A former deputy governor of Lagos State, Otunba Femi Pedro has called on lawyers in the country not to rely sorely on their wages but also to create wealth and have a positive wealth mindset.
Pedro said this can only be done by embracing investment opportunities that can give them extra income within the rules of the legal profession.
The former deputy governor made this comments as guest speaker in a Webinar titled ‘Money Matters and the Lawyers’ Wellbeing’ organised by Lawbreed Academy an educational and training arm of Lawbreed Limited the authorized publishers of the Official Law Reports of the Supreme Court of Nigeria( Supreme Court Reports- S. C. Reports)
The event was organised to enlighten lawyers on how to create and handle enduring wealth, it’s management and living a balanced life.
In his presentation, Otunba Pedro noted that though the legal profession, has its peculiarities, and is guided by rules of professional conduct which spells out certain restrictions and boundaries, lawyers have unlimited opportunities to create wealth while advancing their careers.
He suggested that lawyers learn to set aside a certain percentage of their earnings for investment and maintain financial discipline because without this mindset they will continue to remain in the poverty trap.
He said, ‘if you do not invest with a salary of N50,000 a month you will never invest with a salary of N5 million a month because it’s an habit and if you don’t have that habit you will be spending everything that you have even if you are the managing partner of your firm”.
“You can have money and still be in the poverty trap because money is not wealth. A lot of people in our society have money but they are not wealthy because that money is liquid it can disappear at any time”.
“There is a world of difference between having money and being wealthy. Wealth is a state of being materially prosperous. When you are wealthy you have a feeling of empowerment you are in control of your life and you can tell if you are wealthy when you have ownership of wealth instruments“.
“If you have real estate investments you are wealthy, if you have equity shares you are wealthy, if you have fixed deposit you are wealthy because all this create incomes for you.
“I encourage lawyers to find their passion by doing something that they are committed to, that can give them money within the rule of the profession,” he stressed.
In his opening address, the Chairman of Lawbreed Limited, Mr. Layi Babatunde (SAN) said lawyers are taught more about their responsibilities to others, such as the litigants, clients, and the court but were hardly taught how to live a balanced life.
“What I realize is that if a lawyer is financially stressed and challenged and he cannot plan his life and that of his family even the entire justice system suffers.
“So we leant about the rules of court practice, about professional ethics, how to make submissions and how to write opinions but we did not learn how to build capacity, how to build wealth in the proper manner and how to sustain this wealth.
“We did not also learn how to take care of our health and our wellbeing,” the senior lawyer stated.
Other panelists on the Webinar were Mrs. Jesmine Onyeukwu, a Canadian based productivity consultant and performance coach and Mrs Toyin Aralepo an accountant and founder Africa Finance and Strategy Hub.
Mr Femi Falana , SAN; in his intervention enjoined lawyers to expand their horizon beyond local practice, highlighting the vast opportunities provided by the ECOWAS Court and the ICC.
A cross-section of lawyers joined the webinar, including senior lawyers like Yusuf Alli SAN, Femi Falana, SAN, Dele Adesina SAN, Segun Odubela, SAN, Wale Adesokan SAN, Olumide Akinboro SAN, incoming National Secretary, Joyce Oduah, Richard Ahonarogho, FIDA Lagos Chair, Phil Nneji and Wada O Wada , Former NBA Young Lawyers Forum Chair .
The DCEO, Lawbreed, Mrs Adejoke Layi-Babatunde thanked the facilitators and attendees promising them of more to come
