“I tell my team, “We’re not here to solve legal problems. We ‘re here to solve business problems. Legal is our tool.” – Salle Yoo, former Uber General Counsel.
Unfortunately, only few lawyers understand or ply their trade in the light of the above statement. Most do not understand that apart from the usual practice of law, there’s a business side to it. And just like every other industry, the legal industry though primarily focused on justice delivery and entrenchment of law and order within the society, is also a profit making industry as practitioners hope to find their daily bread from carrying on their trade.
It is therefore important that lawyers have at the minimum, a basic business intelligence to support and aid profitability of their career.
Another reason business intelligence is necessary for any lawyer aiming at success is to foster a healthy Attorney-Client relationship. A good understanding of your client’s business, positions you better to address and provide customised solutions to each client. This guarantees your stay in business and food on your table.
In coming episodes, we would dig deeper and discuss on a broader perspective business areas we should as lawyers focus on.
Busola Ajala is a lawyer, entrepreneur and a motivational speaker.