Panelists at the 2024 Law Week organised by the Nigerian Bar Association, Lagos Branch have called on lawyers to establish their practice across border due to the impact of globalisation on legal practice and the need to forge strategic partnerships by legal practitioners globally.
The panel featured senior officials of leading law firms in Nigeria who shared insights into their experience establishing their practice outside Nigeria. Each panelist gave an overview of their business model, highlighting the unique challenges and opportunities encountered.
Panelists in this second plenary session also identified the impact of globalisation on legal practice and the resulting collapse of country boundaries that laid the foundation for cross-border collaboration and the need to forge strategic partnerships by legal practitioners. They noted that global expansion provides opportunities for legal practitioners to scale their practice and seize opportunities that are available across their primary jurisdiction.
A senior lawyer, Supo Shasore SAN observed that the global legal market is evolving at a rapid rate, creating opportunities for Nigerian law firms to expand their practice. He also noted that the legal industry is projected to grow to about US $1.2 Trillion by 2030. There are about 200 African countries listed on the London Stock Exchange indicating that Africa offers an attractive market to global investors.
Another panelist and a seasoned Lawyer, Tunde Oyewole Esq., recommended the Swiss Verein model as probably the most viable and sustainable law firm partnership model for cross-border legal entities with wide acceptance globally, noting that this model offers benefits in terms of simplicity and low costs. He said that leading accounting firms like PwC have successfully operated that model for decades, but identified that the Nigerian Rules of Professional conduct for legal practitioners prohibits legal practitioners sharing fees with foreign law firms and that it is a potential impediment to law firms adopting the model.
Supo Shasore SAN, and Funmi Iyayi identified that culture and branding play a significant role in the success or failure of cross-border practice, noting that many mergers fail as a result of cultural misalignment. They observed that perception of the country generally impacts the experience of firms seeking to expand their practice outside jurisdiction and highlighted the need for Nigerian firms to position themselves to narrow the cultural divide by cultivating and engendering the right values to attract positive perception and promote success.
The 2024 Law week organised by the Nigerian Bar Association Lagos Branch was held at Harbour Point, Wilmot Road, Victoria Island, Lagos on 10th to 15th June 2024 and panelists in this 2nd plenary session discussed the topic: “Global Expansion and Cross-Border Collaborations: Strategies for Nigerian Law Firms”.
