Pedro charges lawyers to embrace investment opportunities
A former deputy governor of Lagos State, Otunba Femi Pedro has charged lawyers in the country not to rely sorely on their legal fees but also to create wealth and have a positive wealth mindset.
He said embracing investment opportunities that can give them extra income within the rules of the legal profession is ideal.
The former deputy governor said this in his speech 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 authorised publishers of the Supreme Court of Nigeria Law Report.
The event was organised to enlighten lawyers on how to create and handle enduring wealth, it’s management and living a balanced life.
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 therefore suggested the need for lawyers to set aside certain percentage of their earnings for investment and maintain financial discipline because without this mindset they will continue to remain in the poverty trap.
“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 is a 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 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.”
He admonished lawyers to find their passion by doing something that they are committed to, which can give them money within the rule of the profession.
In agreement, the Chairman of Lawbreed Limited, Mr. Layi Babatunde (SAN) in his opening address said lawyers are taught more about their responsibilities to others, such as the litigants, clients and the court but hardly about how to live a balanced live.
“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 learnt 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,” he stated.
Other panelists on the webinar were a Canadian based productivity consultant and performance coach, Mrs. Jesmine Onyeukwu and Mrs. Toyin Aralepo an accountant and founder Africa Finance and Strategy Hub.
A cross section of lawyers, who joined the webinar include Mr. 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 and pledged to organize more of such event.
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