Richard C. Stephenson, Partner
rcs@stephenson-law.com
Direct: (919) 459-2187
Rick is a co-founding partner of StephensonLaw and a trusted legal advisor to commercial property and business owners across North Carolina. With more than 30 years of experience in real estate law, Rick has built a career helping clients navigate all aspects of ownership of commercial real estate including acquisition, development, leasing and disposition.
Building on his commercial real estate transactional experience, Rick’s now leads the firm’s land condemnation practice, where he advocates for property owners facing involuntary takings by the North Carolina Department of Transportation and municipalities. His real estate background allows him to identify property valuation factors often overlooked in initial government appraisals—particularly for commercial and investment-grade property. Rick has played a central role in securing strong outcomes for clients throughout the state, reflecting a collaborative, detail-oriented approach that blends legal strategy with real-world real estate acumen.
In addition to his condemnation work, Rick continues to advise clients on commercial real estate matters including land assemblage, project financing, leasing, and the disposition of office, retail, and industrial assets. He also counsels closely held businesses on corporate structuring and governance, as well as mergers and acquisitions.
Rick began his legal career as a Judge Advocate General (JAG) in the United States Navy, and later served as a Special Assistant United States Attorney for the U.S. Department of Justice, where he prosecuted white-collar felonies and also represented the federal government before the U.S. Court of Appeals for the Fourth Circuit.
Outside of his legal work, Rick enjoys spending time with his family and being a father to his three children.
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Corporate:
Lead counsel for disposition of Triangle-based insurance agency to subsidiary of publicly traded company.
Corporate counsel for real estate developers including drafting and negotiation of operating agreements.
Counsel for Cary-based software firm disposition to publicly traded Silicon Valley financial software firm.
Counsel to national marketing firm with Triangle-based headquarters sale to private equity fund.
Real Estate:
Lead counsel to various Triangle-based homebuilders in acquisition of unimproved land for upscale single family planned communities.
Counsel to various developers in acquisition, development, leasing and disposition of land for industrial, office and retail projects.
Land Condemnation:
Achieved a post-mediation settlement of $4,375,000 for the owners of a 77,000 square foot medical office condominium building in Wake County after NCDOT initially deposited $629,250 for a partial taking which included a grade separation and project related permanent and temporary easements.
Co-counsel on adjacent vacant parcels in Craven County: recovered in excess of $1,000,000 over the initial deposits based on intended joint-development.
Retail building in Wake County: recovered over seven (7) times the initial deposit for reduction in access.
Mixed Use/Flex building in Wake County: recovered over six (6) times the initial deposit for loss of parking and reduced access.
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•Special Assistant United States Attorney, Eastern District of Virginia, 1994-1995
• Member, Cary Chamber of Commerce Board of Directors: Chair 2021-2022 and Vice Chair of Education 2016-2017
• Taylor Family YMCA, Cary Advisory Board: 2014 - 2017
• Campaign Chair, Major Gifts, Cary Family YMCA: 2021-2022
• The Carying Place, Boad of Directors: 2010-2016
• Member, Cary MacGregor Rotary Club
• NC Legal Elite (Business North Carolina Magazine), Real Estate Law: 2016, 2017, 2021; Business Law: 2023
• Best Lawyers in America: Corporate Law and Real Estate Law, 2024 & 2025
• JAGC Lt. U.S. Navy, 1992-1995
• Retired Commander, U.S. Navy Reserve -
• Appalachian State University, B.S.B.A. (1987)
• Campbell University, Norman Adrian Wiggins School of Law J.D. (1992)
