‘We are truly, The New Practice’
In the cool and quiet ambience of South West Ikoyi, a compact law firm has opened shop with four partners, in collaboration with Andersen Global, a global market player in legal practice. Their vision? To infuse global best practices in providing quality services, for local and international clients (Glocal). In a chat with Onikepo Braithwaite and Jude Igbanoi, two of the partners,
Babasola Alokolaro and Babajimi Ayorinde, reiterated the fact that, the firm has been in existence for 13 years, but only just rebranded and added with two other partners, Olayinka
Atere and Bukola Bankole. The Partners, among other things, spoke about winning the 2019 Nigerian Legal Awards for Corporate & Commercial Team of theYear and Private Equity Team of theYear, Artificial Intelligence and the potentials of the AfCFTA, if it is well implemented
Kindly tell us about The New Practice, and why the need to rebrand after 13 years? How many Partners are you? What is the set up and thrust of TNP? You describe yourselves as “Nigeria’s truly “glocal” law firm, what’s the idea behind this?
We are simply known as TNP now (this was part of the plan when we were setting up). A moniker not dissimilar to your HSBC, IBM, IBTC, GTB or FCMB. We represent a set of Lawyers willing to push the boundaries of legal practice in this country and beyond. We haven’t rebranded. We have simply made a strategic business decision, to collaborate. And, we have done so with Andersen Global, a global market disruptor in the tax, business advisory, and legal practice space. I will, however, confess that we made subtle changes to our corporate identity and reduced the philosophy of the TNP Avatar into a new Manual titled Mìíràn (our differentiation). Pardon me, I digress.
We are a family-oriented law firm, and the vibrancy of our culture is at the core of everything we do. We insist on working in a collegiate environment, and are deliberate in ensuring we have an atmosphere that allows our Lawyers to deliver value to clients efficiently. We currently have four partners: Babajimi Ayorinde, Olayinka Atere, Bukola Bankole, and myself; and in terms of leverage, we are on a one to five.
We pride ourselves as Nigeria’s truly GLOCAL law firm. Essentially, whilst our outlook is global, using best practices found anywhere in the world in delivering value to the client, we don’t shy away from our true identity, which is Nigerian. So, the idea of being “Glocal” is to match global best practices in everything we do. From the simplest of instructions to the
most complex transactions, we consistently match our local expertise with global standards.
As globalisation has made an entry into the Nigerian legal space, we find that a number of local law firms have taken advantage of legal networks and franchise arrangements. Is TNP considering taking advantage of any of such arrangements? Do you think collaboration is the future of legal practice? If so, why? Some Nigerian Lawyers are sceptical about these collaborations with global law firms, as they believe that they only use Nigerians as a front to infiltrate our large market, give Nigerians
little returns, while they take the chunk. How will you and other Nigerian Lawyers, ensure that you don’t fall into this trap? Do you think the legal ecosystem is ready and well equipped to manage this?
Globalisation is here, and let’s not kid each other, it’s here to stay. The biggest global players in the market are in and out of Lagos and Abuja every other week, working on some of the biggest deals in our market. They may not formally have boots on the ground, as a result of regulation, but they are here, and are doing the work, exclusively or along with local support. As competition in the market will only increase, reason dictates that a firm with a philosophy such as ours, leverage. If we don’t try to catch up with the global marketplace (which is coming here for the work), we will find ourselves in the cold.
So, yes, collaboration is the future of our profession. It can also be the solution to changing the narrative on the Local Counsel/Offshore Counsel issue, also. There are certain complex transactions, that haven’t been done repeatedly locally. As such, sponsors and/or financiers, demand the engagement of the experienced bigger players for their expertise and experience in these deals (premised on justifications like “bankability” etc). Consequently, leveraging on relationships such as these, should aid our industry in harnessing the expertise required to grow certain practice areas, as well as put market leaders in a position where the Local/Offshore Counsel narrative changes, and for good.
Our ecosystem needs to be very ready, willing and equipped, to manage this issue. We mustn’t ignore the fact that the Big Four are already one of the biggest threats to our industry (they are not a local issue). I remember during my first few years of practice, the NBA filed an action against one of the Big Four
“WE ARE SIMPLY KNOWN AS TNP NOW.....WE REPRESENT A SET OF LAWYERS WILLING TO PUSH THE BOUNDARIES OF LEGAL PRACTICE, IN THIS COUNTRY AND BEYOND. WE HAVEN’T REBRANDED. WE HAVE SIMPLY MADE A STRATEGIC BUSINESS DECISION, TO COLLABORATE. AND, WE HAVE DONE SO WITH ANDERSEN GLOBAL, A GLOBAL MARKET DISRUPTOR IN THE TAX, BUSINESS ADVISORY, AND LEGAL PRACTICE SPACE”
(for providing legal services). Between that time and now, what has happened? So, if the foreign firms are in and the other professional services firms are giving us a run for our money, can protectionism still work? The answer is simple! My money says a firm this size, must collaborate or die. And, that is what we have just done.
