I was receiving a brief from a client on a solution he’s working to bring to the financial services market and he wanted an agreement between the parties involved.
I found the solution quite interesting and innovative so I engaged him beyond just taking the brief and in the course of our conversations, he said something like most lawyers don’t have money, only few do.
I found that statement derogatory. But as an objective person, I pondered more on the statement and came up with the conclusion that his intention wasn’t to derogate any member of my learned community but was only speaking a truth I have come to accept albeit in a way he could best communicate at his level.
What’s this TRUTH?
For a while now, I have been championing this crusade on understanding the business side of law. Law in terms of practice and procedure is different from Law as a business.
Lawyers are neither lazy nor slothful. In fact, most are very hardworking and skilful at whatever area of law they choose to focus on. But the lack of understanding the science and art of business which has imparted negatively on the reward system is responsible for the kind of statement my client made.
You see a client paying as much as 500k to a lawyer and same client struggling to pay 80k to another lawyer for similar brief and you’re wondering why and how.
What’s the 500k lawyer doing differently?
He understands the art of doing business and has leveraged on this to attract the right clients, sell himself/services and then bill appropriately for briefs received.
It is beyond just knowing the principles of law and it’s application. It involves learning how to do business profitably in order to enjoy a thriving legal career.
BILLING is a major aspect affecting people. Over charging or under charging can be adverse to one’s success. How then do you find the balance? Seek knowledge. Take courses that will help and grow your knowledge of business.
These are a few areas you should begin to take special interest in if you want to enjoy and build wealth from legal practice.
a. Client Acquisition and Retention
b. Business insight and intelligence
c. Financial intelligence
e. Sales and marketing
Will stop here for now.
Do you agree with all that has been said? Or you hold a contrary opinion, comment below.
Let me know your thoughts and how we can move this conversation forward.
Busola Ajala is a lawyer, entrepreneur and a motivational speaker.