By Chinelo Audrey Ofoegbunam, Esq, ACIARb (UK), ACArb, AICMC, ACIS
Treasurer, NBA Abuja Branch (2022-2024)
Introduction
For many Nigerian lawyers, the legal profession is synonymous with litigation, court appearances, and endless legal drafting. The idea of stepping away from the courtroom to sit at the decision-making table of corporations is often overlooked. Yet, some of the wealthiest lawyers today have built their fortunes not from legal fees, but from strategic corporate roles, board appointments, and business partnerships.
If you have ever wondered how to leverage your legal expertise beyond litigation and build long-term financial wealth, this article will guide you through the transition.
Beyond the Wig and Gown – Why Lawyers Should Enter the Corporate Space
Many lawyers remain in litigation because it is familiar and traditional. The profession has glorified the image of a lawyer as a fierce courtroom advocate, but the truth is:
Litigation is financially unpredictable – court cases can drag on for years, clients may default on payment, and there is no guaranteed steady income.
Corporate advisory offers financial stability – businesses require ongoing legal counsel, regulatory compliance, and strategic guidance, creating a consistent income stream for lawyers.
Board appointments provide influence and wealth – serving on corporate boards gives lawyers access to high-level financial decisions, executive compensation, and investment opportunities.
The key question is: How do you transition from a courtroom advocate to a corporate power player?
Step 1: Positioning Yourself as a Business-Minded Lawyer
To attract corporate clients and board roles, you must be seen as more than just a lawyer—you must be a business-minded strategist.
• Develop Business Acumen
1. Understand finance, corporate governance, and business strategy.
2. Read books on corporate leadership, investments, and risk management.
3. Take online courses on business administration, mergers and acquisitions, and financial literacy.
• Build a Corporate Network
1. Attend business conferences, not just legal ones.
2. Join organizations like the Institute of Directors (IoD) Nigeria and other professional bodies.
3. Cultivate relationships with CEOs, entrepreneurs, and corporate executives.
•Brand Yourself as an Industry Expert
1. Write articles or give talks on business law, corporate governance, and regulatory compliance.
2. Start a newsletter or podcast discussing legal trends affecting businesses in Nigeria.
3. Use LinkedIn strategically—share insights, engage with executives, and showcase your expertise.
A lawyer who understands business attracts more lucrative opportunities than one who only knows litigation.
Step 2: Securing Board Appointments & Executive Roles
Corporate boards need lawyers because:
They offer legal and risk management expertise.
They help businesses navigate regulatory frameworks.
They provide strategic thinking and ethical oversight.
•How to Get Appointed to a Board
Start small – Offer to advise startups and SMEs before aiming for big corporations.
Get certified – Obtain corporate governance certifications from recognized institutions like the IoD Nigeria.
Make your interest known – Let your network know you are open to board roles (many appointments happen through referrals).
Demonstrate value – Do not just say you want a board role; show how you can add value to the company.
Once on a board, you gain equity, director’s fees, and high-value connections, positioning yourself for long-term wealth.
Step 3: Investing in Business Partnerships as a Lawyer
Lawyers who build wealth don’t just advise businesses—they own them. Instead of working for business owners, become a business owner.
• Ways Lawyers Can Invest in Businesses
1. Equity in Clients’ Companies – Instead of charging one-time legal fees, negotiate for a percentage of the business.
2. Real Estate Partnerships – Many corporate lawyers invest in real estate ventures with high-net-worth clients.
3. Start Your Own Business – Whether it is a legal tech startup, a consulting firm, or an unrelated venture, owning a business generates long-term financial freedom.
Final Thoughts: The Lawyer Who Thinks Like a CEO Wins
If you want to move from the courtroom to the boardroom, start thinking beyond legal fees and start focusing on corporate influence, strategic investments, and long-term wealth.
1. Upgrade your financial and business knowledge.
2. Position yourself as a legal business strategist.
3. Secure board roles and business partnerships.
The wealthiest lawyers do not just practice law—they build, own, and influence businesses.
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