Seven (7) Takeaways from the Business Law Weekly Series 24: “A Fireside Chat with Gbenga Oyebode: The Law, SBL & The Business Environment”
1. The development of a society through the law: Practicing law should not be the sole objective of a lawyer. Instead, the practice of law should as well be seen as a tool for supporting development, among others. It is important to use the law to create a positive impact on both oneself and the people around them.
2. Building a Sustainable Law Firm: It is important, for the sake of sustainability, to build a law firm that goes beyond individual success and focuses on a lasting legacy. The management of law firms should motivate, identify, and mentor key personnels within their organization who can continue the practice and push the envelope to succeed.
3. Ease of Doing Business in Nigeria and efforts of the past administration: The past administrations had made efforts towards improving the ease of doing business in Nigeria. However, these efforts have been downplayed by in-built inconsistency and lack of proper messaging. To vacuum these errors, clear and consistent messaging is crucial for achieving the desired outcomes in business environments.
4. Nigerian Firms and Continental Free Trade Agreements: With the anticipated introduction of the Continental Free Trade Agreements, there is a huge potential for Nigerian businesses to expand across the continent. With this opportunity, there is an incidental opportunity available to Nigerian law firms to expand their expertise and follow their multinational clients to other jurisdictions.
5. Personal Branding, Mentorship, and Role Modeling: The importance of personal branding and making conscious choices that positions you as an individual within your organization cannot be overemphasized. In building any career, focus should be placed on mentorship and role modeling. Role modeling as opposed to mentorship is
advised, depending on your access to your desired mentor or role model. Prominent members of the society should extend opportunities to guide deserving members of the profession. Members of the professions should as well learn from the experiences of senior members and draw from these experiences to develop their skills continuously.
6. Remuneration for lawyers, a guide for law firms, Generally remuneration for lawyers is a prominent topic of discussion in most gatherings of lawyers. Peer law firms are encouraged to adopt the practice of conducting peer analysis surveys to remain to determine what is obtainable and remain competitive among their peers.
7. Attracting and retaining talent in the legal ecosystem For law firms to continue to attract and retain talent, it is important to identify and recruit the best and brightest individuals. By seeking out top talent, law firms can create an environment that rewards excellence and fosters professional growth. In terms of talent management, the focus should be on investing more in talent, recognizing game-changing skill sets, providing the right opportunities for and guidance to employees. This will ultimately lead to their retention and the success of the Firm.