Developing Individual Competency in Emerging Areas of Legal Practice By Babatunde Fagbohunlu, SAN 24 August 2015
Economic outlook Investment outlook Oil and Gas Power Mining Infrastructure Telecoms Financial Services 2
Economic outlook Developments in oil and gas sector Alternative revenue sources Diversification of exports Taxation 3
Political outlook Anti-corruption/Recovery of stolen assets Justice sector reform 4
What is an Emerging Practice Area? Two types A new legal subject or expertise o ICT law o Regulatory risk and compliance A resurgent legal subject or expertise o Tax o Environmental Impact Litigation 5
What is an Emerging Practice Area? The number of job opportunities available, which is done by evaluating if there is a high demand by employers, the ease of entry into solo practice, or both. An area of law that is sustainable beyond the present or immediate economic needs. An emerging area cannot be a flash in the pan. It has to exhibit signs that it would be around beyond 2015 An area with a potential for growth in the industry Practice areas which are not precipitous or restrictive for entry by fresh law graduates; it should have relative ease of entry It should be an area of law widely available in a large number of locations at the very least. 6
The Emerging Practice Areas Dispute Resolution Oil and Gas PSC, Joint Venture Disputes, Gas Pricing Disputes Tax Litigation Troubled Assets Civil Fraud/White Collar Crime Regulatory Disputes Environmental Impact Litigation Employment contracts Cyber Security and E-Commerce Access to Information/Privacy law 7
The Emerging Practice Areas Corporate/ Commercial/Transactional: Finance: Project Finance/Corporate Finance Public Private Partnerships Tax Advisory/Tax Planning Information and Communications Technology Restructuring and Insolvency Governance, Risk and Compliance 8
Features of an Emerging Practice Area Cross-border Multi-disciplinary Complex ICT-Driven 9
Individual competencies Meaning Importance of Individual Competencies Law Firm Management Recruitment Training Performance evaluation 10
Individual competencies Traditional competencies Knowledge Writing and drafting skills, Logical and scientific reasoning, Research and presentation skills Oratory and eloquent speaking Team work; and Networking Skills 11
Individual Competencies and Emerging Areas - Corporate/Commercial/Transactional Client Project Team Members Financial Advisers Solicitor Regulator(s) Other Counsel Nigeria Law Firms, International/Foreign Law Firms 12
Individual Competencies and the Emerging Areas - Dispute resolution Project Team Members Client Expert Witnesses Fact Witnesses Barrister Regulator(s) Judges/Arbitrators Court/Arbitral Ins<tu<ons Other Counsel Nigeria Law Firms, International/Foreign Law Firms 13
Individual competencies Nascent competencies Knowledge of Information Technology Legal project management Innovation Due Diligence Collaboration Emotional Intelligence Business Sense and Financial Literacy 14
Takeaway School Curriculum University Law Faculties, Nigerian Law School Continuing Legal Education Law Office Management (Recruitment, Training/Mentoring, Performance evaluation) 15
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