*As Young Lawyers Say One Deal Can Pay More Than Litigation
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The legal profession in Nigeria is witnessing a notable shift as lawyers increasingly explore opportunities in the real estate sector. This trend highlights the evolving dynamics of the profession amid economic challenges, judicial delays, and a growing real estate market.
Historically, lawyers have played a central role in property transactions, ensuring legal compliance and proper documentation. Barrister Gerald, a seasoned lawyer, emphasizes that lawyers are indispensable in property dealings as their stamp is required to validate deeds and transfers under Nigerian law. This statutory role has long linked the legal and real estate sectors, with lawyers earning significant fees, often a percentage of transaction values.
For many legal practitioners, venturing deeper into real estate serves as a strategy to counter low litigation earnings and prolonged court cases. According to Mr. Icent, a lawyer with over a decade of experience, real estate offers a complementary income stream rather than replacing core legal practices like corporate law or litigation. Lawyers are drawn by the substantial returns and faster transaction timelines compared to the complexities and uncertainties of court cases.
Real estate’s profitability—where a single transaction can yield significant earnings—has made it an attractive option. Lawyers often approach it as a side business, allowing them to diversify their portfolios while maintaining their legal careers.
For younger lawyers, real estate has become a survival strategy. Ms. Ngozi, a former legal practitioner, notes that the financial security offered by real estate transactions is more immediate and stable compared to litigation. High litigation costs, extended timelines, and unpredictable outcomes often push new lawyers toward the faster returns of property deals.
Real estate transactions, involving documentation or legal guidance, allow young lawyers to leverage their expertise without the intensive research and preparation required in litigation. This has led to real estate being viewed as a “fast money” option, offering substantial fees from successful deals.
The rise of real estate among lawyers reflects broader dissatisfaction with Nigeria’s judicial system. Issues such as prolonged court proceedings, judicial corruption, and a preference for out-of-court settlements have diminished enthusiasm for litigation.
While many lawyers view real estate as a supplemental income source, its growing appeal raises concerns about the long-term impact on the profession. With more lawyers gravitating toward property transactions, there is a risk of fewer specialists in areas like criminal and constitutional law, potentially leaving gaps in legal expertise.
Despite the challenges, legal professionals like Barrister Gerald argue that real estate dealings remain rooted in legal principles, reinforcing rather than detracting from lawyers’ overall competence.
The trend of Nigerian lawyers venturing into real estate reflects both economic adaptation and the challenges within the legal system. While property transactions offer financial rewards, they also underscore the need for reforms to address judicial inefficiencies and restore trust in the system.
As more lawyers integrate real estate into their practice, the profession is likely to continue evolving, balancing traditional legal roles with the opportunities presented by Nigeria’s growing property market.
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