#Lagos Branch Law Week: Asue Ighodalo Calls For Better Rewarding System For Young Lawyers

* Law Firms Can Structure Their Operations Like A Corporations— Dr. Myma Bello-Osagie
*Law Firms Need To Maintain A Standard With Regards To Their Fees— Mr. Theophilus Emuwa

The founding partner of Banwo & Ighodalo, one of the foremost commercial lawyers in Nigeria, Asue Ighodalo, has charged Law Firms to reward lawyers sufficiently in order to build a sustainable future for their firms.

Ighodalo, who made this remark on Monday at the ongoing Law Week of the NBA, Lagos Branch, asked if young lawyers are well rewarded enough by their Law Firms.

Speaking at the second plenary session on the topic: “Built To Last: Creating World Class Firms In Nigeria”, he said

While commenting as a Panelist on the second plenary session on “Creating World Class Law Firms in Nigeria”, Ighodalo, noted that “It’s one thing to be passionate about law, it’s another thing being able to survive pursuing that passion”.

He stated that great firms need to work on the reward system for their lawyers and work on their corporate succession and compensation systems.

Ighodalo also noted that lawyers need to be professionally arrogant when they believe in their professional competence.

He expressed the concern that Nigerian lawyers are sometimes a victim of society as unhealthy competition make lawyers charge themselves short in transactions.

Ighodalo said, “if you are professionally arrogant you should not get into the rat race of trying to outbid yourself just to get a work. When you do you may be unable to pay your lawyers”.

He said, “In my law firm there are at least two or three people who earn more than me.

“For a long while, Law Firms may have to rely on resources from family and friends for sustenance.

He stated that in the early days of setting up his firm, his wife sustained the family, as most of revenue from the Firm was ploughed back into the Firm.

Ighodalo therefore, urged younger lawyers to be proactive in this information age, noting that even in difficult times, there are still many opportunities for lawyers, and law firms must be proactive and creative to take advantage of those opportunities.

In responding to a question from a participant, he noted that if the laws enable Law Firms are enabled by law to the public, there is no reason why not!.

“There are Law Firms who make more in revenue than public companies, therefore if the environment and the laws permit you, then it will be a good idea”.

Fellow Panelist, Dr. Myma Bello-Osagie, Partner in Udo Udoma and Bello-Osagie, in responding to one of the questions from a Participant noted that Law Firms can structure their operations like corporations even though they are not registered as corporations. She also noted that Law Firms must respect the rule of law in all their operations and should work towards supporting the rule of law.

Theophilus Emuwa, a Partner in Aelex, in agreeing with Mr. Asue Ighodalo, noted that Law Firms need to maintain a standard with regards to their fees.

He expressed worry that Nigerian firms sometimes short-change themselves in pricing and calls for attention to be given to fix this issue.

Emuwa further addressed the question of talents leaving Law Firms shortly after being trained, he noted that “most of the big four accounting firms have it as part of their business model that staff will leave the firm.

This is not a negative for the Law Firms, but Law Firms should rather prepare for staff to leave as their leaving will only expand the firm’s social markets in the corporate world”.

On the point of talents leaving law firms, Mrs. Myma Bello-Osagie noted that even if such talents leave the firm without being Ambassadors expanding the firm’s corporate network, having trained talents go into the society expands and enriches the legal ecosystem generally.

Asue Ighodalo however added on the discourse that there are usually lawyers on whom the firm’s future resides.

He, therefore, enjoined Law Firms to have a plan to sustain their firms by doing what is necessary to keep talents that are key to the future of the Firm.