Last week. 26th February, 2020 at the 4th edition of the Law as a Business Chat by Charles Ajiboye, FICMC, it got much more interesting.
For those who missed it, read the chat below: Remember, it’s a chat.
[2/26, 6:01 PM] C A: Good evening Greats,
[2/26, 6:01 PM] C A: It is awesome to be here again tonight
[2/26, 6:03 PM] C A: I heartily welcome our new comers
[2/26, 6:04 PM] C A: It has been an awesome time so far
[2/26, 6:05 PM] C A: It is a good time to invite friends who may be interested in benefiting from our commonwealth of wisdom here
[2/26, 6:06 PM] C A: I had wanted us to do a double combo today. That is two videos…
[2/26, 6:07 PM] C A: The first being Managing Success and the other Managing Loss.
[2/26, 6:07 PM] C A: But on a second thought, we decided to take the later first.
[2/26, 6:07 PM] C A: The reason is simple: *Pain is a teacher*
[2/26, 6:07 PM] C A: Those who have mastered the school of pain profit much
[2/26, 6:08 PM] C A: It is double loss to suffer from a thing and still not learn therefrom
[2/26, 6:08 PM] +234 708 392 2289: ?
[2/26, 6:08 PM] +234 817 872 8193: Thanks sir
[2/26, 6:09 PM] C A: Its good to know you are here
[2/26, 6:09 PM] C A: Please lets know when you join the chat
[2/26, 6:10 PM] C A: You see, life is not a bed of Roses
[2/26, 6:10 PM] C A: Even Roses have thorns
[2/26, 6:10 PM] C A: Life is a complete package, so is business
[2/26, 6:10 PM] C A: Law as a business comes with its ups and downs
[2/26, 6:11 PM] C A: Whether as a Law Business owner or As a lawyer rising through the ladder
[2/26, 6:11 PM] C A: Have you ever wondered why must people who venture into starting their law firms pack up?
[2/26, 6:11 PM] C A: Most pack up in their first year
[2/26, 6:12 PM] C A: Others struggle into their second
[2/26, 6:12 PM] C A: and even those who make the 3rd don’t last till 5
[2/26, 6:12 PM] C A: Especially in our terrain here in Nigeria
[2/26, 6:13 PM] C A: You need to condition yourself to learn from your challenges as a lawyer and a Law Business owner
[2/26, 6:14 PM] C A: I remember the very first year of starting at The Penthouse
[2/26, 6:14 PM] C A: OMG…it was hell on earth
[2/26, 6:14 PM] C A: Whilst people where commending courage, others where ‘yimu’ (making a jest)
[2/26, 6:15 PM] C A: They were sure we would fail soon
[2/26, 6:15 PM] C A: We ain’t there yet people. But we ain’t were we used to be
[2/26, 6:15 PM] C A: I remembered people close to me in the first few years showed me love. They advised me to quietly pack up and return to my fairly good job.
[2/26, 6:16 PM] C A: I was sure my boss was going to take me back
[2/26, 6:16 PM] C A: At least i had not left with a distaste
[2/26, 6:16 PM] C A: But something kept saying…keep up son
[2/26, 6:16 PM] C A: Keep going
[2/26, 6:17 PM] C A: I am hoping that someone here will share his/her own story of pain…
[2/26, 6:17 PM] C A: feel free to drop it as we continue…
[2/26, 6:18 PM] C A: Do you know that some of the great Law Business Partnerships we have today are rebirths of failed partnerships
[2/26, 6:18 PM] C A: ?
[2/26, 6:18 PM] C A: The need to understand how to make your pain into fun is key
[2/26, 6:19 PM] C A: Someone said “when life throws lemons at you…make them into lemonades”
[2/26, 6:19 PM] C A: That is the story for today
[2/26, 6:19 PM] C A: And i will simplify it like this:
[2/26, 6:20 PM] C A: Sometimes when the going gets tough, you need to keep going
[2/26, 6:20 PM] C A: Some other times, when the going gets tough, you need to stop and re-evaluate
[2/26, 6:20 PM] C A: The pain is not the reason for the detour
[2/26, 6:20 PM] C A: The pain is the reason for a re-evaluation
[2/26, 6:21 PM] C A: Just as success in business is not a reason to keep going. We will deal with that next week, when discussing ‘Managing Success’
[2/26, 6:22 PM] C A: I will conclude with this personal gist.
