Realigning Business Strategies for Law firms
The age-old argument whether Law is simply a noble profession or a business, has been long laid to rest. Law is both a noble profession and a multi Dollar business. Only a well-run business can be an efficient and successful professional firm. A Law firm is not run on technical knowledge alone but on sound business skills, knowledge and practices. The health of any business depends on the skills of its management team – its Leaders, its Partners. Whether a business was set up with the simple objective of making money or to render vital not-for-profit services, the safest way to succeed is to be highly efficient in order to deliver good services. To reposition the Bar in its critical role in economic and social development, law practices must strive for excellence.
Many lawyers, no doubt have difficulties balancing the technical and the management functions of running a law firm. A wise lawyer who wants to be successful in the business or practice of law must admit his/her shortcomings and constantly strive to improve on them. Research has shown that people who are exceptionally good in business are not so because of what they know but because of their insatiable need to know more. To be good at the business of law, we must be willing to move out of our comfort zones and embrace new knowledge and perspectives.
Law practice management is concerned with bringing best business and management practices into the legal context, focusing on such topics as strategic planning, financial management; people management – talent recruitment, development and retention, business development and marketing, information technology, operations, facilities and space management, succession planning, etc. The law firm today requires multi-disciplinary business skill to thrive and remain attractive to the next generation of lawyers
The Law Practice Management Committee of the NBA Section on Business Law (“SBL-LPMC”) in collaboration with Association of Law Firm Administrators, Nigeria (“ALAN”), is organising a workshop on Tuesday, November 19, 2019 by 9am with the theme “Realigning Business Strategies for Law firms” at The Wheatbaker, 4 Onitolo Road, Ikoyi, Lagos. The moderator of the workshop will be Aigboje Aig-Imoukhuede, FCIB, CON
The theme is informed by the many challenges faced by the legal community on how best to incorporate business principles and good governance into the practice of law. The workshop will focus on the evolving and the multi-disciplinary nature of legal practice as well as the critical need for innovation and capacity building in the legal profession with a view to developing a wide range of management practices as an indispensable tool for successful law firms. We have a panel of seasoned legal practitioners from different sized firms, in house and external counsel who will be sharing their experiences and taking on hard questions. They include Soji Awogbade, Partner, Aelex; Seye Kosoko, Company Secretary, FBN Holdings Plc.; Jumoke Lambo, Partner, Udo Udoma & Belo Osagie; Odunola Onadipe, Lead Operating Officer, Detail Commercial Solicitor; Afolabi Caxton-Martins, Partner, ACAS LAW; Fola Akande, Company Secretary, Cadbury Plc; Demola Akinrele, SAN, Partner, F.O Akinrele & Co; and Chinyere Okorocha, Partner, Jackson, Etti & Edu.