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Nigerian Bar Association, NBA, logo
The Nigerian Bar Association (NBA) has fixed N50,000 as the minimum legal service charge for the incorporation of business and company names.
The remuneration for this, as stipulated by the NBA, ranges from N50,000 to N500,000, depending on the expertise of the legal professional.
For instance, legal practitioners with nine years of post-qualification experience or less in state band 1 are fixed at N50,000, while their colleagues in state band 2 and state band 3 are N80,000 and N100,000, respectively.
The remuneration for legal practitioners with 13 years of experience is higher than that of legal practitioners in the other categories.
The NBA has mandated remunerations of N100,000, N150,000, and N200,000 for legal practitioners with 13 years of experience and above on state bands 1, 2, and 3, respectively.
The remuneration for this legal service charge for Senior Advocates of Nigeria is N300,000, N400,000, and N500,000 for those on state bands 1, 2, and 3, respectively.
The NBA said it fixed the fees to ensure fair and standardised compensation among legal practitioners and to protect the professionals from underpricing. (Text, excluding headline: The Guardian)
