Ahead of the 11th Annual Business Law Conference of the Nigerian Bar Association Section on Business Law, the Chair of the Conference Programmes Subcommittee, Dr. Adeoye Adefulu offers some insight on the future of legal practice in Nigeria.
Excerpts…
“As lawyers, we need to evolve with our clients and their needs. Legal practice in Nigeria is responding to the development of the Nigerian economy. As the Nigerian economy continues to diversify into sectors such as entertainment and information technology, the nature of our practice will also evolve. Additionally, the needs of our traditional clients are also changing and they are in turn looking for a more dynamic response from law firms.”
LEGAL SYSTEMS AND GROWTH OPPORTUNITIES IN THE SECTOR
“There are a few areas of growth we expect to see over the next few years. Firstly, as the Nigerian economy gets more sophisticated, the nature of the work requested of legal professionals will get more complex. Such complex work will not remain the reserve of just a few firms and there will be demand from a much wider circle. This requires smaller firms to develop a broader set of skills and the capacity to handle these transactions.
“Secondly, we also see growth in terms of numbers. As the economy grows, we expect much more work for Nigerian lawyers.
“Thirdly, the export of Nigerian goods and services to other parts of Africa will require Nigerian law firms to support their clients in these countries.
IMPACT ON LOCAL BUSINESSES AND FOREIGN INVESTMENTS
The relationship between the law and the wider economy is a symbiotic one. Economic growth provides increased opportunities for the legal sector and the development of the legal sector helps to deepen the quality of services offered to local businesses and foreign investors. From a practical point of view, as the profession continues to develop, we expect investors to be less reliant on counsel from their home countries in terms of legal work in Nigeria.
