What Entrepreneurs Should Know About Taxation

 

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I was having a conversation with a close friend; for the purpose of this write-up I will call her Patra. Patra and I have been friends for over 5 years. We met while I was in my second year in University. She was one friend that did everything better than me, from being a star student to being the best club hopper and now as a business woman she was very successful. She is that friend that challenges me.

The other day while we discussed on the state of Nigeria, since that is all there is to talk about these days; from fuel scarcity, potential increase in VAT, Ben Murray-Bruce’s ‘Common Sense’ epistles to Governor Fayose’s outbursts about the APC government and its officials, I casually asked her if she paid her taxes.

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Buzz our Team!

THE BAR ALPHA TEAM (1)

Hey everyone! One of our followers asked:

Good Afternoon, I am in law school and I will be done by October. I am interested in going into legal practice in the areas of taxation, intellectual property & corporate financial law after graduation. Do you have any advice as to how I can go about it? What are the prospects of working for a first tier law firm in nigeria? Also how much do they pay? Thank you very much. 

#Youngstatesman says: I would tell you that you should be prepared to be disappointed but you shouldn’t be deterred. Also that most applications made to top tier law firms in Nigeria may not be seen and the harsh reality at times is that those who are afforded those opportunities will know somebody at the firm. The HR department in some respect has failed in recruiting the deserving and rather they would fill positions with friends and family members.  Continue reading “Buzz our Team!”

50 simple ways you can market your practice

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You can spend a lot of money on legal marketing, but you don’t need to. Nor do you have to be naturally outgoing or charming. What is necessary for good business development, say successful lawyers and consultants who shared their strategies with the ABA Journal, is a marketing plan focused on activities you do well, targeted at the right audience and carried out consistently. Give it some time, they say, and business will come.

Being genuine—and helpful, even if your actions may not offer immediate business—doesn’t hurt either.

1.) Some lawyers believe that if you do good work, people will automatically come to you. They are wrong. People need reminders.

2.) Contact three to five potential referral sources a week—every week, regardless of how busy you are—and arrange to meet for coffee, drinks or a meal. That works much better than reaching out only when business is slow.

3.) At business receptions, ask organizers whether you can be a greeter. This gives you a great reason to introduce yourself to people.

4.) If you have a practice-related blog, write posts with information that’s truly useful to business targets. More often than not, that doesn’t include descriptions of how competent you or your firm are.

5.) Your firm’s holiday card is probably one of many that clients or potential clients receive. Find another holiday (or make one up) that you enjoy and that complements your practice. Separating yourself from other, similar messages is of real value.

6.) Think hard about who your target market is, and where the decision-makers are in that market. Continue reading “50 simple ways you can market your practice”

Lyman’s Laws for Lawyers

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Representing clients can lead to adversarial confrontations. Endeavour diligently to avoid battles. Peaceful solutions by way of negotiation, mediation or compromise are always preferable to war. The best war is one that is never fought while still achieving your objectives. But if fighting is inevitable, then pick your battles to suit your purposes, decide their objectives, gather, evaluate and rely on intelligence, determine what is motivating the opposition, develop strategies, indulge in detailed planning and preparation, assemble all your resources, decide on timing, identify the places, rehearse and practice your tactics, then execute them decisively. Make your opponents fight by your rules, not by theirs. You take the initiative; you set the parameters and the agenda. Make your opponents respond to your game plan. Have a Plan B, a fall-back strategy, maybe even a Plan C as well. If fight you must, then fight to win the war, not just a battle or two. To win, you have to outwork the other side. Wars are rarely short of duration and both sides suffer casualties. Prepare yourself and your clients for protracted and hence expensive campaigns. Do not mislead or delude them, or yourself.

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Continue reading “Lyman’s Laws for Lawyers”