1. RISK AVERSENESS AMONG WOMEN LAWYERS By Olufunmi Oluyede (Mrs.) Managing Partner, TRLPLAW Solicitors & Advocates A paper delivered at the IBA LPD Initiative for Women Business Lawyers – Inaugural African Programme on Tuesday, 21 st April 2015

2. Many researchers especially in the fields of sociology, psychology and finance are unanimous in their finding that women are more averse to risk than men. This is not altogether negative as fewer women get entangled in gambling debts

3. Definitions The Oxford Dictionary of Finance and Banking defines the term “risk averse” as a “risk preference in which an investor’s attraction to a potential investment rises with higher average returns and falls with greater standard deviations.” The Handbook of International Financial Terms defines risk aversion simply as “the unwillingness of investors to take risks unless compensated for additional risk by higher returns.” Thus one can simply define risk averseness as a preference for lower returns with known and identifiable risks rather than higher returns with unknown risks. It should be noted that it is not the value of the returns that marks the distinction between a risk taker and a person averse to risk but the kind of risks the person is willing to undertake for the promise of returns

4. The statistics in Nigeria In Nigeria women are more prone to take jobs in public service than the private or corporate world. There are twenty female senior advocates of Nigeria out of a total of four hundred and eight senior advocates of Nigeria, accounting for just about 5% of the total number of Senior Advocates in the country. Mrs. Folake Solanke SAN The first female Senior Advocate of Nigeria

5. In the Judiciary At the State High Courts, women comprise the majority of the Judges. At the Lagos State High Court, there are forty-four female judges out of a total of fifty-one judges, accounting for 86.3% of the judges Hon. Justice Olufunmilayo Atilade The Chief Judge of Lagos State

6. What has given rise to this trend? Culture and Environment Family Obligations and Incompatible time demands Economic Precariousness. These factors work conjunctively in affecting the decisions women make concerning their careers.

7. The public sector though it offers less financial benefits at the onset is often regarded as a safe haven for women because it provides: Better job security Less arbitrary decision-making Flexibility in time management An equal opportunity to climb through the ranks. Other benefits such as pension, health insurance and job security

8. Effect on Female Lawyers Tremendous developments have been recorded in Africa in the last decade in emerging practice areas such as: Energy and Natural Resources Project Finance Privatization & Public and Private Partnership (PPP) Restructuring and Insolvency Mergers and Acquisitions Capital Markets

9. Environmental Law Telecommunications Media and technology. The opportunities are endless and private law firms strive to achieve repute as the best or experts in one or more of these practice areas.

10. Women in Private Law Practice Women are under-represented in the leadership of law firms. In ten of the leading law firms in Nigeria (IFLR 1000, Financial and Corporate 2015), women make up just about 30% of the partners of the firms. The top echelon of private practice in Nigeria is still male-dominated Risk aversion creates a barrier to female private law firm entrepreneurial development and practice area expertise.

11. The way forward This conference, which provides a forum within which to explore this issue, is a good start. The Nigerian Bar Association (NBA) inaugurated the Women’s Forum in 2006. The Women’s Forum of the NBA was created to foster fellowship between women in the legal profession and to provide equal opportunity for the advancement of women in the legal field. I would encourage all bar associations to do the same.

12. Adequate support and mentorship for young female lawyers. Young female lawyers must be supported not just with robust income but also consistent and predictable working hours. Those of us who have successfully managed our careers well while keeping our homes must serve as mentors to- advising, coaching and where necessary admonishing – our young female lawyers in order that they may harness their full potential. We must use our privileged positions to dispel the stereotype that women have to give up their family responsibilities to have robust and successful careers in private law practice.

13. Women should also take advantage of technological advancements in information technology and arm themselves with knowledge in emerging areas of law. The popular truism goes “knowledge is power”. Women can also take advantage of the flexible work arrangements which technology now provides. With adequate support and encouragement, female legal practitioners can break down the barriers and stereotypes preventing them from achieving private law firm entrepreneurial development and practice area expertise.

14. Thank you.