THIS IS REFLECTIONS, our weekly roundup of events in the legal and technology sector, covering various topics and interesting learning points for today’s professionals.
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A REPORT ON WEBINAR ORGANISED BY OLUTUMBI BABAYOMI CHAMBERS
TOPIC: TRANSITIONING FROM LAW TO IT
TUMBI BABAYOMI– HOSTAND MODERATOR
FRED OYETAYO-PANELIST
INTRODUCTION
At 7:02pm the host, Tumbi Babayomi welcomed everybody stated that the purpose of the program is to understand how to transition from law to IT. He stated that IT is now a big deal in the world today and everybody is thinking of IT while companies are moving from physical to IT. He further introduced the guest speaker who has been in the IT industry for over 10 years will be talking on how to transition from law to IT.
FRED OYETAYO
At 7:05pm, Mr. Fred Oyetayo started by narrating his law practice year experience before moving into IT. He stated that he worked for Akeredolu’s (SAN) law firm. He stated that his interest in IT started when he was in secondary school and even when he was still studying law; he has always been freelancing working for tech companies.
For the skills needed to start learning IT, he said he started learning different skills when he was in secondary school especially from reading several books and watching YouTube. He stated that then there were no much specialized areas in tech like we have now. So he will advise a person finds an area he is interested in and settle down with it.
On his experience in the IT industry, he said at first he never saw himself competing with those already in the IT field, rather he was just trying to be a better version of himself. Also, presently, apart from having a certificate in IT, a person needs to gain a technical skill and not rely on the certificate. A person needs practical hands-on experience and keep learning new things.
As for his company, Fresible, what they do is they consistently innovate and set a focus for themselves. He stated that they started initially as an agency but now they are tailoring towards product led. They are working on what will be relevant in next 3 years. The company looks into other tech companies and sees what they are doing, why the companies have been around for that long and why they are still relevant till today.
As regards acceptability in the market, he stated that it starts with the way a person brands the company, that is, the way you make your company appear is very important and getting people to accept your product is also important. Research is extremely important, since it is mostly ignored in this part of the world and because it is very expensive.
In the aspect of mistakes, he stated that he has made some mistakes in the past but he tries not to dwell on them and move on especially in the aspect of dealing with clients. Sometimes, you do not know that you are making a mistake until someone notifies you that you have made a mistake. Also, try not to make the same mistake twice.
According to him, the company has some values and one of them is innovation and another is integrity, doing what is right.
He stated that if a person is trying to transition to IT, the first thing to do is to understand what tech is and what you what to do in tech. There are a lot of areas in tech that does not require writing of codes. Product management is one of them. You can always learn whatever you want to do.
As regard what a person needs to stay afloat in the IT industry, he said a person will need money. A person should do more research on how to make impact in the market place. Also, get consistent revenue, create more product lines, do more for your client by offering them more, and learn a lot of skills.
According to him, in the IT industry a person will need mentors to guide and direct his path. It is extremely important that a person do not take the path alone. Mentorship is very important so as not to make mistakes or errors.
CONCLUSION
In conclusion, a person who wants to transition from law to the IT industry needs to first make a research on the IT skill he will want to venture into, since the IT field is very wide, then the go ahead and acquire such skill. Also, the person should get a mentor to guild me through the journey.
A REPORT ON WEBINAR ORGANISED BY NBA LAGOS BRANCH YOUNG LAWYERS FORUM
TOPIC: TRAINING ON TRIAL ADVOCACY: ENFORCEMENT OF JUDGMENT AND ORDERS
AGBADA S. AGBADA –HOST AND MODERATOR
MR ADEYINKA ADEREMI (Partner at Streamsowers & Kohn) -PANELIST
INTRODUCTION
The host, Agbada S. Agbada on behalf of NBA YLF Lagos branch welcomed everybody and stated that the purpose of the program is for training of young lawyers to equip him or her for trial advocacy. He further explained that this was necessary so that young lawyers can benefit from the experience of people in the industry who have a forte in trial advocacy.
ADEYINKA ADEREMI
Mr. Adeyinka started the discussion by defining what a judgment is. He defined judgment as the final decision of the Court in the civil litigation process. He also defined it as the final and binding decision, which has finally decided the rights and obligation of the parties. He also said that any decision of court made at the interlocutory stage that is before the final determination of the matter is a ruling.
He mentioned the conditions for a judgment to be valid. These are:
- It must be in writing
- It must be delivered in open Court
- Notice must be given to the parties involved before it is delivered
- It must properly evaluate the evidence before the court
- It must be delivered within 90 days of final address
- The reliefs granted must be for what is claimed
He further explained types of judgment.
- Declaratory judgment is made by the court for the sole purpose of determining the rights of the parties without ordering anything to be done or awarding any damages. It is also a judgment made in recognition of a dormant right, which cannot be enforced until proceedings are taken to protect or enforce such rights.
- Executory judgment declares the respective rights of the parties and then proceeds to order the defendant to act in a certain way for instance to pay damages or restrain from interfering with the plaintiff’s rights or interests.
- Interlocutory judgment is one given in the progress of a proceeding, which is only intermediate and does not finally determine or complete the suit. Some identifying qualities of interlocutory judgments are that it does not address or decide the rights of the parties; it merely directs how parties are to proceed in the course of the proceedings to obtain a final judgment
- Final judgment is one given in finality of the action. After the judgment is given the court, which gives such judgment is functus officio, which means he cannot do anything as regards the case again, except where the judgment was obtained by fraud, etc.
