But we have a really young group here. We have a really young group here with a ton of potential. They're extremely talented. And so as this platform grows, I'm really, really excited to see them flourish and see what they're capable of. We've already seen a ton out of that, but their potential is, there's a huge ceiling on them. And so I'm really excited to see how they, both the people on my team and then our mid-level junior investment professionals, I think the growth of this platform will really make their talent shine. And I'm really excited about that. 

Aaron Strauss: Outstanding. And the more I hear you talk and I know we did spend some time together before, it's leadership. That's really what it comes down to. If a leader is excited about the growth of their team, which clearly that's exciting for you, then you have a masterclass in how to develop further. So the further your team goes, the further your leadership skills will be sort of forged by fire, if you will. And that servant leadership of caring and growing people and developing their skills and training and giving what you've learned and managing all the stakeholders. I don't see how it doesn't continue when you align talent, strategy, leadership, all the core things you're doing at a very high level. So I will let you get back to your insanely busy calendar. And again, I really appreciate taking the time. It's for our listeners, they really don't get this sort of frontline access to someone at your level and at your role. So I think the lessons here are critical and I just really want to thank you for taking the time today and sharing these insights with everybody. 

Andrew J. Morris: Oh, absolutely. I'm, I'm happy to do it. 

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