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NBA-SBL’s Law Practice Management Committee, Law Firm Administrators Nigeria Realign Business Strategies for Law Firms

In spite of being generally grouped together, small law firms come in such a diversity of natures and characters that it is difficult to paint them with a broad brush. There is essentially no uniformity in terms of how they choose to structure their practices, what practice areas they decide to enter, the clients they choose to serve, or how they run their businesses or law firms. But this one day seminar does start to show some signs of commonality that is worthy of deeper discussion.

The Law Practice Management Committee of the NBA’s Section on Business Law, in collaboration with the Association of Law Firm Administrators in Nigeria (ALAN) on Tuesday 19^th of November, 2019 held a Seminar with the theme: Realigning Business Strategies for Law Firms

The Wheatbaker Hotel on Onitolo Road, Parkview in Ikoyi was a beehive as the workshop attracted both the older and the younger practitioners of the legal profession, as well as professionals from other climes.

The workshop featured two sessions, which examined one topic from different perspectives.  Both sessions were moderated by a renowned businessman and lawyer, Mr. Aigboje Aig-Imoukhuede, FCIB, CON (Founder & Chairman, Coronation Capital). Panelists at the first session included the following:  Soji Awogbade (Partner, Aelex); Seye Kosoko (Company Secretary, FBN Holdings Plc.); Fola Akande (Company Secretary, Cadbury Plc.); Ademola Akinrele, SAN (Managing Partner, F. O. Akinrele & Co.)

Panelists during the second session included: Afolabi Caxton-Martins (Partner, ACAS LAW); Chinyere Okorocha (Partner, Jackson, Etti & Edu); Jumoke Lambo (Partner, Udo Udoma & Belo Osagie); Odunola Onadipe (Lead Operating Officer, Detail Commercial Solicitor).

The Chairman of the Law Practice Management Committee of the NBA-SBL, Anire Kanyi, in a conversation with Newswire Law & Events Magazine, explained the rationale behind this gathering, “The legal profession is one of the few professions where you can step out of the law school and set up your business or a law firm,’ she said.‘However, in order for you to set-up you must have the discipline to ensure that you have a structure, and the thinking of a business person for that structure to work. So, we (The Law Practice Management Committee of the SBL) are identifying with those issues, and then we are trying to teach our younger ones how to make their business work. Maybe different strategies but you must have the fundamental structure for that business to work.’

Organisers said the main focus of the workshop was to expose law firms to the huge opportunities that abound in the law practice industry and the right steps to take in order to be a partaker of the trillion-dollar industry, and the need for law firms to move away from the parochial thinking of law as just a legal profession to one that sees law as a business.

In his remarks at the occasion, the NBA-SBL Chairman, Mr. Seni Adio, SAN assured that the discussion will continue, and steps would be taken to actualize the recommendations that will be syndicated and disseminated to the appropriate quarters for the benefit of the entire law practice in Nigeria.

During the discussion of the macro issues at the first session, Fola Akande said law firms in Nigeria were yet to fire on all their operational cylinders. She said a couple of law firms are improving, but in the area of technology they still had miles to cover in terms of incorporating technology into their processes – a transition which she was sure would significantly turn their businesses around.

The legal profession, she added, has no choice but to evolve, and law firm owners and partners must begin to think like CEOs. A mindset change among lawyers and law firms must be havean array of commercial scales in their business.

Seye Kosoko, in contributing, said law firms would be unable to tap into the gigantic legal market in the country due to the fact that there are only about 100,000 mortgage contracts available for over 200 million Nigerians, and about 2 million registered SMEs with less than 1% of them using lawyers. He said lawyers must begin to see the bigger picture and massive opportunities that abound in the law business beyond practice; otherwise, he warned, lawyers would continue to settle for crumbs. Kosoko pointed out that the biggest problem to deal with is the country’s economy.

 “A good economy driven by good leadership is key for the success of the law practice as a business,” he emphasized.

Also speaking, Ademola Akinrele, SAN said, “Getting to the highest point of practice, investment is necessary as it will help in time of need. Nigerian lawyers and law firms must cultivate the habit of saving, to keep look-out of their overheads and finally build good partnerships.”

The 2nd session looked at the internal issues, that is, operations and personnel within the law firms and what they can do to position themselves better, have a global mindset, how technology can really help their operations, and the need for having good structures in place for sustainability.

The four panelists at this session were in one accord in advising that setting up a business or law firm or even becoming a partner in one demands that one must be realistic with what they’re trying to achieve.

The corporate world loves to talk about SMART goals. These are goals that are Specific, Measurable, Attainable, Relevant, and Timely – which the panelists thought would makegreat watch words for lawyers. Many lawyers might contend that they simply did not have time to implement a strategic plan. To this, the panelists offered the following suggestions:  Practicing with passion can be an essential part of a fulfilling law practice, but to make the practice that you’re passionate about a sustainable part of your future, you must practice passionately in a profitable way.Your practice, they said, needs to be structured in a way that will last for the long term. And that kind of structure requires forward thinking. To face the long-term realities of running a business, dealing with change, and confronting competition, you need to have a plan.

A Senior Partner at ACAS LAW, Afolabi Caxton-Martins, a panelist during the second said strategies are often developed independently, and administrative and marketing teams don’t always work together during the initial development phases. Like all businesses, law firms attain to success when all of the different parts of their practice work together to achieve a common goal or vision.

“The planning process of law firm” he advised,“must involve your marketing team so that they’re able to provide direct input and offer the guidance needed to increase your law firm’s marketing success.”

In a chat with NEWSWIRE’s correspondent, the moderator, Aigboje Aig-Imoukhuede expressed the view that young lawyers are increasingly coming to the realization that they are, indeed, business owners, and they need to improve their business management skillset. “That is why a seminar of this nature, organized by the Law Practice Management Committee of the SBL, is impacting a long-term effort to help small law firms grow their business acumen, improve their business planning skills, identify and improve core competencies that are essential to securing their practice’s future.  I believe this workshop is the first in a series that will highlight important skills for leaders of small law firms, and how those skills can be incorporated into plans for a prosperous practice.”

Throughout the workshop, attendees participated in every capacity, heard from very inspiring speakers, and learned from thought leaders and senior colleagues about in-depth topics that covered why strategic planning matters for small law firms, as well as digital content, innovation, the library of the future, transformation, emerging trends, best practices, community engagement, leadership, and many more.

The seminar which was organized free for participants ended with a sumptuous lunch.

See photos below:

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