- Default judgment is one given in the absence of a party of in the default of appearance or in the absence of a party taking any steps, which he ought to have taken in the proceedings. This can be set aside on the grounds of fraud, non-service or lack of jurisdiction.
- Judgment in Rem is made against movable property of the judgment debtor in an action where the subject matter applies to both movable and immovable property,
- Judgment in Personam is directed towards a particular person where the case is against a specific individual
He also talked about modes of enforcement of judgment, which are:
- Judgment summons
- Writ if execution or fieri facias
- Garnishee proceedings
- Writ of separation
- Writ of possession
- Inter-state judgment
- Intra-state judgment
- Post judgment mareva
He dwelt a little bit on garnishee proceedings which according t him is the most widely form of judgment enforcement used. It entails seizure and sale of chattels of the judgment debtor under warrant of court.
CONCLUSION
In conclusion, advised young lawyers to be circumspect when enforcing judgments as it is usually a dangerous thing. He mentioned that it is also important for a young lawyer to know which type of enforcement will be the best to use at a particular time.
The webinar ended at 5:26pm.
TOPIC: INTELLECTUAL PROPERTY CHALLENGES IN BUSINESS TRANSACTIONS
DATE: 22ND MARCH, 2022
TIME: 1 PM
While speaking at today’s webinar centered around Intellectual Property Challenges in Business Transactions, the speakers took turns to enlighten the audience on the concept of Intellectual Property in Business.
Intellectual Property (IP) refers to creation of the mind such as inventions; literary s artistic works, designs, symbols Ames, images used in commerce. IP rights enable people to gain recognition or financial benefits form what they invent or create. By striking the right balance between the interests of innovators and the wider public interest, the IP system aims to foster an environment in which creativity and innovation can flourish.
Intellectual Property as intangible assets can also qualify as subject of trade. IP may be commercialized for a valuable consideration int the following ways:
i. Licensing
ii. Co-branding
iii. Franchising
iv. Securitization
v. Assignment
vi. Portfolio Acquisition
vi. Royalty Acquisition
Valuing your IP
Traditionally, IP is valued by one of three methods:
1.Market Value
- Discovering the sales price of similar IP offered in the marketplace
- Look for comparable technology, software and patents where catalog pricing is available or where a specific value of a transaction has been published.
- Difficulty is that IP is not fungible and as a result is difficult to compare with other IP that is available in the marketplace
2. Cost Approach
How much investment (time, money) have you made in your IP?
Put another way how much would it cost you or a prospective licensee to replace or substitute similar IP for your IP. Goal is to recapture sunk and future costs (materials, labor, overhead, legal fees, marketing costs etc) in license fees and royalties.
3. Income Approach
Royalties and fees are based on projecting the IP asset’s future income stream and the future risks involved in that income stream.
Digital Assets
Traditionally, the IP system was developed to focus on human creation; the creation of human mind. The most important task we have today is to ensure that the current IP system continues to promote innovation in the digital age.
Digitalization of assets, IoT, block chain, AI-machine learning, Big Data are impacting our daily lives and business. We are living in an unprecedented era of inter connectivity. We are all experiencing technological shifts at an alarming speed. Pushing at the frontier of this transformation are IoT. For instance, to assist in tracing COVID19 patients, brands came up with technology using telephones to detect presence of a positive carrier.
What does this have to do with IP? Innovation/Creation and IP go hand in hand and IP is central to driving economic growth. Strong IP systems and innovation strategies are key to ensure that assets are evenly divided so that no one is left behind.
It has been predicted that by 2030, these digital technologies will trigger an economic boom. For instance, Modena came up with a vaccine in such a turnaround due to its business model of mainly digitization of its operations.
Data Monetization
It is no longer news that data is King. Car communications , E-tags, google maps, Ubereats, payments of tolls, online video meetings with WiFi, e-sports, Music on Spotify, YouTube, pandora, google maps, warning on automobiles to alert users of impending danger, traffic, bad weather etc.
AI
AI generated music is used for jingles and advertisement etc. Also, if you are shopping on Amazon site or watching movies on Netflix, AI is used in selection of choices and shopping behavior of a consumer. Also, WIPO uses AIin its operations to solve increased complexity with application as well as increased need for collaboration with IP offices around the world. The AI tools developed by WIPO such as ‘WIPO translate’ and’ WIPO image search’ which uses AI based applications for automation.
Recommended measures for management of IP Portfolios
- Timely Registration and renewal of IP assets
- Inclusion of IP protection clauses in all agreements
- Ensuring policies for the security and control of IP use by employee, contractors and a third parties.
- Regular monitoring of IP assets or early detection of current and future infringement risks
- Periodic training of management and employees to raise awareness and ensure optimization of IP use
IP lawsuits: How and Why?
IP and Tech lawsuits arise from a wide variety of situations
- Breach of terms of Agreement
- Infringement claims
- Enforcement of a moral right
- Interim preservation of evidence of infringement
- Restrict Importation
Five mistakes to avoid when prosecuting an IP Lawsuit
- The fallacy of the ‘Big Pay Day’
- Failing to explore mediation/ADR
- Muddling up IP with IP rights
- Ignorance of legal presumptions
- Failing to prove special damages
Speakers
- Folarinwa Aluko. Director, Intellectual Property Institute Partner, Truman Tockwood Solicitors
- Uche Nwokocha. Partner & Head Intellectual Property Unit, Aluko &Oyebode.
- Adebayo Oyagbola. Principal Partner, Oyagbola Chambers
- Otu-EkongUkoyen. Intellectual Property and Technology Legal Director, Oyewole Olamide LP
