Lawyers, she said, must see their practice as a business, and need to create a plan towards success. Siakpere spoke at the 2017 Law Week of the Nigerian Bar Association (NBA), Benin Branch, on the theme: Investment options and wealth creation through corporate practice. She said: “Create a viable business plan, highlighting your practice areas and the pricing of services. Identify your cash cows in corporate practice, competition, competitive advantage, SWOT (strengths, weaknesses, opportunities, and threats) analysis and know your breakeven point. Please note that law practice is a form of business,” she said. Siakpere, who is the founder of Klass & Korporate Consultants International Ltd, said lawyers need to reposition themselves. “Developing a niche as a corporate lawyer offers you an opportunity to distinguish yourself in corporate law and develop a practice area that allows you to attract clients,” she said. The lawyer said building relationships and networking are key, adding that 80 per cent of business development potential comes from existing clients. “Few practices deploy a strategic plan for offering more legal services to their clients after the close of their case files. We have discovered that for most law practices, attempts to ‘keep in touch’ with clients is an ad-hoc affair involving no more than a greeting card at Christmas. “By showing your interest in helping your client succeed, you can be sure that he will think of you when he needs legal advice or contracts drawn up for his business,” she said. It is also important for a lawyer to work on their attitude towards clients and others. They must also pay attention to their appearance which creates first impressions, and on how they follow up on opportunities. They must also develop their knowledge base in corporate law, especially how regulatory bodies function, which she said allows them to provide potential clients with critical information. Siakpere said corporate lawyers must learn to say no to unprofitable cases that will not help to build their niche market. There is also need for lawyers to invest, as well as grow and protect their investment portfolio by carefully diversifying it towards creating wealth. Some of investment options, she said, are stocks, mutual funds, money market account, land flipping (buying of land and reselling quickly for a profit), buying and renovating old or dilapidated structures that can rise in value; property development, real estate investment trusts (a form of collective investment scheme), among others. “According to Benjamin Franklin, ‘an investment in knowledge pays the best interest.’ When it comes to investing, nothing will pay off more than educating yourself. Do the necessary research, study and analysis before making any investment decisions. This will eventually lead you to wealth creation,” she said. Siakpere is a commercial lawyer with over 10 years’ experience in corporate law. She holds a master’s degree in corporate and commercial law from the University of London. She served as the Corporation Secretary for several years with Gitto Constuzioni Generali, an Italian Multinational Company with operations across Africa, Europe and America before setting up Klass & Korporate Consultants. She has worked on projects supported by Delta State Government focusing on entrepreneurial development, job creation and business sustainability. Klass & Korporate Consultants renders business development services such as drafting business plans, proposals, company profiles, as well as providing requisite guide for certifications for companies with major contract employers as well as regulatory agencies. It has strategic alliances with organisations in the United States of America as well as the United Kingdom. Since inception in 2011, it has registered and groomed over 500 businesses.]]>