Many people who choose law as a career do so to make a lot of money and be financially free. The reality however, is that more and more people are joining the profession. It is, therefore, becoming more difficult for many lawyers to break even and make some decent living.
Almost every other profession has taken advantage of the gig economy to create more opportunities for its practitioners to make extra money and extra income.
But the practice of law has changed very little from what it used to be some centuries ago. There is this wrong idea that lawyers should only go to court and represent clients, and prepare legal documents.
While there is nothing wrong with these activities, the truth is that it is now becoming monotonous. Many stakeholders in the legal profession have therefore advocated a radical shift in law practice to open new doors for lawyers to earn extra income.
These stakeholders argue that without this radical change, the financial situation of lawyers will continue to get worse.
The situation of the decreasing earning opportunities for lawyers is worse among young lawyers who are just joining the profession.
The inability of many lawyers to earn a decent income has been attributed to many factors. One of which is the increase in the number of lawyers which creates competition thereby driving down legal bills.
The following tips are some ways lawyers; especially the young ones can increase their earning capacities by making extra money on the side.
If you want to earn extra income and smile to the banks, and become successful in the law profession, do the following:
Offer and Sell Your Services Online.
While every other profession is trying to cash in on the gig economy, the legal profession is still stuck in its medieval practices.
Lawyers have a lot of skills and services that can add value to a lot of businesses. Unfortunately many business owners do not know this and there is no effort on the part of legal practitioners to market their services.
It used to be the case in most countries that lawyers were barred from any form of advertising. While some jurisdictions have relaxed the non-advertisement rule, others still operate it.
The internet is a great place to sell your services to a vast number of people and make some good extra money.
By creating a profile of your expertise, you expand your network to people outside your immediate environment. It’s like fishing; you have no idea what you will catch in your net.
Unfortunately, most experienced lawyers who are knowledgeable on many subjects do not make any attempt to pass them on and make some money.
Setting up a website and starting your own blog is a great way to add value to peoples’ lives and make a huge amount of income in the future.
Making an income from blogging does not start immediately. It takes time to build, but once you’ve laid the proper foundation and generated a lot of followings, the sky will be your limit.
The secret to blogging is to constantly create valuable content for your readers and followers. Blogging sets you apart as an expert and your readers will trust you and be willing to pay for your services.
Many lawyers see blogging as rocket science and therefore something for geeks and tech people. But that is not so. Anyone who can post content on social media or send emails can blog.
Write and Sell e-books.
Some lawyers who have great ideas and who want to write a book are usually discouraged by many factors. One of which is how to get an agent and publisher who will publish their book.
The truth be told, the capital needed to traditionally publish a book involves enormous resources. Except you can foot the bill of self-publishing your book, your dreams may end up not materializing.
But thanks to the internet, you can easily produce your book in an e-book format for free and sell them to customers. There are many platforms out there that can help you create your e-book.
Can you imagine how much you can make if you create a quality legal e-book that appeals to a lot of your readers?
One good thing about writing a book, especially an e-book is that you only do it once, but continue to reap the dividends for many years to come.
Write Freelance Articles.
There is a huge market out there for freelance article writing. A single article can fetch you many times over what you earn in a month.
There are legal websites and online periodicals who accept well written legal articles on topical issues.
Wrapping it up.
The digital and gig economy is changing the way we work and do business. Lawyers cannot afford to be left behind.
Lawyers, who are intent in building a successful legal career, should take advantage of the internet to expand their practices.
No law says that lawyers must make money from only appearing in court and preparing legal documents. Expand your sources of income. Remember the African proverb that says, ‘A rat that has one hole does not live long’.
Making extra money on the side does not in any way diminish your status as a lawyer. It will rather give you financial security and improve the quality of your legal services.
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