[2/26, 6:23 PM] C A: When i was going to start The Penthouse, i had a car that i was still paying for
[2/26, 6:23 PM] C A: It was really clean. Navy Blue, Alloy wheels, 6 CD loader. I bought is Nigerian used.
[2/26, 6:24 PM] C A: I had done ‘Ajo’ {joint contribution} to raise the balance and ‘i was owing the whole world’
[2/26, 6:24 PM] C A: Just a few days to the take off, i saw a similar car drive by me
[2/26, 6:25 PM] C A: same color, save that it was exactly the opposite
[2/26, 6:26 PM] C A: The only thing working in the car, i guess, was the engine. It was still moving
[2/26, 6:27 PM] C A: A soft voice from within wispered…’that is what happens to forward people-your car will soon be like that’
[2/26, 6:28 PM] C A: I quickly responded…’So what? After all, a lot of my mates did not even have a car’
[2/26, 6:28 PM] C A: That i think was my liberation from the fear of failing
[2/26, 6:28 PM] C A: I did not set out to fail
[2/26, 6:28 PM] C A: But i was not scared of the pain and shame of failing
[2/26, 6:28 PM] C A: It is not as easy as said
[2/26, 6:29 PM] C A: But you can learn it
[2/26, 6:29 PM] C A: What is your story?
[2/26, 6:29 PM] C A: How have you manage disapointments and loss in your career and Law Business
[2/26, 6:30 PM] C A: Do you have a question we can chew on?
[2/26, 6:31 PM] +234 817 872 8193: This is a huge lesson to young ones especially those of starting the career
[2/26, 6:33 PM] C A: Just before i go, let me invite you to click on Subscribe when you watch the video on Youtube so you can get the notifications as they are posted.
[2/26, 6:34 PM] +234 817 872 8193: Sir, what should we look out for when we want to start our own law firm considering the pace of technology?
2) Second, At what point should one consider starting out on his own
[2/26, 6:34 PM] +234 817 872 8193: Thank you sir
[2/26, 6:35 PM] C A: Our chess tournament is also gathering so much momentum. You should plan to be in Lagos. It is Easter period. Saturday April 11th,2020 and it will be a great time. If you can’t play chess, come and participate in the free academy and fun sessions. If you can play, then register on www.charlesajiboye.com. It makes sense.
[2/26, 6:37 PM] C A: Is there someone who wants to shoot at this?
[2/26, 6:38 PM] Olajide Ajibowo TPS: Research, research, research. I’m pretty sure there are people who are already starting up law firms with the eye on technology, both in and outside Nigeria. Go to them and do your findings, that way you gain the experince on how to set one up
[2/26, 6:39 PM] C A: Interesting…
[2/26, 6:39 PM] C A: Absolutely.
[2/26, 6:40 PM] C A: Question 1 carries the answer. Anyone starting up a law business now who does not entrench technology heavily is a joker
[2/26, 6:40 PM] C A: It is actually a lot easier to start up now than it was before.
[2/26, 6:40 PM] C A: But it is not all about starting up
[2/26, 6:40 PM] C A: It is about WHY?
[2/26, 6:41 PM] Olajide Ajibowo TPS: Secondly, I believe you should consider setting up your law firm at the point you have mental agility, loads of experience; in business management etc and also a good network of people ahead of you.
[2/26, 6:41 PM] C A: Why do you want to start the Law Business
[2/26, 6:42 PM] +234 817 872 8193: Apt
[2/26, 6:43 PM] +234 817 872 8193: The session was educative, instructive and enlightening
[2/26, 6:44 PM] +234 817 872 8193: Thank you sirs for the response.
More wisdom to a rising star & an icon too in the legal profession
[2/26, 6:44 PM] C A: Not to far off from
[2/26, 6:46 PM] C A: I would say as regards question two, when it is time you will know
[2/26, 6:46 PM] C A: But we all don’t have to start from the start
[2/26, 6:46 PM] C A: Not all of us are meant to start
[2/26, 6:47 PM] C A: Some are meant to start, others are meant to grow it.
[2/26, 6:47 PM] C A: We will discuss more of that in the episode on Partnerhips and The Future of Law
[2/26, 6:50 PM] C A: Till next week Wednesday at 6pm. Let’s stay great and keep smashing the bank digits. #wegomakeam
[2/26, 6:51 PM] C A: Thanks so much for your time