We recently signed a Collaboration Agreement with Andersen Global. This was huge for us, and for them. It gives us a window to the rest of the world, and for them, they get an entry into this giant (sleeping or not). The Firm, as Andersen Global is called, also shares common values with us, and validates our raison d’etre. Can I be honest, collaboration is the future. This conviction comes more from the number of collaboration/ consolidation/ business combination offers we have received, in the last few years.
Our “collaboration” with Andersen isn’t the entry to a network or a franchise arrangement (we’re not paying anyone for IP and/or name rights). It’s simply an international association of legally separate, independent member firms comprised of tax and legal professionals around the world. In exploiting this opportunity, we are working with the Firm and more than 5,000 professionals worldwide, with a presence in over 166 locations.
As an Andersen Collaborating firm, we continue to work withmany international law firms, and remain largely neutral. We have the freedom to shop around, with the capacity to work with whoever is looking in.
Your firm recently won the 2019 Nigerian Legal Awards for Corporate & Commercial Team of the Year and Private Equity Team of the Year at the recent Nigerian Legal Awards Dinner, as well as the Frontier Advisor (Legal) Award at the 2019 Private Equity Awards held in London. What does this mean to and for TNP?
The awards stand as a validation of our efforts—and success—in the market. They confirm market recognition by peers and competition. For us, they are a testament to our sectoral awareness, knowledge, and expertise. They are also a proof that we are making progress in our journey, and standing true to our course to become Nigeria’s truly GLOCALlawfirm. These awards stand to remind us, to put one foot after the other. That, if we remain true to the blueprint, our journey to destination should be less bumpy and shorter. What speaks to us the most, is the quality of the work we do: and as we go into the future, we plan to work better, smarter, and more effectively, in delivering value to our clients. And, if we receive further validation and recognition of efforts, so be it. Our journey continues.
Last year, a number of countries signed up for the AfCFTA, do you think it has heightened competitiveness and progressively liberalised trade in services across the African continent?
Aiming to bring 1.27 billion people and a $2.5 trillion market together, the AfCFTA is a game-changer. It represents a milestone for trade, between African nations. If properly implemented, it has the potential to elevate the rate of international trade between African countries, shift the continent away from its over-reliance on volatile commodity exports, and lift millions out of unemployment.
On whether the AfCFTA has progressively liberalised trade in services, it is important to note that, the AfCFTA is not being implemented yet, as trading under the Agreement is expected to begin sometime next year. We understand that some work is still being done on the Protocol on Trade in Services, which is designed to enable the progressive liberalisation of the services sectors. As we speak, priority sectors, such as tourism, finance, transport, communication, and business services have been agreed upon by member States. We are also aware that, the African Union Department of Industry and Trade, together with its partners, is currently developing a six-year Service Sector Development Program aimed at building a strong and competitive services sector, towards the creation of an integrated African services market. So, there is no doubt that once the AfCFTA passes the implementation and phase II talks, it will progressively liberalise trade in services. It’s game-on. So, the time is now for firms and businesses to reposition their strategies, to make the most out of the trade liberalisation amongst African nations.
In recent times, we have seen a significant interplay between law and technology, technology is the new gold in the legal industry. Do you think Lawyers are keeping up with the pace of technological advancements, and do you think we need new set of laws to regulate technology?
Technology (or more commonly ‘legal tech’), is fast changing the way Lawyers practice law. A good understanding of legal tech, is critical to the development of the modern law firm. It has become so omnipresent and pervasive. Things like law practice management software, document automation software, and e-discovery tools, actually improve productivity, effectiveness, and efficiency. These tools save both Lawyers and clients, a lot of unnecessary headache. A number of Lawyers and law firms, are starting to realise they must embrace legal tech or get left behind.
On whether Lawyers are keeping up with the pace of technological advancements, well I think that although there was a time when legal tech appeared intimidating to most Lawyers, a number of us are now catching up, having realised its immense importance.
It is interesting to note that, in America, the ethical duty of competence now requires Lawyers to be tech-savvy. In 2012, the American Bar Association formally approved a change to their Rules of Professional Conduct, making it clear that Lawyers have a duty to be competent not only in the law and its practice, but also in technology. This is something we should consider imitating.
What are your views on AI? Do Nigerian Lawyers need to fear that they will be replaced by AI and rendered somewhat redundant or will AI actually work to our advantage?
As our digital universe expands, and our ability to gather and mine data improves, AI continues to penetrate and influence every spectrum of our society.
