An eminent panel of experts drawn from multiple sectors of the economy and regulatory institutions have shared their knowledge and thoughts on “Realigning Business Strategies For Law Firm”.

Speaking during the workshop of Law Practice Management Committee of the Nigerian Bar Association Section On Business Law (NBA-SBL-LPMC), Jumoke Lambo- Partner, Udo Udoma & Belo Osagie, said that what every law firm needs first is the experience though not the selling. The ability to understand clients’ business, timely delivery and bringing value to the client, to her is very important.

She shared her experience when she joined her firm, Udo Udoma & Belo Osagie. She joined the firm 30 years ago and now she is a partner. She Started with N200 salary even when her colleagues were paid N1000. According to her, what kept her there was that they were ready to invest in her and they kept to their policy. “The firm invested so much in training lawyers even to date,” she said.

“The firm did what has never been done before in the country, which is Succession – bringing in people with no family linkage to head the firm.

“This was able to attract international law firms to come in and partner with us. It is a value proposition that is differentiating us from every other law firm.

“The moment we started automating our process, the firm realized how much they were losing. We had to bring in someone to manage their billing, which positively affected the business. The firm looks after her own. Maternity leave for senior partners was up to 6 months. They made me feel like I was part of the firm from day one,” she said.

On lawyers’ appraisal, Jumoke said that at her firm, they have a very structured appraisal system in place, up to 4 levels and integrity is something that everyone must score 100%.

“From next year, the firm will have an on-the-go appraisal in place, after every transaction. That way, everyone understands their progression in the firm.

“In a bid to start running as a business, her law firm had to open doors for equity investment and they have also invested in a spin-off law firm to take care of the technology side of the business,” Jumoke added.

Chinyere Okorocha, Partner at Jackson, Etti & Edu, and Council member of the SBL shared her view on how law firms deal with the limited market currently available in the country that are hunted by many people.

She said until lawyers start seeing what they do as a business and not just law, the problems will persist.

Chinyere who started as a young lawyer at her law firm said right from the beginning, they had an honest conversation as the founding partners promised they wanted to build a partnership.

“Trust is key in this practice. When we started, there was no structure in place like how to go about the elevation of people, promotion of people, human resources etc., but as the firm grew, there was a need for it.

“The traditional model of the law firm isn’t working anymore due to the fact that lawyers in Nigeria are not trained to see law as a business,” she said.

Regarding Origination, Chinyere Okorocha said one has to be hungry and from which they originate. Law firms must make sure they try and identify the strengths and weaknesses of their lawyers and fix them where they best fit.

She encouraged young lawyers to be very visible in the firm and invest in their personal development.

She continued, “Know what you want from the beginning. Are you working because you just want something to do or you have a vision for your career progression?

“Make your ambition known to your line manager. As you grow, remember to elevate others behind you. Bring value to the table. Take time to evaluate your contribution to the firm. Judge yourself before other people judge you,” she added.

Afolabi Caxton-Martins, Partner at ACAS Law, talked about how his firm was structured from a business mindset. He said his firm was able to incorporate two types of partners, Capital and Salary partners.

“As a salaried partner, one must be able to be meeting some target before upgrading to a capital partner. The firm generates profits, and partners share in it monthly or quarterly.
We are totally transparent regarding our financial management as it is clear how much is earned. We have a written agreement and so there is no way money can be taken anyhow.

“The firm also considers who they admit as a partner too. The kind of people that reflect the firm and their values.

Afolabi shared his thoughts on origination. He said first, they had to be creative and lose the fear factor as they wanted to have international clients. He also said they attended conferences to network with people.

“I even borrowed money from my wife to attend one. I visited the commercial sections of the different embassies to offer my services. We tell our lawyers that they need to learn how to originate. Work is giving, not to law firms but to people,” he said.

Odunola Onadipe, a non-lawyer who is the Lead Operating Officer at Detail Commercial Solicitors was asked if she was trusted in her law firm as a non-lawyer. She said from the beginning she knew what she was employed to do.

“From day one, I understood the need of the firm and believed I could fill that need, as an experienced HR manager. My competence and experience spoke for me.

“I started as a practice manager to organize their back office and grew to become the Lead Operating Officer.
She stressed on the need for law firms to have practice managers as they can help them make more money and save much more for them.

She also highlighted the things her firm does to encourage female lawyers.

“First, the firm has a structure in place for women to thrive. In our law firm, they have a crèche for nursing mothers. This has helped most young female lawyers bring their babies to work without issues. The firm allows their people to work from home and have flexible working hours, also, having sufficient maternity leave for women,” Odunola added.

The Chairman Section on Business Law, Seni Adio, SAN, in his closing thoughts made young lawyers understood that not all lawyers can become a partner even if they have done all the necessary things but the most important thing is being the best they can be as firms tend to hire potential future partners.

“Even if you are a people person, you must first decide to be the best you can be before you start talking of origination.

Regarding the outflow of talents, he said the same way people are leaving, that is how people are coming in so there are opportunities at both ends and while we are here, we should see the opportunities and be well-positioned to go for them.

He assured everyone that the SBL will continue to focus on young lawyers through their Young Lawyers Forum and explore more ways to develop them.

The moderator concluded with these few take-home points:

– We need to think of how to increase the mortgages in the Real estate sector from 100 thousand to 3 million.
– In the tech sector, we must invest in it.
– Lawyers have strengthened their partnerships with other key sectors in the US and UK, and it is working for them. – We need to strengthen partnerships here also.
– One of the ways of dealing with talent retention is to have a Lead Operating Officer in place.
– Origination is a function of one’s ambition and hunger.
– The Section on Business Law should think of what to do to bring down the cost of technology and make it possible for a legal professional in a rural area adopt in his own law firm.