#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.

* 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.