Why Most Nigerian Lawyers Are Broke - Career

 

In developed countries, lawyers are among the highest paid professionals in the world. In fact, many lawyers in Euro-America live the affluent lifestyle. Is that obtainable in Nigeria though? Nope! Okay...let me backtrack a little... There are quite a few lawyers who are paid over ₦1 million monthly in Nigeria. But that's a tiny small minority. Less than 5 percent of the total lawyer population. If you're a lawyer reading this, I dare say you don't earn as much. There are over 197,000 lawyers in this country, and majority earn very low income regardless of whether they run a law firm or work in one. Many lawyers working in law firms are paid ₦50,000 or less as monthly salary. Some earn around ₦150,000 (which also isn’t enough for today's economy). Even worse....those with 1 year post call experience are barely paid anything at all. The question is...... Why?! Why do some lawyers earn more than others? Why are most lawyers struggling in Nigeria? In the next few paragraphs and subheads, I'll give you the answer. All the reasons are interconnected; therefore, each reason given here will lead into the next. Let's begin! 1. Zero Business Skills: I have seen a consistent pattern among professionals and sportsmen; they have high skills to deliver in their area of expertise but zero skills in managing the business of their expertise. Let me make it clearer for you... Most lawyers are highly skilled in legal services, but have zero skills in the business of law. Sadly, you must be able to understand how to turn your legal skills into proper business without breaking the rules of professional conduct (if you want to succeed). I know they don't teach you business in law school, but it’s the only skill that makes a big difference between a wealthy lawyer and a poverty-stricken one. Throughout this post, I'll show you more ways that this problem affects you, but one area where it bites hard is in the area of negotiation. That leads us to the second problem... 2. Zero Negotiation Skills: In business, negotiation is the difference between a large successful company and a small struggling one. It is the difference between iPhone and Itel. It is the difference between Shoprite and Ariaria. Apart from other factors, which I'll mention as you read on, the difference in these businesses is in their ability to convince the customers (or clients) that their services are of higher quality, faster to deliver, more professional, and therefore, worth more money than the competition. This problem manifests for lawyers frequently when charging for their services. 3. Charging Low Fees: Few minutes ago, I read a post where a lawyer was lamenting how a client came for a Deed of Assignment to be done for him, but he was adamant to pay ₦25,000 for the deed to a property worth ₦8 million. This lawyer insisted he will charge 5 percent but the customer proved to him that another lawyer had done it for him at ₦25,000 for a property worth more. Most lawyers charge low fees because it's the natural thing to do; even for entrepreneurs. We believe that when we charge low fees, we will win more clients than expensive competitors. We also do that because we don't know when another client could come so we grab what we can to be able to put food on our tables. Sadly, it's counterproductive. You won't win more clients by charging low on your services. There's only one way to get more clients, and that's by creating more awareness about your services. Solution: Improve your appearance and quality of services. Then increase your fees to match the new YOU. At the negotiation table, make the client see why they must pay more for better quality services (without putting down other lawyers, of course). 4. Zero Marketing: I spoke about creating more awareness for your services above. The only way to create more awareness about your services is through marketing. I once told a lawyer friend to engage my digital marketing services to pull in more clients to his firm, but he misinterpreted it to mean "breaking the RPC 39." I simply told him that the RPC 39 doesn't outlaw marketing. It outlaws unethical marketing. You should review it yourself if you doubt it. Smart lawyers are already crushing it online. Clients are the lifeblood of your business, and the only way to get a steady stream of clients is to get frequent attention from potential clients. Referrals and networking are no longer sustainable. Solution: Find a marketing expert that will bring you attention on the internet within the ethical guidelines of the RPC. Push marketing with everything you have. But after marketing, clients can come to your firm and still choose to pay peanuts because of... 6. Poor Office Design: How you dress is how you'll be addressed; same applies to your office space. If your office is tattered and dirty, clients will not value your services. They will believe you're disorganized, careless and will deliver low quality services. They would be right. Research indicates that people are often a replica of their environment and appearance. Solution: Dress well. Arrange your office properly. And invest in professional interior decoration. There's another reason why most Nigerian lawyers are not earning their worth.... 7. Zero Passive Income Sources: Warren Buffet, a world renowned investor said that the average billionaire has 7 streams of income. The richest lawyers all over the world tend to have other sources of income asides their legal practice. They supplement their professional income with various passive income sources that may or may not be related to their legal services. Luckily, you can turn your existing legal services into passive income sources that will supplement your legal earnings, generate income even when you have no clients, give you freedom to take vacations and breaks from your job, and many more. Conclusion Now that you have learnt why most Nigerian Lawyers are broke and the solution to each one, what's your next line of action? Will you sit down and do nothing? Or will you begin to take action now? If you want to take action, you must begin with implementing Passive Income strategies in your legal practice. 9 Likes

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