Interview with: Oyinkan Alakija, Managing Partner

What do you see as the main points that differentiate Gresyndale Legal from your competitors?

Gresyndale, from inception set itself apart as a firm that is responsive, reactive and proactive to its client’s needs. Having identified that legal practice in Nigeria and most of Africa required firms that should ensure justice by working closely with her clients preempting their needs, responding speedily whilst ensuring accurate and decisive advise that management requires to meander through the commercial scope of the African market where the laws are numerous, bureaucracy high and opportunity rife.

We positioned ourselves to be the compendium to our clients by ensuring accuracy, powerful and effective advice and reaction to mainly prevent and to cure issues that may arise.

We also make use of a tailor-made software to keep our clients up to date regularly and also track efforts made on new activities.

Which practices do you see growing in the next 12 months? What are the drivers behind that?

1. Taxation Law

2. Foreign Entrants

3. Corporate Commercial Practice

2020 was quite a year for many of our clients. We dealt with many unique situations and have had to remain flexible and responsive to meet the various curveballs that have been thrown at them. For most of them, they have adequately managed this situation by strong and effective leadership and a pliant and adaptive team to which we provide sound effective legal advice and necessary protection to prevent their right being infringed and adequate interpretation of new laws constantly arising from the global pandemic.

In Nigeria, several changes also happened especially with the introduction of the Finance Act 2020 which made amendment to various tax laws in the country to a more tax efficient system. CAMA 2020 which updated the process and ease of doing business in Nigeria especially for foreign entrant. Despite the ravage of COVID with the devaluation of the naira and a world economy looking for more opportunities. Strong business acumen suggests Nigeria has a high risk, high reward economy for the right business and we expect these opportunities to rise. With Brexit and various trade treaties such as AFCTA in place, we expect an increase in foreign entries.

As the government looks for more ways to fund and drive her activities, it is clear that with the APC Federal government, taxation as implemented in Lagos will be a core focus to increase government revenue. Thus, we expect growing presence for higher levels of compliance and monitoring from the government.

However, it is important to note that the full effect of 2020 will continue to spill into 2021 and as such especially for the first half of the year; we expect our clients will continue to receive strong legal advise to not only keep their organization afloat but ensure they flourish.

What’s the main change you’ve made in the firm that will benefit clients?

1. We recently introduced Gresyndale Legal App. A fully innovative software that allows our clients full access to updates, hours split, documents, relevant offices, contact details etc on a constant basis. Amalgamating technology in our service provision allows us to up- scale our ability to meet our clients need for immediate and quick reaction and responsiveness.
2. We also separated lawyers into departments based on their area of specialisation and the review process for documents that go out to Clients. With this arrangement, Clients’ jobs are handled by lawyers with special knowledge of the area without leaving out the perspective which other lawyers may have on the subject thus presenting a wholesome approach on the subject to the Client.

Is technology changing the way you interact with your clients, and the services you can provide them?

Yes, as stated in 3(1) above

Can you give us a practical example of how you have helped a client to add value to their business?

We have helped a lot of our clients add value to their business in several ways and at different times. The following examples come to mind:

We advised a Client on the tax advantages given to a company that falls within the pioneer status industry as captured under the Pioneer Status Act, further successfully processed same for him, as a result of which our Client was able to massively expand his business within the period he was on his tax holiday equals restructuring to meet requirements in law.

We advised and then successfully assisted a Client on the setting up of a business within the Lekki Free Trade Zone and assisted in putting all the relevant documentation required for same. This enabled our Client commence production much earlier than expected and has enabled our Client launch two products within the space of 1 year. Furthermore, client is able to take full advantage of this area.

A client that operates in the Quick Service Restaurant (QSR) industry was constantly being exploited by local government authorities for payment of fines and levies. We were on several occasions able to challenge the validity of these fines and levies and same stopped the local government authorities from making arbitrary and illegal demands on the company.

A certain Client had suffered many short falls as a result of entering into leases or purchasing properties whose title was defective thus resulting in losses to the Client. We were able to highlight the different problems that our Client has run into as well as possible areas of problem and created a checklist of areas in which due diligence searches can be carried out to better protect our Client. We also introduced clauses into the agreements which aim to secure or Client’s interest. This has drastically reduced the number of problems which our Client experience on their leases while eliminating challenges to properties that have been purchased.

Are clients looking for stability and strategic direction from their law firms – where do you see the firm in three years’ time?

We are steadily expanding into other countries in Africa. Kenya and Ghana to be specific and expect to open a U.K. office shortly to allow our foreign clients have a European base and expand our service delivery. We are also adding more specialized lawyer to our team to ensure our ethos and culture continue to expand to a larger client base.