How many young lawyers do you know who have handled or are handling big cases?
The reality is that almost no client trusts a fresh graduate or new lawyer with a big case. You require years of experience to build credibility. How? By working under senior advocates and in law firms. And we all know how much you are paid there. Especially in litigation, where the vast majority turn up.
So young lawyers struggle on two fronts: finances and credibility.
What is the solution?
Draft contracts to pay the bills, even as you keep working as a junior to gather experience.
The added advantage of contract drafting is that not only does it provide you with extra finances, but also builds your reputation on a low-risk basis.
Where is the opportunity?
Many of you probably know what I am about to say already, but for those of you who don’t:
- Nearly 75 percent of the work performed by the average in-house counsel is related to contract drafting
- Law firms need you to draft watertight contracts
- Commercial disputes are centred around commercial deals, i.e. contracts
- If you want to work as an independent practitioner or a litigator, contract drafting provides a lucrative side income in your early days – even if your senior pays peanuts. This ensures you don’t have to give up on your dream of litigation
- It is wonderful that you can do contract drafting work from anywhere, meeting clients face-to-face is not necessary
Say you want to build a litigation practice. Initially, making money will be terribly hard. Seniors pay very little, and if you go independent, work can be hard to come by.
Solution: draft contracts to pay the bills while you slog it out in court to make a name for yourself.
For a new lawyer, the challenge is in building credibility. Clients may hesitate to give high-stakes litigation or recovery to a new lawyer. However, performing contract drafting work gives you a chance to build your reputation.
Also, if you have existing clients, it is highly likely that they have contract drafting work. You must learn how to get the work and how to do it.
Or perhaps you want to keep earning while studying for an LL.M, or are an LLB student and need to pay basic bills. Drafting contracts is the best thing to do in your early phase.
No matter what, every lawyer should know how to draft and negotiate contracts. Yet, it is shocking that most lawyers never learn how to draft or negotiate commercial contracts in their entire careers!
It is a massive missed opportunity.
If you can draft 10 contracts every month and earn INR 50,000, you can still have 80-90 percent of your time available to build a litigation practice.
And there is a hidden bonus opportunity.
Many of these contracts will go into litigation someday. If you have been a good legal advisor and your client has faith in you (which you build through good advice over time), they will ask for your help with litigation also eventually.
Imagine you are a young litigator. You are really good with client development skills and have four new litigation matters in six months. Does it help generate a steady income?
What if you had an additional income stream of INR 50,000 every month?
How would that improve your financial situation? How will it impact your confidence?
Would you feel more optimistic about the legal profession and your success?
Want to know about more opportunities and a step-by-step guide to earn through domestic and international contract drafting as many of our students have done in the past?
Join our free, live, online bootcamp on ‘International opportunities in contract drafting’ from May 6-8, 7.00-10.00 pm IST daily. In just nine hours over three days, you will learn about all the opportunities waiting for you in contract drafting and how to make the most of them.
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