Today’s legal profession is more competitive than ever. With a limited number of jobs available, law graduates face tough decisions when considering the next step in their careers. Fortunately, other options outside of traditional employment can provide you with a similar income level and, most importantly, financial freedom. Here are my top three income-generating streams for law graduates to consider:
Law eBooks
As a law graduate, if you want to share your expertise with others in the profession, you can convert your knowledge into a passive income stream by writing and selling law eBooks. A great option would be an eBook or guide where you provide aspiring legal practitioners steps for passing the Namibian Justice Training Centre (Bar) exams, or any other legal subject.
You could also co-author a book with an expert in your industry to add some credibility to your work. There are platforms such as Amazon, Kobo, or your website, where you could sell digital copies of your book.
Information products
Designing and selling quality legal information products can be lucrative for law graduates eager to earn a living on their terms. One of the benefits of being an infopreneur is the low barrier to entry. Virtually anyone with a passion and skill in a specific legal field can create and sell an information product with little or no capital.
There are various popular niche markets for lawyers with specifications in criminal law, anti-money laundering, financial services regulation, cyber security law, corporate law and contract law. The popularity of these specific areas has created a need for legal information products which take the form of how-to guides, templates, manuals, videos and audio recordings.
For example, if your interest and expertise are in criminal law, you can create a handbook with all of the information students need to know for their criminal law course. It may also include sample questions and answers, worksheets and quizzes, case studies with all of the legal terms defined in layman’s terms – essentially anything that would be helpful for law students studying criminal law. In addition, you could create a membership site where people who buy your handbook can sign up for more information like webinars or email courses on key topics related to criminal law.
There are several free and affordable platforms, software and video editing tools to create these products, such as Canva, YouTube, skillshare, raw shorts and renderforest that don’t require any graphic design or video production skills.
The key to success with this particular strategy is finding high-quality, relevant and current information that provides added value to your audience. Ensure you provide information that solves your readers’ problems before investing time or money in this option.
Become an online law tutor
The coronavirus pandemic has forced students and educators at all levels of education to swiftly adapt to online learning. In light of this, tutoring has recently become the easiest and quickest way to make money online. If you have a popular YouTube channel that teaches legal topics, you could offer paid subscriptions on your channel or sell your course materials.
You can tutor students in any subject, which means you’ll have various options for your clients. In addition, tutoring doesn’t require much start-up costs because most tutors work from their homes or local libraries. All you require is a computer and a stable internet connection, and strong communication skills to build rapport with your students. So, if you are au fait with technical legal concepts or texts and can explain them in simple terms, then tutoring may be a good fit for you.
So, to all the fresh LLB graduates and newly-admitted legal practitioners, avoid the common mistake of waiting for vacancies to open up. Waiting means you’re not taking any proactive steps to create your opportunities. Opportunities don’t just present themselves – they are there for the taking if you put in the hard work, research, time and effort to create them.
The first step is to get started by identifying your area of specialisation. If it requires a master’s degree and you have the financial means, then pursue it. Secondly, determine whether there is a demand for your expertise. Thirdly, identify the issues keeping law students or potential clients up at night, and finally proffer solutions by using the above passive income streams.
*Chisom Obiudo is an admitted legal practitioner and a certified corporate governance specialist. She is currently employed as a Senior Legal Officer at the Namibian Law Reform and Development Commission. Reach her at chisomokafor11@gmail.com.