alternative source of income

you might have excess cash flowing into the firm or pocket this week and next week nothing comes in, this inconsistency in the steady flow of cash makes it paramount and necessary for a young wig to have an alternative source of income.It is the norm in our time for young lawyers’ source of income […]

you might have excess cash flowing into the firm or pocket this week and next week nothing comes in, this inconsistency in the steady flow of cash makes it paramount and necessary for a young wig to have an alternative source of income.
It is the norm in our time for young lawyers’ source of income to be restricted to monthly pay checks gotten from the law firm.  If the firm is in plenty the young lawyer is in plenty, if the firm is broke automatically the young lawyer becomes broke. It is so bad that if a firm owes a young lawyer three months’ salary, it shows in his demeanour, dressing and interaction with the society at large.
Many young wigs across the diverse judicial divisions are finding it economically difficult because they have placed all their eggs in one basket, many of our senior colleagues made this mistake during their time and now that they are supposed to be reaping the fruit of their effort, they are still expecting ‘the big brief’.
Nothing motivates a person more than money, it then means that a young lawyer’s motivation, one who has no alternative source of income except that of the law firm, would be low when the firm is in difficult times and high after payment of salary. However, a young wig who has an alternative source of income would always be on top of his game whether the firm has money or not, he would be more concerned about getting the best out of every legal situation that presents itself and not any kobo he can lay his hands on.
This writer cannot tell a young lawyer what kind of business to venture into for alternative income; that is for the young lawyer to discover on his own, the question to ask being “what is that thing I can do, that would bring extra cash for me apart from my monthly salary? And the answer you seek is within you.
Some young wigs are engaged in busy law firms that finding time for any other venture is close to impossible but not impossible, truth be told. A young wig need not be personally involved in the running of a business {the Rules of Professional conduct makes it ethically wrong}, he can however invest in a business of his choice, the idea is not who is in charge of the business but rather, whether the venture would be productive or not.
Someone asked, is it this meagre salary that I would use to invest? And I say, yes, what else do you want to start with? If you had another source of income, it means you already have alternative income {this article is not meant for you}. One must be financially prudent with the little he earns from the law firm, sow it and patiently wait to reap bountifully.
There are so many ways of making money as a lawyer apart from the monthly paychecks a young wig gets from the firm – it takes careful study of the immediate environment to see where the opportunity lies. There must be something a lawyer can do in his society that would fetch him cash, we have placed too much reliance on practice that we do not see these opportunities lurking around.
If a young wig finds it difficult to save money {like this writer}, open a high interest deposit account that only allows quarterly withdrawal i.e once after every three months, no ATM, no cheques, no withdrawal slip, the only transaction allowed within the three months is deposit.
It is economically important that a young lawyer diversifies. The shoe of litigation is getting tighter and tighter with the influx of lawyers, a young lawyer needs to find another means of income before you wake up one day and realise litigation has eaten up all your shoes.
Editor’s note: Apologies – The title of last week’s article ought to be “Vetting before filing” not “Welcome on board”, apologies to our readers for the human error.

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