The Annual General Conference of the Nigerian Bar Association, kicked off in Port Harcourt , Rivers State
So many programmes are lined up for the week long event with so many distinguished professionals and government functionaries set to deliver lectures on different areas of professional life.
One of the workshops which particularly appealed to me, was the one on “Increasing Profitability in a Recession; Relevant Business Development Skills for Lawyers”, where two speakers Mrs. Boma Ozobia, and Mrs. Funke Adekoya SAN presented glowing insights on how lawyers can survive in our ever changing world.
Mrs. Ozobia spoke on the importance for lawyers to understand and analyze the need of current and potential clients. She listed some basic business development strategies which lawyers should have. This lecture was interesting because Mrs. Ozobia pointed out the need for lawyers to see law practice as a business venture and not just a profession, if they intend to continue to pay their bills.
The second speaker, Mrs. Funke Adekoya SAN focused on how law firms can stay profitable in a recession. She mentioned that in doing this, a law firm must focus on what she called the four ‘P’s, Product, Place, Promotion, and Price.
Mrs. Adekoya SAN encouraged lawyers to consider expanding their target if their product range changes e.g. a website is an effective way of reaching a wider market.
Mrs. Adekoya SAN also said that cutting legal fees in a recession is not a good solution to beating the recession because clients will not increase the fees for the same reason when the economy improves.
Participants asked questions, most of which hinged on why lawyers do not insist on the scale of charges for legal practitioners, when other professionals insist on theirs.
The speakers urged the Nigerian Bar Association to look into this issue of undercharging by lawyers with a view of arresting the ugly situation, and sanctioning defaulters.
The conference continues….
Look out for updates.
Look out for updates.
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