The impact of the technology is being felt across all industries: this is true, even of a heel- dragging, technology-resistant profession as law. The development and deployment of AI software/algorithms which can efficiently review documents, draft contracts, and even predict the outcome of cases, are becoming commonplace, and the nature of what constitutes the ‘practice of law’ is changing.
But, we don’t think that Lawyers need to fear AI, at least not yet. Yes, as AI-powered tools improve, many mundane, routine legal work will become automated, and it will be unnecessary to employ Lawyers to do what AI can do faster, better, and more accurately. But, Lawyers would still be needed, to handle the complex and complicated work. Experience, intuition, and judgement, are integral to our work as Lawyers. Machines aren’t as capable yet. Also, clients will eternally prefer to interface and discuss their propositions or problems with human Lawyers.
It is, indeed, possible that AI can work to our advantage, because legal services will become faster, cheaper and more consistent, demand for legal services might actually soar. Also, Lawyers and law firms that adopt AI-powered tools, can improve their productivity by leaving the repetitive, time-consuming tasks to AI.
What are your views on the Nigerian legal industry and the readiness of the young Lawyer fresh out of the Nigerian Law School for real legal practice?
I think the Nigerian legal industry, is witnessing substantial growth and development. Driven by alliances and collaborations, the industry is on a path to global relevance. However, when compared with the legal industries in other climes, the Nigerian legal industry still has a lot of catching-ups to do. Things can get better.
On the readiness of young Lawyers to practice law, it is evident that what you learn at University and the Law School, is far from the realities of law practice. In addition to this, as fine an institution as the Nigerian Law School is, there seems to be a disinclination on the part of those in charge of the curriculum, to embrace new developments. They are still teaching law graduates outdated, anachronistic precepts of law – I mean, I still can’t fathom why you’d spend time teaching me what a “rebendum” or “habendum” is. I still don’t know what they are. As a result, students come out of the Law School, without a clue of what to expect in the real world. I guess that is where we come in, the law firms. It has become part of our role to train and equip young Lawyers with tangible and intangible skillsets in the practice of law, help to get them on the career ladder, and expose them to the fields of corporate finance, pr iv at e equity, data protection, Fin Tech etc. We owe it as a responsibility to the next generation, if we have a serious intention to transition our businesses to the next level. These are the guys who are going to advice on concessioning roads, bridges and airports, prosecute criminal activity, guide Presidents and politicians. We must lend a hand as professionals, if we want to see our profession and country develop.
What advice do you have for younger Lawyers like yourselves? Should they go it alone? Is Partnership the answer? What are the dos and don’ts on the way up? Did you encounter any difficulties on account of being relatively young? Where do you see TNP in five years?
As I hinted earlier, we are in a very competitive space. Our profession is facing stiff competition, coming from other professional advisers. However, competition is not a threat in itself. It actually helps us improve the quality of work we deliver, it has brought about a lot of innovation in the legal industry, and we welcome it.
To the young Lawyers, we say: “have a plan” and stick to it. The practice of law isn’t a one- size-fits-all. As our economy develops (we are optimists), the market should become robust enough to accommodate all players, whether as sole-practitioners, partnerships or any other form of business combination. But, the trick is to have a plan.
The do’s and don’ts on the way up? Stay focused, it’s a vintage business – develop your capacity and expertise. Be known for something. Don’t chase the money (money is important, but don’t chase) and never ever compromise on standards. And finally, be true to yourself—if the service you are delivering is a commoditised one, stay true to it, and if it’s of a more complex and specialised one, stay true. Trying to be both may not work to your advantage. Olaiya sells great amala and Izanagi does great sushi. They are true to their respective businesses.
Challenges we encountered for being relatively young? Now, when were we young again? Babajimi and I are both 45 now. Young was like 13years ago when we started out – jumping on okadas to meetings (I’ll still jump on one now, but most likely I’d order it with an app on my phone). And like any business, our youthfulness had its benefits and limitations. We however, thrived on its benefits – that’s what brought the vibrancy and dynamism to the Team TNP dna.
In five years? TNP must be where our plan says it will be! Let’s speak in five years and see if we measured up. Thank you.
“AIMING TO BRING 1.27 BILLION PEOPLE AND A $2.5 TRILLION MARKET TOGETHER, THE AFCFTA IS A GAMECHANGER. IT REPRESENTS A MILESTONE FOR TRADE, BETWEEN AFRICAN NATIONS. IF PROPERLY IMPLEMENTED, IT HAS THE POTENTIAL TO ELEVATE THE RATE OF INTERNATIONAL TRADE BETWEEN AFRICAN COUNTRIES, SHIFT THE CONTINENT AWAY FROM ITS OVERRELIANCE ON VOLATILE COMMODITY EXPORTS, AND LIFT MILLIONS OUT OF UNEMPLOYMENT”